Treasurer’s Report, March 2018


Written by Board Treasurer

On March 28, 2018

Fiscal Year 2018 is off to a good start! Total income is up 2.4 percent to $422,174 compared to the same period last year. On the negative side, delinquencies on assessments are up with assessment revenue being down 3.7 percent as compared to last year. Capitalization fees have been the driving force behind the increased revenue. Currently capitalization fees are 56 percent ahead of budget. Also on the plus side our overall operating expenses, which are currently $27,814, are 11 percent below budget. This is largely due to lower personnel expenses.

On Friday, March 16th, 2018 Mike and I met with Mike Kilmer to discuss our accounts receivables, in particular, the vast amount that needs to be written-down. Details on the delinquent accounts are highlighted on an additional tab in the Board Book Materials online. The balance of our conversation pertained to Replacement Reserves & Capital Reserves.

Our replacement reserve is currently being funded to repair and/or replace capital assets. A capital reserve fund option, which we have, is used for capital expenses/improvements to common elements of our community. Our current capital reserve account has sat idle for past several years with a $12,000 balance.

We have an extensive list of projects on our Master Plan. None of these items have funds being allocated to our capital reserve fund, keeping in mind that capital improvements & funding were the number one priority as detailed in our 2018 Board Goals guide. Also keep in mind that funds kept in in replacement reserves and capital reserves do not have the interest subject to federal income tax. The interest earned on our operating account is taxed.

Additional charts, graphs, and other pertinent data are available under the Treasurer’s Report Tab for the March 2018 Board of Directors Meeting or by stopping by the Administrative Office. Thank you.

Jarret Tomalesky

You May Also Like…

President’s Report, October 2021

Farewell to Summer and welcome Fall! The past years have galloped by and it is not without sadness that I pass the reins after serving on the Lake Holiday Board of Directors for five years, four of which were as your President. This Board has accomplished much....

President’s Report, September 2021

Looking at the thermometer, it’s hard to believe that Fall is just three weeks away. With the change of season, also comes changes at Lake Holiday. My term on the Board of Directors will end in October and I will not be eligible for another full three-year term...

General Manger’s Report, September 2021

Miscellaneous Updates: Beach II Site development at Beach II was delayed by a couple weeks while the bonding and permitting were finalized.  Pine Knoll has now obtained the necessary permit and intends to mobilize here sometime next week and will begin work there...