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The Club at Westpark Community Association
Financial Results - July 2019
July 2019 Year To Date 2019
Annual Budget
Actual Budget Actual Budget Variance
Revenues $ 138,954 $ 137,922 $ 980,705 $ 964,705 $ 16,000 $ 1,702,292
Expenses
Administration 35,488 19,562 166,716 145,607 (21,109) 246,889
Payroll 48,075 44,166 319,655 309,164 (10,491) 529,996
Landscaping 36,246 34,167 241,145 # 239,175 (1,970) 410,016
Common area water 1,136 729 4,160 5,104 944 8,750
The Retreat 26,055 26,305 166,062 186,428 20,366 320,785
Reserve contributions 15,488 15,488 108,416 108,416 0 185,856
Total expenses 162,488 140,417 1,006,154 993,894 (12,260) 1,702,292
Net surplus (deficit) $ (23,534) $ (2,495) $ (25,449) * $ (29,189) $ 28,260 $ -
* Month over month variances to budget are expected since timing of expenses can vary from month to
Disclaimer month. The HOA budget is prepared on an annual basis and is expected to be balanced once the year's
results are computed.
Balance Sheet Highlights
Assets
Operating cash balance $ 387,689
Reserve fund cash balance 369,835
Accounts receivable 20,622
Prepaid expenses 45,266
Liabilities
Prepaid assessments 10,167
Accounts payable 26,128
Accrued payroll obligation 12,118
Other liabilities 276,658
Understanding the monthly financial results:
The monthly financials to the left contain categories which may appear to be over budget while some appear to be under budg-
et. This is caused by the presentation of the monthly allocations. When the budget is prepared, the categories are estimated on
an annual basis and one twelfth of them appear in each monthly slot. The reality is that the expenses don’t occur evenly
throughout the year so from month-to-month they may be negative variances. Our financial results are also prepared on an ac-
crual basis and contain non-cash expenses such as depreciation. Since our assessments are based only on the calendar cash re-
quirements of the association, the budget estimates only include anticipated cash expenditures. Please keep this in mind as you
look at the results.
September 2019 Page 4
