The June 2014 financials show that the first half of 2014 finished with a strong financial performance. The first half revenues are 4.8% favorable to budget with all departments exceeding their planned revenue targets. The strong financial performance by the Golf and Food & Beverage departments has contributed to the positive results for the first half of the year.
The nine new home closings in June bring the year to date total to 55 against a budget of 42 for the first half of the year. Resale home closings finished strong at 22 for the month for a total of 121 YTD. Both new and resale home closings are exceeding the budget and have contributed positively to the revenue results for June.
The June YTD expenses were favorable to budget at 3.2% under budget. The delayed projects from earlier in the year and a reclassification of the road maintenance expenses to capital have contributed to the expense budget under run. As the year progresses and projects get completed the actual expenditures will catch up with the budgeted dollars and the year-to-date results will finish more aligned with the original budget.
With the favorable budget revenue and delayed timing on project, expenditures, the use of Previous Years Surplus Funds was not required at this time but will be used as the need arises throughout the budget year. This favorability also delayed the need to transfer the Reserve funds to the operating budget. Ongoing prudent management of expenses should keep the budget financials reasonable for the year.
The 2014 year to date contribution to Reserve is $505,394 which includes the first half of the HOA assessment contribution and interest earnings. After the first half withdrawal from the Reserve the net balance in the Reserve account is $5,885,038 at the end of June.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org and are also available by tuning in to Channel 22. The 2014 financial binder with more detailed standard set of accounting financials are available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse.