April continued a strong 2018. On-time payment of assessments were the highest of the year! Capitalization fees on real-estate transactions also continued to come in well ahead of budget. A few financial highlights are outlined below:
- Income for the month of April came in 19 percent ahead of budget, due in large part to all of our neighbors paying their dues on time.
- Utility expenses were 54 percent under budget. Mild weather and fixing the erroneous charges from Verizon were a big help.
- Contract services expense came in 14 percent under budget.
- Materials & Supplies were 67 percent under budget.
- Total operating expenses for the month were 11 percent under budget, again, an excellent job from our GM and Office staff as they continue to be excellent stewards of the Association’s money.
There will be a noticeable drop in the value of total assets on the balance sheet. This stems from a non-cash charge to accounts receivable to write-down old debt. This has absolutely no impact on the solid financial stability of LHCC, and has no effect on our cash balances.