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Lenox Park

Budget Bits - September
Posted on Sep 16th, 2021

by Mike Bossio, Treasurer
From the August 31 Balance Sheet, our Operating Fund is sitting at $185,105.99, less $23,004.05 than the July balance of $208,110.04. The primary reason for the drop is expenses incurred due to the removal and cleanup of felled trees, and the repair of relatively minor condo damage. Several severe storms in August knocked over a number of trees in our community. These expenses exceeded $30,000 for the month of August alone. There were actually a couple of other downed trees but those expenses occurred in September and won’t be seen in our financial performance until the October financial statement. The Reserve Fund for August is sitting at $1,167,605.87, less than the July statement by about $21,581. We paid painting expenses of $38,780 in August. This was a planned expense. We of course did deposit the planned RF monthly deposit of $17,046.17, and we earned interest of $152.76. It was clearly a tough month given the storm damage and painting expenses. We will review the budget and look for offsetting expenses to help us continue to control our expenditures. It is our hope that we won’t incur any additional unanticipated expenses.
I will continue to keep you apprised of our performance on a monthly basis.