The August budget financials reflect the continued strong performance for the year. The August YTD revenue is 3.7% 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 results.
July had seven new home closings including one Villa for a year-to-date total of 91 against a budget of 72. Resale home closings finished at 20 for the month and a total of 178 YTD exceeding the budget of 112. Both new and resale home closings have contributed to the favorable revenue results.
The August YTD expenses were unfavorable to budget at 0.5% over budget and more aligned with the budget as projects are being completed. The capital YTD expenditures were $1.359M running 15.5 % under budget due to some projects lagging. As the Tuscany Falls Theater Expansion/Renovation projects get to the final stages, the actual expenditures will finish more aligned with the planned budget.
The August year-to-date amortized contribution to the Reserve from HOA dues was $1,187,849. The current total balance in the Reserve account is $7.11 M which includes the $222K of Golf Infrastructure Funds (GIF) being tracked separately as the GIF Reserve. The second quarter Reserve withdrawal of $475,170 was made in August for a total YTD withdrawal of $1.038M for planned reserve funded projects. The 2016 $1 per round golf fee being collected for the GIF totaled $77,228 through August and will be transferred to the GIF Reserve at year end. The August net budget results show a budget surplus of $302,129, with $41,015 having been generated by Golf operations.
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 homepage, select Governance on the menu bar then scroll down and click on Budget and Financials. The 2016 budget with detailed standard set of accounting financials is also available to view at the Resident and Guest Services at the Eagle’s Nest Clubhouse desk.