Attached is Select this link to view the Financial Highlight Report for July 2024.  The purpose of this report is to provide the Board with key high level performance indicators to assess the financial condition of Villas and to take corrective action if necessary.  The Board is committed to a monthly review of the financial results and to do its best to ensure adherence to the budget.

 

Cash and Liquidity:  The operating cash account balance is $117,035 is $24,743 above December 2023’s balance of $92,292 due primarily to year-to-date July’s net positive net operating income.  The balance in the reserve account is $414,702, $23,963 below December 2023’s $438,665 as monies are being spent on projects.  There are $125,391 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 $13,105.  Several favorable variances were partially offset by a couple of unfavorable variances.  Please view the Highlight see the attached Report for details.  

 

Reserve Fund Statement:  $100,213 was spent on the re-roofing of two buildings and partial payments of $34,450 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 $36,010 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 the attached view the Highlight Report for the transactions in the reserve operating account.  

 

The financial reports can be found on the following site:

 

NOTE: the report is also available on the community website - resident login required:

 

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.

Cc:  Villas of Wake Forest Board

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Sincerely,

Dan Becker
(Board Treasurer)