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Home » Announcements » Announcements CCHOA » December 2019 Treasurer's Financial Report

Announcements

December 2019 Treasurer's Financial Report


1/20/2020

December 2019
Treasurer’s Financial Report

UNAUDITED CCHOA RESULTS: 
The unaudited month ending results for the CCHOA for December 2019 and the 6th month of the 2019/2020 year are enclosed for your review. The combined Reserve account is $7,545,807.54. The Reserve balance is slightly more than the balance for November 2019 which was $7,372,195.25. The Reserve balance is more than the balance for December 2018 which was $7,347,111.35. The Reserve balance for December 2017 was $6,446,143.57, for December 2016 was $8,709,423.35, for December 2015 was $7,962,178.35, for December 2014 was $6,900,762.09. As reported in recent Treasurer reports, the Reserves are expected to drop for a period of time until two special assessments are approved in the two villages where major maintenance is occurring or the balances are restored through dues increases so that all villages are at 50% funding by 2023/2024. Additionally, the CCHOA has recently undergone 3 major maintenance projects in Antigua, Montego and Mardi Gras. The CCHOA Board and General Manager and Facilities Manager have a policy that there is to be no deferred maintenance unless there are no alternatives, and the General Manager and Maintenance Director are continually surveying the property with an eye out for areas needing maintenance attention. 

INDIVIDUAL VILLAGE RESULTS: 
Currently one village had higher expenses than that which was budgeted. All villages are making every attempt to stay in the budgeted categories but at times certain emergency or non-negotiable expenses must be allocated whether they are within the budget or not. If a trend continues, the categories will be adjusted during the budget hearings in March and April 2020.

Green Turtle was slightly over by $1,525. This was caused primarily by the spreading of expenses over the year on a monthly basis versus when most expected to be expended. Thus, the expenditures exceed the Year-To-Date Budget value but is under the Yearly Budget value and will come into alignment as the year progresses. Sprinkler parts and pest control (bee removal) were unexpected expenses that exceeded the budgeted amounts.

INVESTMENT PLANNING: 
The current investment rationale centers on some investments remaining short term in order to meet the funding expenses for the above mentioned significant projects. The CCHOA is maintaining a laddered approach to investments that range in maturity out to 2023. The CCHOA Board has adopted a policy that some investments can be moved out for a period of 5 years. The rate of maturity is always determined by maintenance projects and of course available opportunities for various investment vehicles. Currently the CCHOA invests in FDIC insured instruments which are CDs and T-Bills (with one small exception) with various maturity dates. Currently it is still assumed that interest rates will remain steady with a possibility of continuing rate erosion. The CCHOA Board and Finance committee pay close attention to rates in order to take advantage of the best rates available with various banks and government instruments. The current Prime Rate is 4.75% 

 

 

Dec 2018

Dec 2019

%

Dec 2019

Dec 2019

%

COMPILATION

Actual

Actual

change

Actual

Budget

change

Cash

       109,808.63

       222,354.80

102.49%

Revenue

   1,921,472.16

   2,060,305.79

7.23%

   2,060,305.79

   2,036,590.50

1.16%

Expense

   1,943,785.59

   2,014,347.97

3.63%

   2,014,347.97

   2,036,590.50

-1.09%

Net Income

       (22,313.43)

         45,957.82

305.96%

 

Reserves

   7,347,111.35

   7,545,807.54

2.70%

Dec 2018

Dec 2019

%

Dec 2019

Dec 2019

%

COMMON

Actual

Actual

change

Actual

Budget

change

Revenue

       935,174.72

   1,020,548.65

9.13%

   1,020,548.65

       991,776.66

2.90%

Expense

       950,166.95

   1,060,728.89

11.64%

   1,060,728.89

       991,776.66

6.95%

Net Income

       (14,992.23)

       (40,180.24)

168.01%

   

Reserves

   1,453,418.15

   1,644,962.31

13.18%


 

Respectfully,

Bob Rood, CCHOA Treasurer