We all know these are still pretty tough times for a lot of people. Through these situations management has been able to maintain services and still hold the line on dues for several years. I thought you might like to see the status of Candlewick’s (your) finances at the end of May this year. Our operating cash balance is $1,104,144.47. Operating investments equal $234,152.05. Road reserve investments are $822,284.11. Replacement reserves stand at $2,221,171.37.
This leaves us with a total funds balance of around $4,381,752.00 at the end of May.
Some points to consider. Although funds will continue coming in monthly from those who are on the payment schedule (many are) we must use the non-reserve balance for operating all departments through the fiscal year. There will also be further expenditures for the tennis court reconstruction, equipment purchases, our road project, and more incidentals from our reserves so the year will not end with all this cash on hand. That being said, we are in very good shape especially in the reserve aspect. We will probably burn through in the neighborhood of $800,000 in reserves this fiscal year and the operating budget is tight, although I am happy to report so far we are coming in under budget in operating.
Another nice item to report is we will be receiving around $23,000.00 from the good ole’ government in a tax refund from a carry-back filing so that will help. We will also be receiving more reserve cash as the year progresses and a sizable addition in the next fiscal year with less anticipated expenditures for the next year.
To make a long story short, we are in good shape currently and nothing I am posting here is “confidential” information. It is all available to anyone interested or attending meetings. I have mentioned a couple times before with the oddities of the rules for reserves there may be a dues increase next year if there are purchases we have to make such as more piers. That type purchase must be made from operating then as they wear out or need replacement that will come from reserves.
A little longer than I like to post but this is a deeper subject.