The August 2015 financials continued the positive performance through the second half of the year. The August year-to-date revenue is 5.9% 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.
August had 10 new home closings including four Villas for a year-to-date total of 101. Resale home closings finished at 16 for the month for a total of 193 YTD. Both new and resale home closings continue to exceed budget and have contributed positively to the revenue results for August.
The August YTD expenses were favorable to budget at 0.4% under budget. Delayed projects planned for earlier in the year are being completed and booked; however, there are still some pending delays contributing to this budget underrun. Capital expenditures are over budget due to completing planned projects and additional community renovation projects which were approved by the Board. The following is a list of the major community renovation projects:
* $508K – Expanded Road Program
* $ 82K – Golf Course Desert Rejuvenation
* $ 91K – TF Meeting Room Chairs Replacement
* $ 9K – EN Practice Tee Renovation
* $ 92K – TF Fitness Equipment Replacement
* $ 10K – Activities Communications Equipment
* $ 80K – Golf Course Bathroom Renovation
* $ 15K – EN Golf Course Re-sod
* $108K – TF Portofino Bar and Library Remodel
* $ 88K – EN and TF Banquet Chairs Replacement
* $172K – TF Outdoor Pools Renovation
* $143K – Toscana’s Patio Renovation
* $ 60K – EN Dining Room Furniture Replacement
* $ 12K – Toscana’s Dining Room Upgrades
$1,470K Total
These projects will be funded from the current year favorable revenues, Previous Year’s Surplus, and withdrawals from the Reserve. All of these projects have been started and are planned to be completed by year end. With the favorable budget revenue no Previous Year’s Surplus funds or Reserve withdrawals were required this month; however, future withdrawals will be required in the upcoming months as these community renovation projects are completed.
Favorable revenue and fewer project delays resulted in a total HOA budget surplus of $283,135 through August. This surplus was net of the $75,029 set aside in the Golf Infrastructure Fund (GIF) and $731,221 contribution to the Reserve through August. Golf Operations contributed $252,323 to the total budget surplus.
The second half HOA dues contribution to the Reserve was transferred this month to the Reserve account. The current Reserve account balance is $7,223,490.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org. The 2015 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.