Home Page
About Us
Contact Us
Photo Albums
Document Center
Home » Announcements » Announcements CCHOA » July 2020 Treasurer's report


July 2020 Treasurer's report


Treasurer’s Financial Report



The month ending results for the CCHOA for July 2020 and the 1st month of the 2020/2021 year are enclosed for your review. The combined reserve account is $7,151,982.69. The reserve balance was slightly more than the balance for June 2020 which was $7,022,324.72. The reserve balance for July 2019 was $7,651,753.04. The reserve balance for July 2018 was $6,573,553.83 and for July 2017 it was $8,068,025.97. The reserves are down from 2017 due to the major renovation projects in Montego, Mardi Gras, Antigua and Kingston. The initial renovation projects in Mardi Gras (seawall), Montego (building renovation), and Antigua (building renovation) are completed. The renovation projects in Kingston (building renovation and docks) and the second phase of Antigua (interior pipe relining) are continuing. The general manager and the maintenance supervisor, as well as the directors are continuing to monitor the various common area components in each village, as well as the homes in the condo/townhome villages in order to maintain the property and avoid deferred maintenance where applicable. All villages must be at a reserve funding level of 50% by the 2023/2024 year and at 100% in 30 years. At the present time all villages are scheduled to reach their 50% funding levels by 2023/2024. The CCHOA Annual Meeting will be on line September 10, 2020 with sign-in beginning at 4:00pm with details to follow. If you are unsure of your registration or online access please call the office.



Currently 6 villages are within their budgeted spending amounts. 4 villages had higher expenses than that which was budgeted. Individual villages and common administration make every 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.


The following villages had higher expenses than that which was budgeted:

Kingston Village(maintenance issues and water), Blue Anchor (water), Port Royale Village (water), Mardi Gras (maintenance and water). It might be noted that almost all of the villages had water charges that exceeded their budgeted amounts. Many of the villages have or will have new water sensing controllers installed which hopefully regulate the water usage more appropriately.



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 reported last month, your finance committee and Board are concerned about the exceptionally low rates available to the CCHOA.The Finance Committee will be meeting to discuss the current low investment rate environment and discussing possible alternatives. Currently the investments are restricted to CDs, T-Bills, Notes, Government Instruments and AAA Municipal Bonds. Safety remains a top priority for investing CCHOA reserve funds. The current Prime Rate remains at 3.25%.  



Bob Rood,CCHOA Treasurer