The February budget financials indicate that PebbleCreek continues the strong start since the first of the year. The February YTD revenue is 6.0% favorable to budget with all departments exceeding their projected revenue for the first two months of the year.
February had 10 new home closings including three Villas for a year-to-date total of 22. Resale home closings finished at 20 for the month and a total of 33 YTD. Both new and resale home closings exceeded forecasted budget and contributed positively to the revenue results for February.
The February YTD expenses were favorable to budget at 3.4% under budget. Capital expenditures were also under budget due to delay of projects planned for the first part of the year. Due to budget timing, road maintenance expenses, budgeted in January, were paid in February generating a Facilities budget overrun for the month. As the year progresses the actual expenditures will match up with the budgeted dollars and the year-to-date results will finish more aligned with the planned budget.
The year-to-date contribution to the Golf Infrastructure Fund (GIF) from golf fees was $20,536 and the contribution to the Reserve from HOA dues was $295,281. No funds were transferred from the Reserve through February. Withdrawals from the Reserve will be done on a quarterly basis based on completed projects planned to be funded from the Reserve account. The net results show a February budget deficit of $17,340 which will be covered by the Reserve transfers next month.
The current balance in the Reserve account is $7,200,941. This includes the contribution from the first half of 2016 homeowners’ dues to the Reserve Fund as well as the $113,728 Golf Infrastructure fees collected from $1 per round for golf rounds played in 2015. The Golf Infrastructure funds will be part of the total Reserve account but will be tracked and reported separately as the GIF Reserve. The balance in the GIF Reserve is $167,378 which includes the 2016 first half contribution from the HOA dues and the 2015 $1 per round transfer mentioned above. The 2016 $1 per round collected will be reported monthly however will not be transferred to the GIF Reserve until year end.
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 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.