The May budget financials reflect the continued strong performance for the first five months of the year. The May YTD revenue is 5.3% favorable to budget with all departments exceeding their projected revenue for the first five months of the year. Continued strong support of the Food & Beverage, Golf and Activities amenities by the PebbleCreek homeowners has been a significant factor to the positive results.
May had 12 new home closings including one Villa for a year-to-date total of 66 against a budget of 45. Resale home closings finished at four for the month and a total of 94 YTD exceeding the budget of 70. Both new and resale home closings contributed positively to the revenue results through May.
The May YTD expenses were unfavorable to budget at 0.3% over budget. Capital expenditures were $1.053 M running 13.3% over budget due to budget timing on projects slightly ahead of plan. 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 May year-to-date amortized contribution to the Reserve from HOA dues was $740,304. The current total balance in the Reserve account is $6.7 M after the first quarter withdrawal. This Reserve balance includes the $167K of Golf Infrastructure Funds (GIF) that will be tracked and reported separately as the GIF Reserve. Planned Reserve funded project expenditures will be tracked monthly; however, the required funds will be transferred from the Reserve on a quarterly basis. The 2016 golf fee of $1 per round being collected for the GIF totaled $52,924 through May. These fees will be reported monthly however will not be transferred to the GIF Reserve until year end. The May net budget results show a budget surplus of $417,397, with $336,672 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 & 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.