The July budget financials reflect the continued strong performance for the year. The July YTD revenue is 3.8% favorable to budget with all departments continuing to exceed their revenue targets. Continued support of the Food & Beverage, Golf and Activities amenities by the PebbleCreek homeowners has been a significant factor to the positive results.
July had five new home closings including one Villa for a year to date total of 84 against a budget of 63. Resale home closings finished at 17 for the month and a total of 158 YTD exceeding the budget of 98. Both new and resale home closings have contributed to the favorable revenue results.
The July YTD expenses were favorable to budget at 1.1% under budget. Project timing contributed to expense under run. Capital YTD expenditures were $1.172M running 20% under budget due to the cost under-run of the Unit 2 street replacement and budget timing of Tuscany Falls Theatre Expansion/Renovation costs. As these projects are completed 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 July year to date amortized contribution to the Reserve from HOA dues was $1,038,388. The current total balance in the Reserve account is $6.72 M which includes the $168K of Golf Infrastructure Funds (GIF) being tracked separately as the GIF Reserve. The second quarter Reserve withdrawal for planned reserve funded projects was delayed until August and will be reflected in next month’s financials. The 2016 $1/round golf fee being collected for the GIF totaled $68,801 through July. These fees will be transferred to the GIF Reserve at year end. The July net budget results show a budget surplus of $214,403, with $189,675 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 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.