The October 2015 financials continued to show positive performance to start the fourth quarter of the year. The October year-to-date revenue is 5.9% favorable to budget with all departments exceeding their planned revenue targets. Continued strong resident support of the dining and golf facilities have been a significant factor in these positive results.
October had 17 new home closings including 10 Villas for a year-to-date total of 131. Resale home closings finished at 15 for the month for a total of 220 YTD. This brings the total number of closed homes/villas to 4,444 at the end of October. Both new and resale home closings continue to exceed budget and have contributed positively to the revenue results for October.
The October YTD expenses were unfavorable to budget at 2.3% over budget. Capital expenditures were also over the original planned budget. Delayed planned projects and many of the new community renovation projects mentioned last month have now been completed. This month $811,700 was transferred from the Reserve and $90,000 of the Previous Years Surplus funds were used to fund these expenditures. There are several additional community renovation projects that have not yet been completed. Additional Reserve withdrawals will be made to fund these community renovation projects before the end of the year.
The year-to-date contribution to the Golf Infrastructure Fund (GIF) from golf fees was $92,210 and the contribution to the Reserve from HOA dues was $914,104. The net results show a budget surplus of $15,047 at the end of October after transfer of the Reserve funds and use of Previous Years Surplus.
These monthly financial budget summary reports will be provided on the PebbleCreek HOA website at www.pebblecreekhoa.org. The 2015 financial binder with more detailed standard set of accounting financials is available to view at the Resident & Guest Services at the Eagle’s Nest Clubhouse desk.