Page 5 - August 2019 web

The Club at Westpark Community Association
Financial Results - June 2019 Understanding the
monthly financial results:

June 2019 Year To Date 2019 Annual Budget
Actual Budget Actual Budget Variance The monthly financials to
the left contain categories
Revenues $ 138,142 $ 137,672 $ 841,752 $ 826,783 $ 14,969 $ 1,702,292 which may appear to be
Expenses over budget while some
Administration 19,289 19,669 131,228 126,046 (5,183) 246,889 appear to be under budget.
Payroll 44,477 44,166 271,581 264,998 (6,583) 529,996 This is caused by the
Landscaping 34,244 34,168 204,899 205,007 108 410,016 presentation of the monthly
Common area water 992 729 3,024 4,375 1,351 8,750 allocations. When the budg-
et is prepared, the catego-
The Retreat 24,338 27,791 140,007 160,123 20,116 320,785 ries are estimated on an an-
Reserve contributions 15,488 15,488 92,928 92,928 0 185,856 nual basis and one twelfth
Total expenses 138,828 142,011 843,667 853,476 9,809 1,702,292 of them appear in each
Net surplus (defecit) $ (686) $ (4,339) $ (1,915) * $ (26,693) $ 5,159 $ - monthly slot. The reality is
that the expenses don’t oc-
* Month over month variances to budget are expected since timing of expenses can vary from cur evenly throughout the
Disclaimer month to month. The HOA budget is prepared on an annual basis and is expected to be balanced year so from month-to-
once the year's results are computed. month they may be nega-
tive variances. Our finan-
Balance Sheet Highlights cial results are also pre-
pared on an accrual basis
Assets and contain non-cash ex-
Operating cash balance $ 318,097 penses such as depreciation.
Reserve fund cash balance 392,269 Since our assessments are
Accounts receivable 13,582 based only on the calendar
Prepaid expenses 49,132 cash requirements of the

Liabilitites association, the budget esti-
mates only include antici-
Prepaid assessments 182,604 pated cash expenditures.
Accounts payable 10,907 Please keep this in mind as
Accrued payroll obligation 5,464 you look at the results.
Other liabilities 36,594

August 2019 Page 5