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FY2007-2008 Operating Budget Performance - Year-to-date financials through the end of March 2008 are summarized below. There were two board-approved Budget Revisions during the year. The first revision was to make the Committee Secretary a Full Time position; the second revision was to revise water billing rates and related expenses. Our budget for the year includes a profit/contingency of $60,417; however, we are forecasting a reduced year-end profit in the range of $40,000 - 45,000. Lower than budgeted water revenues, coupled with higher than budgeted expenses for legal fees and power impacted the lower bottom line. Other unbudgeted expenses for two special elections, the gatekeeper’s house remodel, and fuel price increases also had an adverse impact.
FY 2007-2008 Operating Budget Summary (through March 31, 2008)
| |
Jul 07-Mar 08 Actuals |
Jul 07-Mar 08 Budget |
Variance |
Annual Budget
July 2007 – June 2008 |
| INCOME |
936,700 |
950,100 |
Under |
13,400 |
1,248,461 |
| Operating Expense |
478,800 |
468,500 |
Over |
10,300 |
625,302 |
| Payroll Expense |
410,000 |
420,300 |
Under |
10,300 |
562,742 |
| TOTAL EXPENSE |
888,800 |
888,800 |
Over |
0 |
1,188,044 |
| NET PROFIT/(LOSS) |
47,900 |
61,300 |
Under |
13,400 |
60,417 |
FY 2007-2008 Capital Budget Performance - The Capital Budget report was re-vamped by the Finance Committee, in a presentation that consolidates the capital budgets/projects going back to FY2004-05 through the current year. Good progress has been made on projects, with sewer, roads, and drainage projects authorized and underway. A more detailed description of those projects is included in the Manager’s report.
FY 2004-2005 through FY 2007-2008 Capital Budget Summary (through March 31, 2008)
| Fund |
2004-2007 Budgeted |
Less Reserves |
Plus Re-Allocation |
Total Funds Available |
Actual Spent |
Funds Encumbered |
Balance On Hand |
| Sewer |
235,400 |
50,000 |
-3,211 |
182,189 |
88,722 |
35,125 |
58,341 |
| Water |
120,000 |
35,000 |
-4,165 |
80,835 |
37,583 |
0 |
43,252 |
| Roads |
294,300 |
0 |
5,250 |
299,550 |
55,229 |
220,076 |
24,245 |
| Equipment |
37,800 |
0 |
478 |
38,278 |
28,378 |
0 |
0 |
| Ditches/Drains |
98,000 |
0 |
11,974 |
109,974 |
48,075 |
14,096 |
47,803 |
| Admin/Comm’ty |
88,500 |
0 |
975 |
89,475 |
14,842 |
0 |
74,633 |
| Recreation |
44,500 |
0 |
3,894 |
48,394 |
23,227 |
0 |
25,267 |
| Golf Course |
48,000 |
0 |
-111 |
47,889 |
28,649 |
0 |
19,240 |
| Greenbelts |
80,000 |
0 |
0 |
80,000 |
62,877 |
0 |
17,123 |
| Contingency |
35,452 |
0 |
-15,084 |
20,368 |
0 |
0 |
20,368 |
| 2004-07 Totals |
1,081,952 |
85,000 |
0 |
996,952 |
397,482 |
269,297 |
330,173 |
Audit of Financial Records - Williams & Nulle, PLLC was again engaged to perform a full audit of the Shelter Bay Community, Inc. (and Shelter Bay Company) financial records for the fiscal year ending June 30, 2007. We are pleased to advise that this firm was able to provide a clean opinion of our financial statements for the third year in a row, as a result of accurate record keeping and tight internal controls for financial management and accounting practices.
Cash Management - This year we opened several Certificates of Deposit at a variety of financial banking institutes, in order to spread the funds to mitigate financial risk of keeping all of our funds in one bank, and to maximize earned interest on the cash assets.
Respectfully Submitted,
Jan O’Leary, Board Treasurer
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