Our operating expenses through July continue to track our budget well. We are slightly over budget, about $1,000.
Lower than expected utility and administrative expenses have helped to offset higher-than-planned grounds expenses (mulch). Additionally, we have spent about $9,000 in long term maintenance dollars to repair our tennis courts and to sand blast the swimming pool. These dollars will eventually come from our reserves, which currently total about $320,000. To date, our cash flow has been sufficient to fund both of those expenses. The Board is currently reviewing bids from two vendors to perform a reserve study. This study will help us to better identify, quantify and plan our future infrastructure costs. The results will feed into a long-term capital plan and allow us tobetter estimate and manage future capital requirements. We expect to complete the study in the September-October timeframe and will share with you the results at our annual meeting in December. – Lincoln May