PCHOA Budget Summary – December 2014
PebbleCreek HOA finished the 2014 budget year with strong financial results. The December financials show that the year-to-date revenue was favorable to budget by 5.8%. All departments finished the year exceeding the budgeted revenue target. The community homeowners’ continued support of Food & Beverage, Golf and Activity Center amenities is greatly appreciated by all departments and was reflected in the financial results.
December had nine additional new home closings bringing the total to 134 for the year. The new Villas had contributed 26 of the new home closings. This brings the number of homes in PebbleCreek to 4,313 at the end of 2014. Resale home closings finished at 13 for December and a year end total of 220. Both new and resale home closings had exceeded the budget forecast and contributed positively to the revenue results for the year. Home sales and resales continued the positive trend and reflect the desirability and value of our community.
The December YTD expenses were 4.5% unfavorable to budget. These expenditures included the Eagle’s Nest Kitchen and Bar remodel expenditures and several other major community expenditures listed below. With completion of these planned projects funds totaling $213,361 from the Previous Years Surplus and strong revenue performance have offset this expense overrun. Reserve funds, totaling $325,842 for the year, were transferred to the operating budget to fund planned asset replacements as identified in the Community Long Range Plan. Overall the year finished with a budget surplus of $366,337 of which $358,330 was generated by Golf Operations performance.
The 2014 total contribution to the Reserve (Long Term Savings) account from HOA dues including earned interest was $1,041,781. After the 2014 withdrawals the yearend Reserve account balance was $6,144,861. This was the first year that funds were withdrawn from the Reserve account to fund asset replacements identified in the Community Long Range Plan.
The following is a recap of the 2014 major accomplishments in the Community:
• $277k – Eagle’s Nest kitchen and bar remodel
• $132k – Eagle’s Nest rebuilt Tennis Courts 1 and 2 and basketball court
• $16k – Replaced pool, lap pool and spa heaters and main motor
• $12k – Replaced Eagle’s Nest Palm Room chairs
• $6k – Eagle’s Nest ice machine and dispenser by pool
• $10k- Eagle’s Nest repaint clubhouse, restaurant, Palm Room and halls
* $9k – Eagle’s Nest recover lounge chairs and cabana
• $4k – Eagle’s Nest repair and repaint Kool Deck
• $8k – Eagle’s Nest roof repair
• $17k – Tuscany Falls Sport Center two pool shade sails replaced
• $8k – Tuscany Falls Drain and clean pool and repair tiles
• $16k – Tuscany Falls Clubhouse, Sport Complex, Creative Arts roof repairs
•$5k – Tuscany Falls Sport Center repaired four treadmills
• $29k – Tuscany Falls Replaced indoor, outdoor, kiddy pools heaters
• $3k – Replaced Creative Arts kiln
• $13k – Chianti Patio replaced
• $66k – Tuscany Falls Golf – Replaced two mowers, one club car
• $11k – Eagle’s Nest Golf Maintenance Yard A/C unit and ice machine
• $61k – Tuscany Falls Golf rebuild T-box and EN fairway and TF greenside bunkers
• $78k – Eagle’s Nest Golf – replaced mower, sprayer, spreader and ball washer
• $37k – Tuscany Falls and Eagle’s Nest gate controls and loop sensors, radios and service contract
• $25k – New Community Services vehicle
• $223k – Streets resealed (second year of four year program)
• $99k – Trimmed 850 trees – Tree Trimming Program
• $18k – Replaced irrigation system on Robson Circle
• $100k – Granite added to Golf and common areas
• $110k – Re-landscape Eagle’s Nest and Tuscany Falls entrances and Tuscany Falls Waterfall
• $27k – Tuscany Falls kitchen equipment and china
• $15k – Eagle’s Nest Bar replaced tables and chairs
• $5k – Replaced Tuscany Falls theater projector
• $9k – Replaced three Eagle’s Nest Clubhouse air handlers
• $23k – Replaced Tuscany Falls/TOS booster heater, refrigerator, cooler
$1,472 k – Total
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 financial binders 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.