Home Page
About Us
Careers
Contact Us
Departments
Photo Albums
 
 
SIGN IN
SIGN UP
 
Announcements
Amenities
Board/Committee
Calendar
Clubhouse/Pool
Document Center
ONLINE PAYMENT
 
 
ReadyRESALE
 
Home » Announcements » Announcements CCHOA » August 2020 Treasurer's Report

Announcements

August 2020 Treasurer's Report


9/30/2020
August 2020
Treasurer’s Report

UNAUDITED CCHOA RESULTS:
The month ending results for the CCHOA for August 2020 and the 2nd month of the 2020/2021 year are enclosed for your review. The combined reserve balance is $7,676,550.44. The reserve balance was more than the balance for July 2020 which was $7,151,982.69. The reserve balance for August 2019 was $7,506,923.71. The reserve balance for August 2018 was $6,845,106.05, and for August 2017 it was $7,569,315.93. Antigua and Kingston are nearing the completion of their renovation/maintenance projects. All villages are scheduled to be at a reserve funding level of 50% by 2023/2024(currently all villages are scheduled to be at or above this level). The reserves balances are slated to increase to 100% over 30 years. This should stabilize funding for future maintenance/renovation projects as needs arise. With more precise reserve planning, and NO Deferred Maintenance, the villages can avoid special assessments unless unforeseen expenses should occur.

INDIVIDUAL VILLAGE RESULTS:
Currently 5 villages are within their budgeted spending amounts. 5 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 wages, earthquake policy, water and general maintenance supplies); Trinidad village (sprinkler parts, water and general maintenance supplies); Blue Anchor Cay (gas/electric and water); Port Royale village (maintenance, pool wages, pool supplies, sprinkler parts and general maintenance supplies); Mardi Gras ( water, maintenance wages, sprinkler parts and general maintenance supplies).

INVESTMENT PLANNING:
The CCHOA Board, the Finance Committee and the General Manager regularly monitor investment rates to insure that the CCHOA is receiving the best rates available when investing reserve funds. The FOMC (Federal Open Market Committee) held the Federal Funds target rate at 0.00-0.25% this past week. The Prime Rate was held at 3.25%, however investment rates available to the CCHOA are basically in the Federal Funds rate of return. Currently the CCHOA invests in CDs, T-Bills, Notes, Government Securities and Municipal Bonds (rated AAA by Moodys and Standard and Poors). Safety remains a top priority for investing CCHOA reserve funds.

Respectfully,

Bob Rood, CCHOA Treasurer