The April budget financials reflect the continued strong performance to start the second quarter of the year. The April YTD revenue is 6.1% favorable to budget with all departments exceeding their projected revenue for the first four 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.
April had 14 new home closings with no Villas for a year-to-date total of 54 against a budget of 36. Resale home closings finished at 27 for the month and a total of 74 YTD exceeding the budget of 48. Both new and resale home closings contributed positively to the revenue results through April.
The April YTD expenses were favorable to budget at 0.3% under budget. Capital expenditures were tracking close to plan with slight overrun through April. 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 April year-to-date amortized contribution to the Reserve from HOA dues was $591,683. The current balance in the Reserve account is $6,665,602 after the first quarter withdrawal. This Reserve balance includes the $167,426 of Golf Infrastructure funds that will be tracked and reported separately as the GIF Reserve. Planned Reserve project expenditures will be tracked monthly; however, funds for these expenditures will be transferred from the Reserve on a quarterly basis. The 2016 golf fee of $1/round being collected totaled $42,542 through April. This GIF fee will be reported monthly however will not be transferred to the GIF Reserve until year end. The April net budget results show a budget surplus of $830,883 of which $300,335 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 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.