Financial Report

Ending July 31, 2018.......How are we doing?
Closed to further comments

Not bad if you compare to what has been budgeted as income and expense. 
We can agree to disagree about if the member funds budgeted were appropriated in the right amounts for the right reasons and spent wisely.  I think not, but that is just my opinion. 

The Budget Committee under the Chairmanship of Rudd Turner, Surfside Treasurer, has held their first budget meeting for the process of developing the 2019 operating budget. Some but not all preliminary figures are in.  The Treasurer and committee received no instructions from the Board. Seems to me that should be the starting point of the whole process.  It is like they have been given a blank check.

Rudd Turner, Board Treasurer

Income: (Revenues)

Amount budgeted 1,612,470.00 
 Received 1,542,147.31 
Remaining 70,322.69   We have received 95.6% of dues and assessments  (about normal)

Misc. revenues include water hookups, RV storage rent, service charges, etc.
There was no budgeted amount this year, which is strange. In the past years, it has been budgeted at around 60,000  So far this year it has received 75,647.52. This will be added to what members have paid in dues and assessments. A very poor way to do a budget. The RV storage lot has so far generated almost 4,000.00 with the bulk to come at the end of this season, which will bump up the total greatly. This should be a separate account with income and expense. A poor way to do a budget

Expenditures:

For the first seven (7) months of the year, 64.7% of the budgeted amount has been spent.  This is in line for what it should be. Some areas were above and some below, which gives the average.

The Business Office has a budget of 222,329.00 and Administrative has a budget of 179,200.00
The Business Office has the employee wages and benefits, utilities, supplies, etc. they are at 60.6% of budget.

Administrative has a problem with expenditures at 91.0%
They are sure to go over budget. There is a budget of 179,200.00 and year to date are at 163,007.52
Legal fees are budgeted at 50,000.00 and are now at 60,048.90  that is 10,048.90  over budget with 5 months remaining and with more legal issues.

All other departments and expenditures are about right where they should be. It is important that the Treasurer and the Board review the financials every month. Last year the water department went considerably over budget without a correction being made during the year.  It was that mysterious other income that saved the day, or rather the year.  We need to keep track of spending right now, and not be diverted about a budget for next year. You have to pay attention to both.

Checks issued: (July)
Below are just some of many.

North Beach Water 5,635.30
repair on boat 305.83
repair on track hoe  3,944.55
pick up excavator on hwy 4 when trailer broke down  378.35
bottled water delivery service  13.99
grinding brush to date at chipping site  3,859.17 
internet service for business office and water dept.  199.96
general counsel, assessment (past due members, Johansen   12,538.22
accounting assistance, audit, tax prep.  20,343.17

Note:  You learn a lot just by looking at the checks issued.  They tell a story.
You, the followers and participants on this blog, know way more than 90% of the members.  The information I share on this blog is all information that could be posted in the WeekEnder, and should be.  There is more to sharing information than "Harmony" as stated by Laura Frazier. We need to hold the spenders accountable.

I may be wrong, but that's how I see it.