Treasurer’ Report, April 2018

I

Written by Board Treasurer

On April 25, 2018

March was another strong month financially for Lake Holiday. The Board of Directors, our GM Mike Goodwin, and the dedicated office staff continue to work diligently to collect delinquent dues, manage expenses, and keep our community financially sound. A few financial highlights are outlined below:

  • Income for the month of March came in 18% above expectations, this was due in large part to lower than expect delinquencies, higher capitalization fees.
  • Total Administrative expenses were 6% under budget.
  • Personnel expenses came in at 27% under budget.
  • Total operating expenses for the month were $110,803 or 15.6% under budget, an excellent job of managing expenses all around.
  • Also for the month the association saw total assets grow 2.5% while total liabilities dropped 8.4%.

In addition to the excellent management of our operation we also have some positive news on our investments. We have replacement reserve CDARs maturing at Summit bank. These instruments currently have a yield of .85%, they will be rolled over into new CDARs yielding 2.05%. Over the next year this will increase interest revenue by over $3,000. Additionally, some alternatives for our liquid assets have been identified. These alternatives include what are known as “T” accounts; they are FDIC insured and provide a variable rate of return that is tied to the rate on treasury bills, currently yielding 1.3%.

Respectfully,
Jarret Tomalesky

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