The First Quarter of the 2015 budget year is now complete and the HOA financials reflect strong performance and results by all departments. The March year–to-date revenue is 8.6% favorable to budget with all departments exceeding their first quarter revenue targets. Strong support of the Food & Beverage, Golf and Activities amenities by the PebbleCreek homeowners has been a significant factor to the positive results.
March had 16 new home closings including nine villas for a year-to-date total of 42 against a budget of 21 for the first quarter. Resale home closings finished at 33 for the month including one villa for a total of 64 YTD against a forecast of 36 in the budget. Both new and resale home closings have contributed positively to the revenue results for March.
The March YTD expenses were favorable to budget at 3.1% under budget. Delay of projects planned for earlier in the year along with invoice timing and booking of planned expenditures contributed to this budget under run. Capital expenditures were also under budget due to project delays. Many of these projects were planned to be funded from the Reserve Fund. With the favorable budget revenue and delayed timing on project expenditures, the forecasted draw from the Reserve Fund was not required for the first quarter of the year. As the year progresses the actual expenditures will catch up with the budgeted dollars and the year-to-date results will finish more aligned with the original budget.
With the favorable revenue and project delays, the quarter finished with an HOA budget surplus of $613,506 net of the $30,673 set aside in the Golf Infrastructure Fund (GIF).
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 binders with more detailed standard sets of accounting financials are available to view at the Resident and Guest Services at the Eagle’s Nest Clubhouse desk.