The November 2014 financials continue to show the strong financial revenue performance in all departments. Year to date revenues are 5.2% favorable to budget. The strong Food & Beverage and Golf revenue along with a significant number of home closings led the way to the positive financial results.
November had 15 new home closings, including five new villas, bringing the year to date total to 125. Resale home closings finished strong at 21 for the month for a total of 207 YTD. Both new and resale home closings are exceeding the planned budget and have contributed to the positive revenue results for the year.
The November YTD expenses were unfavorable to budget at 3.7% over budget. The delayed projects from earlier in the year have now been completed and their associated budget favorability no longer serves to offset expense budget overruns in other areas. With the completion of these planned projects, the funds from the Previous Years’ Surplus and the strong revenue performance have offset this expense overrun.
With the Eagle’s Nest kitchen and bar remodel project having been completed, the costs were recognized in the capital expenditure summary this month. Reserve funds in the amount of $245,131 were transferred to the operating budget to cover these expenditures as originally planned. Overall the year to date net budget surplus is $317,721 of which $212,232 was generated by Golf Operations.
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.