The June budget financials reflect the strong performance for the first half of the year. The June YTD revenue is 4.6% favorable to budget with all departments having exceeded their projected revenue targets for the first half of the year. Strong homeowner support by patronizing our facilities and the dedicated efforts of all departments have been a significant factor to these positive results.
June had 12 new home closings including one Villa for a year-to-date total of 79 against a budget of 54. Resale home closings finished at 16 for the month and a total of 141 YTD exceeding the budget of 84. Both new and resale home closings continued the positive trend and contributed to the favorable revenue results through the first half of the year.
The June YTD expenses were unfavorable to budget at 1.3% over budget. Project timing and unanticipated expenditures contributed to expense overrun. Capital expenditures were $1.128M running 22.2% under budget due to the cost under-run of the Unit 2 street replacement, delay of Eagle’s Nest projects until completion of the Eagle’s Nest Renovation Plan and budget timing of Tuscany Falls Theater expansion/renovation costs. 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 June year-to-date amortized contribution to the Reserve from HOA dues was $889,206. The current total balance in the Reserve account is $6.7 M which includes the $167K of Golf Infrastructure Funds (GIF) being tracked separately as the GIF Reserve. Planned Reserve funded project expenditures are tracked monthly; however, the second quarter Reserve withdrawal will be made and reported next month. The 2016 golf fee of $1 per round being collected for the GIF totaled $61,313 through June. These fees will be reported monthly however will not be transferred to the GIF Reserve until year end. The June net budget results show a budget surplus of $274,250, with $259,171 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 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.