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Home » Announcements » Announcements CCHOA » 2022 October Treasurer's Report

Announcements

2022 October Treasurer's Report


12/22/2022

October 2022

Treasurer’s Financial Report

UNAUDITED CCHOA RESULTS:

The unaudited month ending results for the CCHOA for October 2022 and the 4th month of the 2022/2023 year are enclosed for your review. The combined balance is $6,100,515.12. The reserve balance is less than the balance for September 2022 which was $6,160,900.72. The reserve balance is less than the balance for October 2021 which was $7,366,317.84. The reserve balance for October 2020 was $7,214,637.96 and the balance for October 2019 was $7,495,957.53 and the balance for October 2018 was $7,093,025.36. The Board is aware that inflation most likely will adversely affect future reserve projects necessitating future dues increases. The CCHOA has significant reserve projects planned for the 2022/2023 year which will continue to affect reserves. The planned reserve information was included in the communication from the Cays regarding your individual village dues and finances. 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 reserve goal previously set by the CCHOA Board stipulates that all villages must maintain a 50% funding level by the year 2028/2029. Should any village fall below this level, the village will need to adjust their annual dues structure, which will be dealt with during the budget deliberations in February-April 2023. The CCHOA Board pays close attention to monthly expenses and remains committed to ensure adequate funding for all of the villages’ reserve projects. The CCHOA Board and General Manager are committed to making every effort to avoid deferring maintenance when possible and when adequate funding is available. Where possible, spending adjustments in other categories may be made.

INDIVIDUAL VILLAGE RESULTS:

Individual villages’ exceeding $500 in expenditures over that which was budgeted are reported by “year to date” overages. Common is reported when expenditures exceed $2500 over that which was budgeted. Individual directors continue to examine overages in the budget at any time the overages are reported. 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. Where possible, spending adjustments in other categories may be made.

Currently Green Turtle Cay, Bahama Village, Port Royale, and Mardi Gras have expenditures over their year-to-date budgeted amounts, however overall, the CCHOA is within the budgeted amounts. The more significant overages are listed for the 4 villages and Common.

Green Turtle Cay exceeded the year-to-date budgeted amounts in maintenance wages and water.

Bahama Village exceeded the year-to-date budgeted amounts in maintenance wages, pool supplies, outside plumbing and plants/flowers.

Port Royale exceeded the year-to-date budgeted amounts in pool supplies and water.

Mardi Gras exceeded the year-to-date budgeted amounts in pool supplies, water and outside contractors.

The CCHOA Financial results will be available for homeowners following the December 15, 2022, 2:00pm Board meeting. This is an in-person meeting, and all homeowners are invited to attend. An electronic copy of the Treasurer's Report and an in-depth financial statement will be available by calling the CCHOA 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, T-Bills and T Notes. Additionally, the CCHOA Board has approved investments in AAA Municipal Bonds when investment opportunities are available. An investment ladder is maintained so that maturing investments come due each month through December 2023 with the exception of April, August and November. There is an additional $1 million maturing in 2024-2025. Currently, investments rates have been going up with a Prime Rate increase on November 2, 2022. The current Prime Rate is 7.00%, following a .75% increase in the Federal Funds Rate at the November FOMC meeting. Currently the market is expecting another .50% increase in December. The CCHOA Board is currently maintaining a short-term (8 week) reinvestment protocol. Hopefully this will enable the CCHOA to take advantage of the current rapidly increasing rates. Should the Feds stop their prime rate increases it is anticipated that the CCHOA Board will lengthen the reinvestment time frame.

  

October 2021

October 2022

%

 

October 2022

October 2022

%

COMPILATION

 

Actual

Actual

change

 

Actual

Budget

change

Cash

 

59,346.16

507,638.38

755.39%

    

Revenue

 

1,426,678.82

1,504,668.35

5.47%

 

1,504,668.35

1,481,214.44

1.58%

Expense

 

1,462,378.45

1,491,835.66

2.01%

 

1,491,835.66

1,500,922.02

-0.61%

Net Income

 

-35,699.63

12,832.69

135.95%

    

Reserves

 

7,366,317.84

6,100,515.12

-17.18%

    
         
  

October 2021

October 2022

%

 

October 2022

October 2022

%

COMMON

 

Actual

Actual

change

 

Actual

Budget

change

Revenue

 

706,122.74

738,871.07

4.64%

 

738,871.07

730,419.72

1.16%

Expense

 

726,160.55

746,838.05

2.85%

 

746,838.05

728,661.58

2.49%

Net Income

 

-20,037.81

-7,966.98

60.24%

    

Reserves

 

1,704,110.38

1,641,292.83

-3.69%

    

Respectfully,

Bob Rood, CCHOA Treasurer