The September budget financials reflect the continued strong performance for the first three quarters of the year. The September YTD revenue is 3.5% favorable to budget with all departments continuing to exceed their revenue targets. Continued support of the Food & Beverage, Golf and Activities amenities by the PebbleCreek homeowners has been a significant factor to the positive financial results.
September had eight new home closings for a year to date total of 99 including 17 Villas against a budget of 81. Resale home closings finished at 24 for the month and a total of 202 YTD exceeding the budget of 126. Both new and resale home closings have contributed to the favorable revenue results.
The September YTD expenses were unfavorable to budget at 1.3% over budget due to invoice timing such as golf course overseed payment. The capital YTD expenditures were $1.503 M running 6% under budget due to projects timing. The Tuscany Falls Theater Expansion/Renovation projects are in the final stages of completion. The final total expenditures will be reported next month once all the invoices are received and processed.
The September year to date amortized contribution to the Reserve from HOA dues was $1,337,590. The current total balance in the Reserve account is $7.1 M which includes the $222 K of Golf Infrastructure Funds (GIF) being tracked separately in the GIF Reserve. The third quarter Reserve withdrawal of $218,198 will be made in October for a total YTD withdrawal of $1.256 M for planned reserve funded projects. The $1 per round golf fee being collected for the GIF totaled $86,509 through September and will be transferred to the GIF Reserve at year end. The September net budget results show an overall budget surplus of $85,232, with $108,671 from non-golf operations and golf operations showing a $23,439 deficit due to the timing of golf over seed invoice.
The monthly budget performance summary reports will be posted on the PebbleCreek HOA website at www.pebblecreekhoa.org. The HOA financials can be accessed by going to the HOA website Home page, select Governance on the menu bar then scroll down and click on Budget & Financials. The 2016 budget with detailed standard set of accounting financials is also available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.