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Home » Announcements » Announcements CCHOA » April 2020 Treasurer's Report

Announcements

April 2020 Treasurer's Report


5/19/2020

April 2020

Treasurer’s Financial Report

 

UNAUDITED CCHOA RESULTS: 

The unaudited month ending results for the CCHOA for April 2020 and the 10th month of the 2019/2020 year are enclosed for your review. The combined Reserve account is $7,517,070.53. The Reserve balance was slightly less than the balance for March 2020 which was $7,571,724.22. The Reserve balance for April 2019 was $7,525,228.25. The Reserve balance for April 2018 was $4,583,498.93, for April 2017 it was $8,760,199.94. The Reserves are significantly down due to the major renovation projects in Montego, Mardi Gras, Antigua and Kingston. The initial projects in Montego, Mardi Gras and the first project in Antigua have concluded. The project in Kingston and the second project in Antigua are continuing. At the conclusion of these projects, it is anticipated that the reserves should continue to increase. The CCHOA Board and the General Manager have a policy that there is to be no deferred maintenance unless there are no alternatives. The General Manager and the maintenance supervisor are continually surveying the property with an "eye out" for areas needing maintenance attention. All villages must be at a Reserve funding level of 50% by the year 2023/2024 and 100% over the next 30 years. At the present time, all villages are scheduled to reach their 50% funding level by 2023.

 

INDIVIDUAL VILLAGE RESULTS:

Currently all villages are within their budgeted expenses. Common administration was over the budgeted expense amount as a result of earlier 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. Once the budgeted amount is exceeded, it cannot always be brought into balance before June 30.

 

INVESTMENT PLANNING:

The CCHOA Board has approved investments out to 2025 with no more than 40% of the funds invested out the 5 years. The current investment rationale centers on a laddered approach out to the year 2025. The Board, General Manager and Controller regularly monitor investment rates to insure that the CCHOA is receiving the best rates available when investing Reserve funds as they become available. Although current short-term investment rates are less than 20 basis points (.020%), the CCHOA regularly searches for rates that will maintain an investment ladder while providing the necessary funds to meet expenditures. The CCHOA invests in T-Bills, Treasury Notes and CDs. The current Prime Rate is 3.25%.


 

 

Respectfully,

Bob Rood, CCHOA Treasurer