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Announcements
March 2020 Treasurers Report
4/20/2020
March 2020
Treasurer’s Financial Report
UNAUDITED CCHOA RESULTS: The unaudited month ending results for the CCHOA for March 2020 and the 9th month of the 2019/2020 year are enclosed for your review. The combined Reserve account is $7,571,724.22. The Reserve balance was slightly less than the balance for February 2020 which was $7,658,873.47. The Reserve balance for March 2019 was $7,506,450.09. The Reserve balance for March 2018 was $4,497,292.79, for March 2017 it was $8,902,764.11, for March 2016 it was $8,107,802.15, for March 2015 it was $7,072,676.12. The Reserves have dropped due to significant maintenance projects in Montego (completed), Mardi Gras (completed), Antigua and Kingston. It is presumed that the Reserves will begin to increase as the projects in Antigua and Kingston are completed. Antigua has approved their special assessment and Kingston has a vote on their special assessment on June 25, 2020.
INDIVIDUAL VILLAGE RESULTS: Currently all villages are within their budgeted expenses. Common Administration was over as a result of income tax payments and other areas of lesser amounts. Individual villages and common administration make an effort to stay in the budgeted amounts but at times 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. Currently the CCHOA has the following laddered investments with the maturing amounts: April-$200,000, May-$200,000, June-$250,000, July-$400,000, August-$100,000, Sept.-$200,000, Oct.-$550,000, Nov.-$0, Dec.-$100,000, Jan 2021-$300,000, Feb/ Mar.-$0, April-$200,00. The rest of 2021-$400,000, 2022-$600,000, 2023-$350,000, and 2024-$50,000. The Finance Committee, the CCHOA Board, the General Manager and the controller continue to watch the various investment rates in order to take advantage of the best rates available to the CCHOA, and within the guidelines established by the CCHOA Board. Currently the CCHOA invests in FDIC insured investments and government instruments, including CDs and T-Bills. The current Prime Rate is 3.25%. | | Mar
2019 | Mar
2020 | % | | Mar
2020 | Mar
2020 | % | | COMPILATION | | Actual | Actual | change | | Actual | Budget | change | | Cash | | 135,826.12 | 354,990.62 | 161.36% | | | | | | Revenue | |
2,887,815.82 |
2,415,851.06 | -16.34% | |
2,415,851.06 |
3,054,885.75 | -20.92% | | Expense | |
2,910,676.00 |
2,905,187.98 | -0.19% | |
2,905,187.98 |
3,054,885.75 | -4.90% | | Net Income | | (22,860.18) | 177,175.86 | 875.04% | | | | | | Reserves | |
7,506,450.09 |
7,571,724.22 | 0.87% | | | | | | | | | | | | | | | | Mar
2019 | Mar
2020 | % | | Mar
2020 | Mar
2020 | % | | COMMON | | Actual | Actual | change | | Actual | Budget | change | | Revenue | |
1,434,580.79 |
1,512,630.41 | 5.44% | |
1,512,630.41 |
1,487,664.99 | 1.68% | | Expense | |
1,395,762.78 |
1,511,829.82 | 8.32% | |
1,511,829.82 |
1,487,664.99 | 1.62% | | Net Income | | 38,818.01 | 800.59 | -97.94% | | | | | | Reserves | |
1,545,412.41 |
1,655,088.44 | 7.10% | | | | | Respectfully,
Bob Rood, CCHOA Treasurer
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