The December 2016 financials finished the year with a strong overall performance. The December year-to-date revenue was 5.1% 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 10 new home closings including two Villas for a year-to-date total of 130. This brings the total number of closed homes/villas to 4,601 at the end of December. Resale home closings finished at 21 for the month for a total of 273 YTD. Both new and resale home closings exceeded budget targets and also contributed to the positive revenue results for the year.
The YTD expenses were unfavorable to budget at 2.3% over budget due to additional unit landscape maintenance, plant and tree replacement, wall repairs, clubhouse architect plans, increased cost of sales and associated G&A expenses driven by the increased revenues. These increased expenses were offset by the favorable overall revenue position.
The capital expenditures totaled $1,875,677 for the year. This included community road repairs, Tuscany Falls Theater expansion and remodel, planned projects and unexpected equipment replacements due to failures. These were funded by planned and unplanned Reserve Fund withdrawals totaling $1,604,691 and contributions of $332,500 from RCI and the PAC (Performing Arts Council) for the theater expansion. Overall the year finished with a favorable budget position of $703,611 resulting from the strong revenue performance and $311,423 of project cancellations/project deferrals into 2017. $273,003 will be carried over to fund the deferred projects without impact to the 2017 budget. The balance of $430,608 is a budget surplus from the revenue favorability generated by Golf, Food & Beverage, Activities and additional new home and resale home closings.
The 2016 contribution to the Reserve from HOA dues and interest was $1,796,056. After the Reserve withdrawals mentioned above, the balance in the Reserve account was $6,578,602. In addition the $1/round golf fee contribution to the Golf Infrastructure Fund (GIF) finished with a total of $114,058 for the year. These funds, tracked separately in the GIF Reserve, will be transferred in early 2017 and are not included in the year-end Reserve account balance above.
The following is a high level summary of the 2016 major accomplishments in our community:
$941k – Community Road Program$ 709k – Tuscany Falls Theater Expansion/Remodel (Note RCI/PAC contribution)$ 455k – Eagle’s Nest and Tuscany Falls Golf Equipment, Well 29A Repair and Golf Facility Maintenance $203k – Eagle’s Nest Pool and Spa Renovation $191k – Common Area Equipment/Landscape Additions/Repairs $144k – Tuscany Falls Sport Complex Pool/Furniture/Equipment/Repairs $90k – F&B Equipment and Supplies $78k – Eagle’s Nest Building Upgrades and Equipment Repairs
$65k – Eagle’s Nest, Tuscany Falls, TFSC, TOS – AC Equipment Replacement $52k – Toscana Facility Upgrades $25k – Tuscany Falls Equipment and Building Repairs $22k – Patrol Gates and Loops $51k – Other Miscellaneous Equipment and Repairs $3,026k Total
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.