For the eight months ended
August 31, 2013
Budget Summary
Year-To-date income of $390,452 is $8,656 ahead of plan. Year- To-date expenses of $355,819 are $12,426 less than budget. Payroll and benefit expense remains the prime reason for the favorable position, far offsetting insurance premiums which are $9,898 over budget. All other major budget categories are under control.
Balance Sheet Summary
Total cash balances on hand at the end of August to meet operating costs, amounted to $51,082. The social checking account balance is $813. The labor Day cocktail party contributed a net $48. Reserve balances on hand at the end of August (money market accounts) totaled $428,403 with $146,000 remaining on what is owed to B&W Paving. Year-to-date contribution to reserves is $60,840. To date, capital expenditures amount to $267,890.
The balance sheet remains in decent shape. The Association is debt free as we continue to build reserves toward completion of the paving project.
On September 24th, the Finance Committee met at the clubhouse to take a preliminary look at next years’ budget and discuss the Five Year strategic plan.
David Faxon Treasurer