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 | Feb | % | Feb | Feb | % | |||
| COMPILATION | Actual | Actual | change | Actual | Budget | change | ||
| Cash | 117,028.65 | 246,394.29 | 110.54% | |||||
| Revenue | | | 4.83% | | | 0.55% | ||
| Expense | | | -1.89% | | | -5.31% | ||
| Net Income | (16,272.30) | 159,109.26 | 1077.79% | |||||
|
| | | 1.99% | |||||
| Feb | Feb | % | Feb | Feb | % | |||
| COMMON | Actual | Actual | change | Actual | Budget | change | ||
| Revenue | | | 3.13% | | | 1.76% | ||
| Expense | | | 7.15% | | | 1.48% | ||
| Net Income | 52,309.52 | 3,615.25 | -93.09% | |||||
|
| | | 10.10% |
Respectfully,
Bob Rood, CCHOA Treasurer