The July 2014 financials continued the positive trend from the first half of the year. The strong financial performance by all departments shows the revenues are 4.6% favorable to budget exceeding the planned revenue targets. The strong community patronage through the use of the community amenities is reflected in the continued positive financial results.
July had eight new home closings bringing the year to date total to 63. Resale home closings finished strong at 16 for the month for a total of 141 YTD. Both new and resale home closings are exceeding the budget and have contributed positively to the revenue results for the year.
The July YTD expenses were favorable to budget at 2.7% under budget. The delayed projects from earlier in the year are still in progress and have contributed to the expense budget under run. As these projects get completed the actual expenditures will catch up with the budgeted dollars and the year-to-date results will finish more aligned with the original budget.
The favorable budget revenue and delayed project timing again allowed deferral of use of the Previous Year’s Surplus Funds for July. These expenditures are continually being monitored and the funds will be used as the need arises throughout the budget year. This favorability also delayed the need to transfer any Reserve Funds to the operating budget at this time. Ongoing prudent management of expenses should keep the budget financials reasonable for the year.
The July 2014 year-to-date balance in the Reserve Fund is $6,375,379 which includes the second half contribution to the Reserve from the HOA assessments. All of the Reserve funds are now invested in higher yielding CDs and CDARS government insured investments. 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 in to Channel 22. The 2014 financial binder with more detailed standard set of accounting financials are available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.