The September 2014 financial results show that the HOA is in good financial standing through the third quarter. The continued strong financial performance by all departments shows the HOA YTD revenues being 4.4% favorable to budget exceeding the planned revenue targets.
September had 16 new home closings, including five new villas, bringing the year to date total to 94. Resale home closings finished strong at 18 for the month for a total of 170 YTD. Both new and resale home closings are exceeding the budget and have contributed positively to the revenue results for the year.
The September YTD expenses were unfavorable to budget at 4.7% over budget. The delayed projects from earlier in the year are now being completed and have contributed to the expense budget overrun. With the completion of these planned projects, funds were transferred from the Previous Years Surplus Fund as originally planned to cover these costs. With the Eagle’s Nest kitchen and bar remodel project coming to completion Reserve funds will be transferred to the operating budget next month. Overall there is a net budget surplus of $235,391 year to date.
The Reserve account balance at the end of September was $6,375,225. All of the Reserve funds are now invested in higher yielding CDs and CDARS government insured investments. The Investment Advisory Group (IAG) is continually monitoring for higher yielding investment opportunities for any maturing CDs. These investments are being laddered to meet the withdrawal requirements from the Reserve with the Community Long Range Plan needs.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org and are also available by tuning in to Channel 22. The 2014 financial binder with more detailed standard set of accounting financials are available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.