The August 2014 financials continued the positive trend for the year. The strong financial performance by all departments shows the revenues are 4.8% favorable to budget exceeding the planned revenue targets. The strong Food & Beverage and Golf Revenue led the way to the positive financial results.
August had 15 new home closings bringing the year to date total to 78. Resale home closings finished strong at 13 for the month for a total of 152 YTD. Both new and resale home closings are exceeding the budget and have contributed positively to the revenue results for the year.
The August YTD expenses were unfavorable to budget at 2.1% over budget. The delayed projects from earlier in the year are now being completed and have contributed to the expense budget overrun. The road maintenance has now been expensed and resulted in the credit back to capital resulting in an increase to expense. Overall there is still a net budget surplus year to date.
The favorable budget revenue allowed deferral of use of the Previous Year’s Surplus Funds for August. However, with the completion of the projects toward the end of the year these funds will be used as the need arises in the upcoming months. The same is true of the planned Reserve Funds transfer. With the Eagle’s Nest kitchen and bar remodel project coming to completion Reserve Funds will be transferred to the Operating Budget in upcoming months.
All of the Reserve Funds are now invested in higher yielding CDs and CDARS government insured investments. The ongoing monitoring by the Investment Advisory Group (IAG) has resulted in reinvestment of maturing CDs and exchanging lower yielding CDs for a higher yield as interest rates are on an increase. These investments are being laddered to meet the withdrawal requirements from the Reserve with the Community Long Range Plan needs.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org and are also available by tuning into Channel 22. The 2014 financial binder with more detailed standard set of accounting financials are available to view at the Resident and Guest Services at the Eagle’s Nest Clubhouse desk.