Cash and Liquidity:  The operating cash account balance is $109,182 is $16,890 above December 2023’s balance of $92,292 due primarily to year-to-date June’s net positive net operating income.  The balance in the reserve account is $416,345, slightly below December 2023’s $438,665 as monies are being spent on projects.  There are $128,008 in liquid reserve funds (funds not tied up in CD’s) which are more than adequate to fund anticipated near-term expenditures.    

 

Operating Statement:  Expenses are favorable to budget by $7,808.  Several favorable variances were partially offset by a couple of unfavorable variances.  Please see the attached report for details. 

 

Reserve Fund Statement:  $100,213 was spent on the re-roofing of two buildings and a down payment of $17,225 for the painting of five buildings with hardi board.  The re-roofing project was $10,027 under budget.  The hardie board painting project will be over budget by $36,500 due to inflation, doing five buildings instead of four and using the highest quality paint, which is estimated to extend the life by three years, resulting in a lower cost per building per year than other alternatives.  Please see attached for the transactions in the reserve operating account. 

The financial reports can be found on the following site:

http://york.cincwebaxis.com/

Please let me know if you have any comments or questions.  The Board will respond and include any such comments/questions in its normal update to the Community.