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Home » Announcements » Announcements CCHOA » January 2022 Treasurers Report

Announcements

January 2022 Treasurers Report


3/25/2022

Treasurer’s Report


January 2022

The unaudited month ending results for the CCHOA through January 2022 and the 7th month of the 2021/2022 year are enclosed for your review. The combined balance is $7,246,484.23. The reserve balance is slightly more than the balance for December 2021 which was $7,239,262.49. The reserve balance is less than the balance for January 2021 which was $7,690,700.21. The reserve balance for January 2020 was $7,502,941.24, and the balance for January 2019 was $7,405,331.90, and the balance for January 2018 was $5,931,361.58. Reserves were affected for this past year due to a major roofing project in Mardi Gras, which has ended until July 2022, as well as painting projects which continue. Reserves will be further affected by the Montego garage demolition confirmed by the Montego owners at the January 17, 2022 Board meeting. There are additional reserve projects occurring in most of the other villages. Lastly, reserve balances were affected this year by a reduction in monthly transfers from Operating to Reserves to reconcile prior year operating expenses in excess of funds collected by or paid to the Association. The General Manager, Facilities Manager and the Directors are continuing to review all reserve categories in order to facilitate maintenance needs as they arise. Budgeting is ongoing but the CCHOA staff are beginning to set the entire budget for the Cays which will be finalized in April for the 2022/2023 year. The reserve goal set by the CCHOA Board stipulates that all villages must maintain a 50% funding level by 2023/2024. Should any village fall below this level, the village will need to adjust their annual dues structure. The CCHOA Board pays close attention to monthly expenses and remains committed to ensure adequate funding for all the villages’ reserve projects. The CCHOA Board and General Manager are committed to making every effort to avoid deferring maintenance when possible and when adequate funding is available.

INDIVIDUAL VILLAGE RESULTS:

Individual villages’ exceeding expenditures over that which was budgeted are reported by “year to date” overages. This is a change from recent Treasurer Reports as the accounting department finds the yearly to be more reliable of trends than reporting by the month. Individual directors continue to examine overages in the budget at any time the overages are reported. Every director makes every effort to stay within the budgeted amounts but at times emergencies or non-negotiable expenses occur and the funds must be allocated whether they are within the budget or not. Where overages occur, the directors do meet with the General Manager to ascertain what type of expense has occurred and if next years’ budget needs to be adjusted or if the expense was a one-time event. Of course, where possible, adjustments in other categories may be made.

Currently 3 villages and Common have expenditures over their year-to-date budgeted amounts, however overall, the CCHOA is within the budget amounts. Montego, Port Royale, Mardi Gras villages and Common have exceeded their yearly to date budgeted expenses. The more significant overages are listed for each village. It might also be noted that most of the villages and common were over in the budgeted income accounts.

Montego exceeded the year-to-date budgeted amounts for water, administrative expense, employee burden and maintenance supplies.

Port Royale exceeded the year-to-date budgeted amounts in water, gas/electricity, maintenance supplies, pool supplies, janitorial supplies, and maintenance employee burden.

Mardi Gras exceeded the year-to-date budgeted amounts in water, pool supplies, safety equipment, janitorial supplies, and sprinkler parts.

Common exceeded the year-to-date budgeted amounts in legal fees, permits/licenses, income taxes, publications, trash removal, sprinkler parts, gas/electricity, outside contractors, boat maintenance, safety equipment, maintenance tools, supplies and burden.

The CCHOA Financial results will be available for homeowners following the February 24, 2022 Board meeting. This is currently scheduled to be in-person meeting and all homeowners are invited to attend. An electronic copy of the Treasurer's Report and an in-depth financial statement will be available by calling the CCHOA office at-619-423-4353.

INVESTMENT RESULTS:

The CCHOA Board, General Manager and the Finance Committee regularly monitor investment rates to find the most secure rates available to the CCHOA. Wells Fargo Advisors provides guidance on the most appropriate investment opportunities available to the CCHOA considering safety first with yield second. Currently the CCHOA has investments in CDs and T-Bills. Additionally, the CCHOA Board has approved investments in government notes and securities and AAA Municipal Bonds when investment opportunities are available. An investment ladder is maintained so that maturing investment come due each month through March 2023. Currently, investments rates have been going up with potential Prime Rate increases anticipated for this year. The CCHOA is currently maintaining a relatively short-term investment protocol to hopefully take advantage of increasing investment returns. The current Prime Rate is 3.25% as it has been since it was dropped 1% on March 4, 2020.

  

JAN 2021

JAN 2022

%

 

JAN 2022

JAN 2022

%

COMPILATION

 

Actual

Actual

change

 

Actual

Budget

change

Cash

 

509,694.07

213,982.45

-58.02%

    

Revenue

 

2,399,186.49

2,573,669.23

7.27%

 

2,573,669.23

2,441,245.45

5.42%

Expense

 

2,361,545.39

2,434,936.24

3.11%

 

2,434,936.24

2,493,803.91

-2.36%

Net Income

 

37,641.10

138,732.99

268.57%

    

Reserves

 

7,690,700.21

7,246,484.23

-5.78%

    
         
  

JAN 2021

JAN 2022

%

 

JAN 2022

JAN 2022

%

COMMON

 

Actual

Actual

change

 

Actual

Budget

change

Revenue

 

1,195,713.42

1,243,987.40

4.04%

 

1,243,987.40

1,195,856.69

4.02%

Expense

 

1,176,769.93

1,221,686.08

3.82%

 

1,221,686.08

1,217,290.63

0.36%

Net Income

 

18,943.49

22,301.32

17.73%

    

Reserves

 

1,882,091.40

1,714,592.76

-8.90%

    

Respectfully,

Bob Rood, CCHOA Treasurer