Finance Operations will continue to publish the monthly PebbleCreek HOA Budget Performance Summary report in the PebbleCreek Post and will also post to the HOA website to keep the community informed on the budget performance throughout the year. A copy of the 2016 PebbleCreek HOA budget has been posted on the HOA website.
For the 2016 budget year, planned asset replacements identified in the Long Range Plan will be funded from the HOA Reserve. The planned and actual withdrawals will be tracked and shown in the monthly budget performance summary. This year several projects were carried over from 2015 and will use the Previous Years’ surplus to fund these 2016 budget expenditures. The budget summary format used this year will again show the planned and actual use of these Other Planned Funding Sources, both Previous Years Surplus and the Reserve. This year Golf Operations will continue to collect a $1 per round in this year’s golf greens fee pricing schedule which will be set aside for future years’ golf infrastructure expenditures. These funds will be tracked and reported separately as the Golf Infrastructure Fund (GIF) on the budget performance summary report.
The January budget results were positive and indicate that we are off to a good start. The overall revenue was 5.7% favorable to budget with all departments exceeding their budget targets. New home closings were positive with 12 including three Villas for the month of January. Resale home closings finished at 13 for the month. Both new and resale home closings have exceeded the budget forecast and continued the positive trend from last year.
The January expenses were 18.5% under budget. Timing of street maintenance projects resulted in this under-run however, it is planned to be on schedule next month. The capital expenditures were also under budget due to budget timing of planned projects. Generally, some expenditures and improvements are budgeted early in the calendar year because the actual dates and ordering lead times are not available at the time the budget is being put together for approval. 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 year-to-date contribution to the Golf Infrastructure Fund (GIF) from golf fees was $9,820 and the contribution to the Reserve from HOA dues was $147,500. No funds were transferred from the Reserve, however $2,000 of the Previous Years Surplus was used to fund the 2015 carry over projects. The net results show a January budget surplus of $82,985.
The monthly budget performance summary reports will be posted on the PebbleCreek HOA website @ 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 & Financials. The 2016 budget with detailed standard set of accounting financials is also available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.