The September 2015 financials continued to show positive performance through the third quarter of the year. The September year-to-date revenue is 5.8% favorable to budget with all departments exceeding their planned revenue targets. Continued strong resident support of the dining and golf facilities have been a significant factor to these positive results.
September had 13 new home closings including nine Villas for a year-to-date total of 114. Resale home closings finished at 12 for the month for a total of 205 YTD. This brings the total number of closed homes/villas to 4,427 at the end of September. Both new and resale home closings continue to exceed budget and have contributed positively to the revenue results for September.
The September YTD expenses were unfavorable to budget at 5.3% over budget. Capital expenditures were also over the original planned budget. Delayed planned projects and many of the new Board approved projects mentioned last month have now been completed and invoices accrued. Use of $100 K of Previous Years’ Surplus funds along with the transfer of $812 K from the Reserve in October will be used to fund these expenditures. The following is a list of the major community renovation projects:
* $508K – Expanded Road Program
* $ 82K – Golf Course Desert Rejuvenation
* $ 91K – Tuscany Falls Meeting Room chairs replacement
* $ 9K – Eagle’s Nest Practice Tee renovation
* $ 92K – Tuscany Falls Fitness Equipment Replacement
* $ 10K – Activities Communications Equipment
* $ 80K – Golf Course bathroom renovation
* $ 15K – Eagle’s Nest Golf Course Re-sod
* $108K – Tuscany Falls Portofino Bar and Library remodel
* $ 88K – Eagle’s Nest and Tuscany Falls banquet chairs replacement
* $172K – Tuscany Falls outdoor pools renovation
* $143K – Toscana’s patio renovation
* $ 60K – Eagle’s Nest Dining Room furniture replacement
* $ 12K – Toscana’s Dining Room upgrades
$1,470K Total
The year-to-date contribution to the Golf Infrastructure Fund (GIF) from golf fees was $83,883 and the contribution to the Reserve from HOA dues was $822,595. The net results show a budget deficit of ($703,625) at the end of September due to cost accruals which will be offset by the October transfer from Reserve.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org. The 2015 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.