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Home » Announcements » Announcements CCHOA » February 2022 Treasurers Report

Announcements

February 2022 Treasurers Report


3/25/2022

Treasurer’s Report

February 2022

UNAUDITED CCHOA RESULTS:

The unaudited month ending results for the CCHOA through February 2022 and the 8th month of the 2021/2022 year are enclosed for your review. The combined balance is $7,051,748.01. The reserve balance is slightly less than the balance for January 2022 which was $7,246,484.23. The reserve balance is less than the balance for February 2021 which was $8,028,693.28. The reserve balance for February 2020 was $7,658,873.47, and the balance for February 2019 was $7,509,355.32, and the balance for February 2018 was $5,007,500.72. 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 and the pool A/C. 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, including Port Royale which shares the pool improvements with Mardi Gras, Blue Anchor and Green Turtle had reserve spending for seawall inspections, Trinidad and Kingston share the reserve expenditures for the clubhouse and pool and finally Antigua had reserve spending for the seal top coating. 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. 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 of 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. 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 Montego, Port Royale, and Mardi Gras have expenditures over their year-to-date budgeted amounts, however overall, the CCHOA is within the budget amounts. 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, miscellaneous administrative expenses, permits, safety equipment (originally budgeted under Monitor Serv – Pool/Gate), employee burden, and general maintenance supplies.

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

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

The CCHOA Financial results will be available for homeowners following the March 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 in an effort 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 a Prime Rate increase March 16, 2022 with several additional planned increases in 2022. The CCHOA is currently maintaining a relatively short-term investment protocol to hopefully take advantage of increasing investment returns. The current Prime Rate is 3.50%. This was a recent change from the 3.25% rate that has existed since it was dropped 1% on March 4, 2020. The Finance committee will be discussing the CCHOA investment policy on March 22, 2022 at 9:00am.

 

FEB 2021

FEB 2022

%

 

FEB 2022

FEB 2022

%

COMPILATION

Actual

Actual

Change

 

Actual

Budget

Change

Cash

241,649.95

272,441.75

12.74%

    

Revenue

2,741,693.57

2,930,878.94

6.90%

 

2,930,878.94

2,789,994.80

5.05%

Expense

2,667,921.77

2,733,402.64

2.45%

 

2,733,402.64

2,811,022.86

-2.76%

Net Income

73,771.80

197,476.30

167.69%

    

Reserves

8,028,693.28

7,051,748.01

-12.17%

    
        
 

FEB 2021

FEB 2022

%

 

FEB 2022

FEB 2022

%

COMMON

Actual

Actual

Change

 

Actual

Budget

Change

Revenue

1,368,186.87

1,420,322.37

3.81%

   

Expense

1,333,326.06

1,369,452.61

2.71%

 

1,420,322.37

1,366,693.36

3.92%

Net Income

34,860.81

50,869.76

45.92%

 

1,369,452.61

1,369,024.14

0.03%

Reserves

1,893,729.85

1,688,888.90

-10.82%

    

Respectfully,

Bob Rood, CCHOA Treasurer