The first quarter of 2016 is now complete and the March budget financials reflect the strong performance since the first of the year. The March YTD revenue is 5.6% favorable to budget with all departments exceeding their projected revenue for the first three months of the year.
February had 18 new home closings including seven Villas for a year to date total of 40 against a budget of 27. Resale home closings finished at 14 for the month and a total of 47 YTD exceeding the budget of 36 for the first quarter. Both new and resale home closings contributed positively to the revenue results through March.
The March YTD expenses were favorable to budget at 2.0% under budget. Capital expenditures were also under budget due to delay of projects planned for the first part of the year. 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 March year to date amortized contribution to the Reserve from HOA dues was $443,342. With the completion of many planned Reserve funded projects, a first quarter Reserve withdrawal of $562,678 was transferred to the operating account in March. This leaves a current balance of $6,659,048 in the Reserve account. This Reserve balance includes $167,403 of Golf Infrastructure funds that will be tracked and reported separately as the GIF Reserve. The 2016 golf fee of $1/round was $32,029 through March. This GIF fee will be reported monthly, however will not be transferred to the GIF Reserve until year end. The first quarter net budget results show a budget surplus of $636,115 of which $218,987 was 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 & Financials. The 2016 budget with detailed standard set of accounting financials is also available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.