Announcements

October 2020

Treasurer’sReport

UNAUDITED CCHOA RESULTS:

The ending results for the CCHOA through October 31, 2020 are enclosed for your review. The combined reserve balance is $7,214,637.96. The balance is less than the balance reported for October 2019 which was $7,214,637.96. The reserve balance for October 2018 was $7,093,025.36 and for October 2017 it was $7,298,340.75. 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 CCHOA Board has set a goal of achieving a 100% reserve funding level in 30 years. This should ensure that there will be NO DEFERRED maintenance/renovations.

INDIVIDUAL VILLAGE RESULTS:

Currently 8 villages had higher expenses than that which was budgeted. Only Jamaica and Montego were within their budgeted amounts. 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. During the pandemic two pools were kept open to be shared by the 8 villages with pools. The required pool monitoring created an expense for each of the villages with pools that was not budgeted for in 2020/2021. In addition, new water sensing devices are being installed necessitating some immediate unbudgeted expenses relative to the devices. The 8 villages basically had over budgeted expenses in water, pool monitoring, sprinkler parts, and maintenance wages. For individual results, please contact the CCHOA office after the November 19, 2020 Board meeting and request an electronic copy of the finance report for the HOA. 

INVESTMENT PLANNING:

The CCHOA Board, the Finance Committee and the General Manager regularly monitor investment rates to ensure that the CCHOA is receiving the best rates available when investing reserve funds. Wells Fargo Investment Advisors regularly advises the CCHOA on the most appropriate investment vehicles considering safety first and yield second. Currently the CCHOA invests in CDs, T-Bills, Notes, Government Securities and Municipal Bonds (rated AAA by Moodys and Standard & Poors). Rates currently available to the CCHOA range from .04% to .30% utilizing the investment vehicles available to the HOA. The Prime Rate remains at 3.25%. The Federal policy setting committee (FOMC) next meets on Dec 15-16, 2020.