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 2017 PebbleCreek HOA detailed budget has been posted on the HOA website.
The January financial results show that the overall revenue was 2.0% unfavorable to budget. Food and Beverage and Activities departments fell short of the planned revenue targets for the month. New home closings were positive with 13 including four Villas for the month of January. Resale home closings finished at 18 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 favorable to budget at 6.2% under budget. The capital expenditures were also under budget due to project timing and invoice processing. 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.
For the 2017 budget year, planned asset replacements identified in the Long Range Plan will be funded from the HOA Reserve. The total Reserve funded project expenditures will be tracked and reported monthly; however, the actual Reserve withdrawals will be made on a quarterly basis based on the actual expenditures incurred for that quarter. Also, there were several projects that were carried over from 2016. The Previous Years Surplus will be used to fund these 2016 project expenditures. The monthly budget performance summary will show the planned and actual use of these Other Planned Funding Sources, both Previous Years Surplus and the Reserve.
This year, Golf Operations will collect a $1.50/round which is included in this year’s golf greens fee schedule. These funds will be set aside for future years’ golf infrastructure expenditures. These funds will be tracked and reported separately as the Golf Infrastructure Fund (GIF) Reserve on the budget performance summary report. The January contribution to the Golf Infrastructure Fund (GIF) from golf fees was $14,131. Overall the January budget performance results show a net budget surplus of $92,792 with $23,791 having been 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 & Financials. The 2017 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.