The February budget financials indicate that PebbleCreek continues the strong start since the first of the year. The February YTD revenue is 7.5% favorable to budget with all departments exceeding their projected revenue for the first two months of the year.
February had nine new home closings including one Villa for a year to date total of 26. Resale home closings finished at 16 for the month and a total of 30 YTD. Both new and resale home closings exceeded forecasted budget and contributed positively to the revenue results for February.
The February YTD expenses were unfavorable to budget at 0.2% over budget. Capital expenditures are under budget due to delay of projects planned for the first part of the year. Some of these projects were planned to be funded from the Reserve. As a result, the forecasted draw from the Reserve Fund was not required for the first two months of the year. The current balance in the Reserve Fund (Long Term Savings) is $6,698,599. This includes the contribution from the first half of 2015 homeowners’ dues to the Reserve Fund.
The budget summary format introduced last month includes the reporting of the Golf Infrastructure Fund (GIF). Golf Operations had incorporated a $1 per round fee in this year’s golf greens fee pricing schedule which will be set aside for future years’ golf infrastructure expenditures. These funds will be tracked and reported separately as the Golf Infrastructure Fund (GIF) on the budget summary report.
With the favorable revenue performance and the delay in some of the planned projects, the net budget surplus is $260,550 at the end February.
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 2015 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.