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 » July 2021 Treasurer's Report

Announcements

July 2021 Treasurer's Report


7/23/2021
July 2021
Treasurer’s Financial Report

UNAUDITED CCHOA RESULTS:

The unaudited month ending results for the CCHOA through July 2021 and the 1st month of the 2021/2022 year are enclosed for your review. The combined balance is $7,547,102.56. The reserve balance is more than the balance for June 2021 which was $7,416,082.52. The reserve balance is more than the balance for July 2020 which was $7,151,982.69. The reserve balance for July 2019 was $7,651,753.04, and the balance for July 2018 was $6,573,553.83. Reserves will continue to be affected due to a major roofing project in Mardi Gras as well as updated painting, the maintenance building renovations, and continuing maintenance in Kingston. The General Manager, Facilities Manager, and the Directors are continuing to review all reserve categories in order to facilitate maintenance needs as they arise. The CCHOA Board budgets reserves at a 50% funding level, which means that all villages must maintain this level. Should any village fall below this level, the village will need to adjust their annual dues structure or request a vote for a special assessment in that village. The Board regularly reviews monthly expenses and remains concerned about adequate funding for all of the villages so that maintenance will not be deferred unless no alternatives exist.

INDIVIDUAL VILLAGE RESULTS
:
Individual villages’ exceeding expenditures over that which was budgeted are reported by monthly overages and by “year to date” overages. This can vary. Every director makes every effort to stay within 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. Where overages occur, the directors do meet with the general manager to ascertain what type of expense has occurred and if next years’ budget needs to be adjusted or if the expense was a one-time event. Of course, where possible, adjustments in other categories may be made. Water continues to affect monthly expenses.

Currently 4 villages have expenditures over their budgeted monthly amounts, while the same 4 villages are over in their year-to-date budgeted amounts. Antigua, Bahama, Port Royale and Mardi Gras have exceeded their monthly and yearly to date budgeted amounts in water. The General Manager is reviewing the water usage with Park West.

The Financial results will be available for homeowners following the Special Board Meeting on September 2, 2021 at 2:00pm. An electronic copy of the financial information for the CCHOA will be available by calling the Cays office at 619-423-4353.

INVESTMENT RESULTS:
The CCHOA Board, General Manager, and the Finance Committee regularly monitor investment rates in an effort to find the most secure rates available to the CCHOA. Wells Fargo Advisors provides guidance on the most appropriate investment opportunities available to the CCHOA considering safety first with yield second. Currently the CCHOA has investments in CDs and T-Bills. Additionally, the CCHOA Board has approved investments in government notes and securities and AAA Municipal Bonds when investment opportunities are available. An investment ladder is maintained so that maturing investment funds are available for reserve expenses. Currently, very short-term rates have risen slightly. The F.O.M.C. (Federal Open Market Committee) left rates unchanged at their last meeting in July and they will again meet September 21-22. Since January 1, 2021, the CCHOA has earned $22,182 on investments. The current Prime Rate is 3.25%
               

July -  2020

July -  2021

%

July -  2020

July -  2021

%

COMMON

Actual

Actual

change

Actual

Budget

change

Revenue

          174,944.46

177,084.20

1.22

177,084.20

170,836.67

3.66

Expense

          137,568.64

149,554.40

8.71

149,554.40

166,218.51

-10.03

Net Income

             37,375.82

27,529.80

-26.34

Reserves

       1,610,482.58

1,769,888.42

9.90

 

 


               


Respectfully,
Bob Rood, CCHOA Treasurer1