1/21/2021
November 2020
Treasurer’s Financial Report
UNAUDITED CCHOA RESULTS:
The unaudited month ending results for the CCHOA through November 2020 and the 5th month of the 2020/2021 year are enclosed for your review. The combined reserve balance is $7,751,132.41. The reserve balance is more than the balance reported for October 2020 which was $7,214,637.96. The reserve balance for November 2019 was $7,372,195.25. The reserve balance for November 2018 was $7,222,215.96. The reserve balance for November 2017 was $7,107,230.05. Special projects in Antigua and Kingston are nearing completion. All villages are scheduled to be at a reserve funding level of 50% by 2023/2024. The Directors and General Manager are currently in the process of reviewing all reserve categories in an ongoing effort to avoid deferring any maintenance issues in all villages and particularly in the four condo villages. The CCHOA Board has set a goal of achieving a 100% reserve funding level in 30 years.
INDIVIDUAL VILLAGE RESULTS:
Currently 7 villages had higher expenses than that which was budgeted. Jamaica, Antigua 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 8 villages with pools. The required pool monitoring created an expense for each of the 8 villages that was not budgeted for in 2020/2021. For individual results, please contact the CCHOA office after the December 17, 2020 Board meeting and request an electronic copy of the financial report.
Green Turtle was slightly over their budgeted amount for landscape and water.
Bahama was slightly over in wages, landscape and monitoring.
Trinidad was over in landscape, water and monitoring.
Kingston was over in maintenance.
Blue Anchor was over in water expenses.
Port Royale was over in maintenance wages, landscape, water and pool monitoring.
Mardi Gras was over in maintenance, landscape, water and pool monitoring.
INVESTMENT PLANNING:
The CCHOA Board, the Finance Committee and the General Manager regularly monitor investment rates in an effort to find the most secure rates available to the CCHOA. Wells Fargo Advisors regularly advises the CCHOA on the most appropriate investment opportunities available to the HOA considering safety first with yield second. Currently the CCHOA invests in CDs, T-Bills, Notes, Government oriented securities and Municipal Bonds (rated AAA by Moodys and Standard & Poors). Rates currently available to the CCHOA range from .04% to .30%. There are slightly higher CD rates advertised but these rates are not available to the CCHOA. The Finance Committee and the Board will be looking at other investment opportunities at their next meetings, such as tax-free municipal bond mutual funds, similar to NCSPX, JCAFX, and NCITX which currently pay 2% or stock funds such as BX and CG which pay 4%. As mentioned, Safety remains a top priority with the CCHOA. The F.O.M.C. (Federal Open Market Committee) concludes their meeting today and will announce the current monetary stance which could affect investment opportunities. The Prime Rate remains at 3.25%.
| Nov 2019 | Nov 2020 | % | Nov 2020 | Nov 2020 | % | |||
| COMPILATION | Actual | Actual | change | Actual | Budget | change | ||
| Cash | 140,048.20 | 468,687.48 | 234.66% | |||||
| Revenue | 1,710,478.02 | 1,719,960.08 | 0.55% | 1,719,960.08 | 1,692,407.50 | -1.60% | ||
| Expense | 1,690,965.68 | 1,756,176.97 | 3.86% | 1,756,176.97 | 1,692,408.05 | -3.63% | ||
| Net | 19,512.34 | (36,16.90) | -118.54% | |||||
| Reserves | 7,372,195.25 | 8,087,412.72 | 9.70% | |||||
| Nov 2019 | Nov 2020 | % | Nov 2020 | Nov 2020 | % | |||
| COMMON | Actual | Actual | change | Actual | Budget | change | ||
| Revenue | 847,478.10 | 859,711.59 | 1.44% | 859,711.59 | 837,059.30 | -2.63% | ||
| Expense | 897,693.08 | 887,901.09 | -1.09% | 887,901.09 | 837,059.35 | -5.73% | ||
| Net | (50,214.98) | (28,189.50) | -43.86% | |||||
| Reserves | 1,631,525.86 | 1,865,594.33 | 14.35% |
Respectfully,
Bob Rood, CCHOA Treasurer