Marion Moskal
The first quarter of the 2014 budget year is now complete and the HOA financials are positive for all departments. The March year-to-date (YTD) revenue is 5.9% favorable to budget with all departments exceeding their first quarter revenue targets and revenue results from last year. Strong support and participation of the PebbleCreek homeowners has been a significant factor to the positive results.
March had six new home closings for a year to date total of 24 against a budget of 21 for the first quarter. Resale home closings finished at 21 for the month for a total of 55 YTD against a forecast of 36 in the budget. Both new and resale home closings have contributed positively to the revenue results for March.
The March YTD expenses were favorable to budget at 3.7% under budget. Delay of projects planned earlier in the year along with invoice timing and booking of other planned expenditures contributed to this budget under run. As the year progresses 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 planned use of Previous Years Surplus Funds was not required at this time but will be used as the need arises throughout the budget year. The forecasted use of Reserve Funds will be transferred to the operating budget quarterly with the first quarter transfer occurring in April. Through March the capital expenditures were covered with the favorable revenue income. The Reserve Funds will be used for the budgeted projects from the community Long Range Plan as originally planned. The current balance in the Reserve Fund (Long Term Savings) is $5,953,029. This includes the contribution to the Reserve Fund from the homeowners’ dues for the first half of 2014.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org and are also available by tuning into 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 desk.
