Budget Bits - January
Posted on Jan 15th, 2018
by by Mike Bossio, Treasurer
This January Budget Bits covers the 2017 end of year financial performance. The Operating Fund ended the year at $69,560.81, which will give us an acceptable start for 2018. The Reserve Fund (RF) ended 2017 in acceptable shape at $628,096.77. The Reserve Advisors’ recommended year ending RF amount is $723,767, so we achieved 86.8% of that recommendation. The Operating Expense Budget was $620,400 and our actual expenses totaled $613,603.27. That is $6896.73 favorable to the budget, or about 1.1%. The Reserve Expense Budget was $45,780 for 2017 and our actual Reserve Expenses came in at $100,542.72, a difference of $54,763.72. This overage is explained by the unexpected re-asphalting of Lenox Park Drive up to the mailboxes by the Church, of which, by a signed agreement with the Church, we owed half of the total. Our share was approximately $49,700. The remaining difference is explained by the addition of a new line item that we added in August, Concrete Expenses. It was tranferred from the Operating Fund because the RF is used for Capital Replacement items and concrete repair and replacement is an appropriate expense item in this Fund. That’s it for this report. I will continue to keep you apprised of our financial performance in future Bits.
