Home Page
About Us
Careers
Contact Us
Departments
Photo Albums
 
 
SIGN IN
SIGN UP
 
Announcements
Amenities
Board/Committee
Calendar
Clubhouse/Pool
Document Center
ONLINE PAYMENT
 
 
ReadyRESALE
 
Home » Announcements » Announcements CCHOA » February 2020 Treasure's Report

Announcements

February 2020 Treasure's Report


4/17/2020
February2020
Treasurer’s Financial Report

UNAUDITED CCHOA RESULTS:
The unaudited month ending results for the CCHOA for February 2020 and the 8th month of the 2019/2020 year are enclosed for your review. The combined Reserve account is $7,658,873.47. The Reserve balance is slightly more than the balance for January 2020 which was $7,577,808.58. The Reserve balance for February 2019 was $7,509,355.32. The Reserve balance for February 2018 was $5,007,500.72, for February 2017 it was $8,917,858.96, for February 2016 it was $8,068,151.49, and February 2015 it was $6,978,436.02. The Reserves have dropped since February 2017 due to significant construction projects in Antigua and Kingston (Montego earlier). Antigua has approved a special assessment which will strengthen their Reserve balance and Kingston will vote on an unfunded maintenance requirement at the June 25, 2020 Board meeting.

INDIVIDUAL VILLAGE RESULTS:
Currently all villages are within their budgeted expenses. Individual villages are making an effort to stay in the budgeted amounts, but at times certain emergencies or non negotiable expenses occur and the funds must be allocated whether they are within the budget or not.

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, as well as the regularly scheduled maintenance projects. The CCHOA Board has adopted a policy whereby some investments can be moved out for a period of 5 years. This was done in order to take advantage of a declining rate environment. As we all know, the decline in rates happened rather quickly. The Finance Committee, the CCHOA Board, the General Manager and Controller continue to watch the investment rate environment in order to take advantage of the best rates available. Currently, the CCHOA invests in FDIC insured instruments which are CDs and T-Bills. The current Prime Rate is 3.25%


Feb
2019

Feb
2020

%

Feb
2020

Feb
2020

%

COMPILATION

Actual

Actual

change

Actual

Budget

change

Cash

       117,028.65

       246,394.29

110.54%

Revenue

  
2,604,660.23

  
2,730,440.48

4.83%

  
2,730,440.48

  
2,715,454.00

0.55%

Expense

  
2,620,932.53

  
2,571,331.22

-1.89%

  
2,571,331.22

  
2,715,454.00

-5.31%

Net Income

       (16,272.30)

       159,109.26

1077.79%


Reserves

  
7,509,355.32

  
7,658,873.47

1.99%

 

Feb
2019

Feb
2020

%

Feb
2020

Feb
2020

%

COMMON

Actual

Actual

change

Actual

Budget

change

Revenue

  
1,304,742.36

  
1,345,620.13

3.13%

  
1,345,620.13

  
1,322,368.88

1.76%

Expense

  
1,252,432.84

  
1,342,004.88

7.15%

  
1,342,004.88

  
1,322,368.88

1.48%

Net Income

         52,309.52

           3,615.25

-93.09%


Reserves

  
1,494,016.76

  
1,644,885.32

10.10%




Respectfully,

Bob Rood, CCHOA Treasurer