The November budget financials continued to reflect the strong revenue performance through the first 11 months of the year. The November YTD revenue is 4.0% favorable to budget with all departments continuing to exceed their revenue targets for the year. The strong homeowner support of the PebbleCreek dining and golf amenities has been a significant factor to the positive financial results.
October had 11 new home closings for a year to date total of 120 including 18 Villas which has already exceeded the year end budget. Resale home closings finished at 18 this month for an YTD total of 246 also exceeding the year end budget. Both new and resale home closings have contributed to the favorable revenue results.
The November YTD expenses were unfavorable to budget at 1.6 % over budget due to increased cost of sales and associated G&A expenses driven by the increased revenues but will be offset by the favorable overall revenue position. The capital YTD expenditures were $1.774M running 11% over budget due to completion of the Tuscany Falls Theater Expansion/Renovation projects without the offset funding from RCI and the PAC having been recognized.
The November year to date amortized contribution to the Reserve from HOA dues was $1,637,914. The current total balance in the Reserve account is $6.96 M which includes the $222K of Golf Infrastructure Funds (GIF) being tracked separately in the GIF Reserve. The fourth quarter Reserve withdrawal will be made at the end of the year after the invoices for the planned reserve funded projects are processed. The $1 per round golf fee being collected for the GIF totaled $103,712 through November and will be transferred to the GIF Reserve at year end. The November net budget results show an overall budget deficit of $109,933 of which $68,490 was due to Golf Operations pending transfer of Previous Years Surplus funds to offset approved project expenditures.
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.