I’d like to start a regular feature in The Lark updating all of you on how we are doing financially as a community. I believe it’s important for all of you to know how we stand.
Our transition from ABC to APM is almost complete and while there may still be some pending transactions to be posted, I want to share with you our YTD results thru September.
As an overview, our budget for 2008 is $547,000. We are basically running a business with over one-half million dollars in sales. Our common fees are the “sales” and our planned additions to reserves are our “profit” for the year. For 2008, our planned expenses are $461,000 and our planned additions to reserves are $86,000.
Through September, we are about $5,000 over budget, which is not bad. That means we are tracking plan very well. We have incurred some higher-than-expected costs for walk repairs, mulch, pest control and outside contractors, to name a few. However, we are below budget for such expenses as electricity, tree removals/trimming, and snow removal.
Our reserves are currently about $240,000 and are in the form of CDs and money market account.
Additionally, the Finance Committee has initiated a project to develop a Long Term Capital Plan for our community. The objective is to identify the capital requirements to maintain our infrastructure over the next five to ten years. We will provide you with an update on that project at our annual meeting in December.
Submitted by Lincoln May, Treasurer