For the month six months ended June 30, 2013
Budget Summary
Year-To-date income of $295,237 is $8,891 ahead of budget. During June, one resident loan was repaid. Year- To-date expenses of $260,997 are $11,332 less than budget. The primary reason for the favorable expense position is reduced payroll and benefit expense. These were partially offset by insurance premiums ($7,423 over budget through six months.)
Balance Sheet Summary
Total cash balances on hand at the end of June to meet operating costs, amounted to $47,701. The social checking account balance remains at $986.19. Reserve balances on hand at the end of June (money market accounts) totaled $505,315. Year-to-date contribution to reserves is $40,126. To date, capital expenditures amount to $12,587. The Association has a contract liability to B&W Paving for $246,000 for the recently completed paving project.
– David Faxon Treasurer