The May 2015 financials continued the positive performance from the start of this year. The May year-to-date revenue is 6.5% favorable to budget with all departments exceeding their planned revenue targets. Strong resident support and dedicated efforts of all departments have been a significant factor to these positive results.
May had six new home closings including two Villas for a year-to-date total of 67 which exceeds the budget of 35. Resale home closings finished at 33 for the month for a total of 127 YTD. Both new and resale home closings continue to exceed budget and have contributed positively to the revenue results for May.
The May YTD expenses were favorable to budget at 1.8 % under budget. Delay of projects planned for earlier in the year along with invoice timing and booking of planned expenditures contributed to this budget underrun. Capital expenditures were also under budget due to project delays. Many of these capital projects were planned to be funded from the Reserve Fund. With the favorable budget revenue and delayed timing of project expenditures, the forecasted draw from the Reserve Fund was not required and is now planned for the second half of the year. As the year progresses, the actual expenditures will catch up with the budgeted dollars and the year-to-date results will finish more aligned with the original budget.
With the favorable revenue and project delays, the May financials show a total HOA budget surplus of $903,624 net of the $50,332 set aside in the Golf Infrastructure Fund (GIF) and $452,847 contribution to the Reserve. Golf Operations contributed $424,557 to the total budget surplus.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website @ www.pebblecreekhoa.org. The 2015 financial binder 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.