Marion Moskal
The December 2015 financials finished the year with a strong overall performance. The December year to date revenue was 6.9% favorable to budget with all departments having exceeded their planned revenue targets. The strong resident support of the dining and golf facilities was greatly appreciated throughout the year and has contributed to these positive revenue results.
December had 11 new home closings including four Villas for a year to date total of 159. Resale home closings finished at 30 for the month for a total of 265 YTD. This brings the total number of closed homes/villas to 4,472 at the end of December. Both new and resale home closings exceed budget targets and had a very positive contribution to the revenue results for the year.
The December YTD expenses were unfavorable to budget at 4.1% over budget. The capital expenditures totaled $2,212,402 for the year. The expense and capital budget over runs were due to the additional community renovation projects approved by the Board earlier in the year. Those renovations that were identified in the Long Range Plan were funded by the $1,103,143 withdrawal from the Reserve Fund. The balance of the projects was funded by the year’s strong revenue performance and the use of $207,293 from the Previous Years Surplus. There were no additional withdrawals from the Reserve Fund this month ending the year with a balance of $6,161,669 in the reserve account net of the 2015 withdrawals.
The year to date total of the $1/round golf fee contribution to the Golf Infrastructure Fund (GIF) finished at $113,726. These funds are not included in the year end Reserve account balance but will be transferred to the Reserve in 2016. The total 2015 contribution to the Reserve from HOA dues and interest on the Reserve account was $1,114,597. The PCHOA finished the year with a budget surplus of $128,732 after completing the multitude of planned and unplanned community renovation projects.
The following is a recap of these 2015 major accomplishments in our Community:
• $797k – Community Road Program
• $172k – TF Outdoor Pool Renovation
• $156k – TOS Patio Resurface, Expansion Courtyard Lighting
• $120k – TF Clubhouse Flat Roof Replacement
• $118k – Portofino Bar and Library Renovation
• $101k – TFSC Fitness Equipment and Pool Furniture
• $ 91k – TF Meeting Room Replaced 300 Chairs
• $ 91k – TF Golf Maintenance –two mowers and three Club Cars
• $ 84k – Golf Course Bathroom Renovation
• $ 82k – Golf Course Desert Rejuvenation
• $ 81k – EN and TF Replaced 800 Banquet Chairs
• $ 80k – TF Golf Maintenance – two Tractors, two Club Cars, Groomer Reels, Storage
• $ 76k – TF Kitchen Equipment and Utensils
• $ 59k – EN Repaint Common Outer Wall
• $ 58k – EN Dining Room Replaced Tables and Chairs
• $ 58k – EN & TF Air Handlers, A/C Units, Coolers (14 Units)
• $ 38k – TFSC and TF Kitchen Replaced Water Heaters
• $ 35k – TF, TOS and Pickleball Ramada Ice Machines
• $ 34k – TOS Shades, Bar/Lounge Replaced Tables and Chairs
• $ 33k – Replaced two Patrol Vehicles (Replaced Honda Fit)
• $ 32k – EN Clubhouse Sound System
• $ 27k – EN Golf Maintenance – Practice Tee, Sod Replacement
• $ 27k – Patrol Gate Arms, Cameras, Radar and Video Recorder
• $ 26k – TF Greenside Bunkers
• $ 22k – TOS TV’s, Renovations, Hobart Mixer and Kegerator
• $ 22k – EN Pro Shop and Palm Room