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

Announcements

May 2020 Treasurer's Report


6/19/2020


 

May 2020

Treasurer’s Financial Report

 

UNAUDITED CCHOA RESULTS:  

The month ending results for the CCHOA for May 2020 and the 11th month of the 2019/2020 year are enclosed for your review. The combined reserve account is $7,348,878.62. The reserve balance was slightly less than the balance for April 2020 which was $7,517,070.53. The reserve balance for May 2019 was $7,656,494.95. The reserve balance for May 2018 was $4,051,747.20, for May 2017 it was $8,393,015.35. The reserves are down from 2017 due to the major renovation projects in Montego, Mardi Gras, Antigua and Kingston. Initial renovation projects in Mardi Gras, Montego, and Antigua are completed. The renovation projects in Kingston and the second phase in Antigua are continuing. At the conclusion of these projects, it is anticipated that the reserves should resume increasing barring any newly discovered renovation projects. The General Manager and the maintenance supervisor are continually surveying the property to insure that there is no deferred maintenance unless there are no alternatives. All villages must be at a reserve funding level of 50% by the year 2023/2024 and 100% over 30 years. At the present time, all villages are scheduled to reach their funding levels.

 

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.

 

INVESTMENT PLANNING:

The CCHOA Board has approved laddered investments out to 2025 with no more than 40% of the funds invested out the 5 years. 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. Currently investment rates for a short term are less than .25%. The CCHOA frequently relies are short term rates so that the necessary funds are available to meet the renovation expenses and the normal maintenance needs. The CCHOA invests in T-Bills, Treasury Notes, AAA Bonds, Government Instruments and CDs. The current Prime Rate is 3.25%

 

May 2019

May 2020

%

May 2020

May 2020

%

COMPILATION

Actual

Actual

change

Actual

Budget

change

Cash

       218,420.95

       418,180.87

91.46%

Revenue

   3,524,529.18

   3,755,776.72

6.56%

   3,755,776.72

   3,733,749.25

0.59%

Expense

   3,565,293.54

   3,526,234.08

-1.10%

   3,526,234.08

   3,733,749.25

-5.56%

Net Income

       (40,764.36)

       229,542.64

663.10%

 

Reserves

   7,656,494.95

   7,348,878.62

-4.02%

 

May 2019

May 2020

%

May 2020

May 2020

%

COMMON

Actual

Actual

change

Actual

Budget

change

Revenue

   1,752,586.37

   1,845,045.18

5.28%

   1,845,045.18

   1,818,257.21

1.47%

Expense

   1,714,824.42

   1,821,243.98

6.21%

   1,821,243.98

   1,818,257.21

0.16%

Net Income

         37,761.95

         23,801.20

-36.97%

Reserves

   1,586,465.91

   1,632,117.94

2.88%


 

 

Respectfully,
Bob Rood, CCHOA Treasurer