January 4 2020 Board of Directors Meeting Approval
January 4, 2020 Board of Directors Meeting
Approval of Agenda
Approval of Minutes December 4, 2019 – Regular Meeting
President’s Remarks Doug Parks
Announcement of Email Votes/Motions – Colette Horn
GM Report John Viola
GM Report January 4, 2020 John Viola Construction Status Projects Completion Date Estimated Cost Spend YTD Clubhouse On Track May 2020 $1. 6 mil $266, 268 Cart Barn On Track January 2020 $400, 000 $104, 073 Craft Building On Track January 2020 $85, 000 $73, 854 Police Building On Track June 2020 $1. 3 mil $90, 868 Northstar (Software Project) On Track May 2020 $400, 000 $306, 332 Sibson Group (Compensation Study) On Track Completed $50, 000 $39, 025 Budget FY 2020/21 On Track December 23, 2019 Initiatives
OP Dashboard Month of November 2019 # of Customer Service Calls 29 # of Customer Service Call Responded to 29 # of CPI Violations Reported/Visited # of CPI Violations Complied 19 # of Work Orders Entered # of Work Orders Completed 25 32 Bulkhead Spend to Date: Fiscal Year Budget Current Contracts Slower month. 9 Drainage, Staff requested Some Carried over from October. $1, 619, 057. 00 $1, 372, 765. 00 Contracts signed/requested current fiscal year Contract Totals carried over from $ 540, 008. 00 fiscal year 2018/19 Spent to Date Explanations Drainage, Bulkheads, Homeowner issues. These were done by Director of Ops, PW Director and Operations manager through visits, calls & emails. $ 695, 733. 00
FY 2020 -2021 Proposed Budget Overview January 4, 2020 • Proposed Budget Binders were delivered to the Board and B&F Committee on Thursday, December 19, 2019. • Prepared based upon B&F and Board guidance utilizing a bottoms up approach. Every Department Head was involved in their budgets and will be a part of the presentation to the B&F Committee and the Board. • B&F Committee presentation is scheduled for January 6 th – 8 th. • Board will conduct Work Sessions on the budget January 15 th – 17 th. • GM will publish recommended Budget on January 24 th.
FY 2020 -2021 Proposed Budget Overview (Continued) Key Dates v *Feb. 5 th – Board conducts hearing on recommended budget v. Feb. 11 th – Treasurer & GM provide Board with any final recommendations v. Feb. 7 th – 14 th – Board provides GM with any motions to amend. GM will calculate any assessment impact v *Feb. 18 th – Board hears final comments on the budget; Board considers any motions to amend and votes to adopt final budget * Denotes meetings for member comment
FY 2020 -2021 Proposed Budget Overview Reconciliation: Budget 2019 -2020 $986 Amenities (26) Departments (23) Salary Adjustments Market Adj. 7 Mandated Adj. 9 COLA 9 Merit Pool 5 SUBTOTAL 30 Depreciation 13 Medical Inflation 9 Bulkheads 19 Operating Deficit Recovery (30) Proposed Budget 2020 -2021 $978
RESERVES FISCAL YEAR 2020 -21 TYPE EST CONTRIBUTIONS + EXPENDITURES BALANCE INTEREST + CASINO 4/30/21 5/1/20 FUNDS TRANSFERS REPLACEMENT BULKHEADS/WATERWAYS ROADS NEW CAPITAL 2, 776, 800 1, 126, 227 568, 961 0 1, 968, 410 917, 193 335, 000 57, 000 (688, 406) (1, 405, 000) (936, 145) (57, 000) 4, 056, 804 638, 420 (32, 184) 0 TOTALS 4, 471, 988 3, 277, 603 (3, 086, 551) 4, 663, 040
Financial Change for the Month of November 2019 November Prior Year Current Year Increase/ (Decrease) Revenues over Budget $53, 375 ($31, 988) ($85, 363) Expenses (over)/under Budget (31, 741) 67, 970 99, 711 New Capital over Budget - - - Net Operating Favorable $21, 634 $35, 982 $14, 348
Financial Change Year to Date 5/1/19 – 11/30/19 (7 months) YTD Prior Year Current Year Increase/ (Decrease) Revenues over Budget $347, 041 $448, 72 3 $101, 682 Expenses under/(over) Budget (196, 151) 138, 634 334, 785 New Capital over Budget (11, 113) - 11, 113 $139, 777 $587, 35 7 $447, 580 Favorable to Budget Operating Profit
November 2019 YTD Budget Variations vs. Prior Year (5 months) Amenities Yacht Club Beach Parking Beach Club Marinas Golf Ops/Maintenance Tern’s Grill Racquet Sports Aquatics Sub-Total Amenities Nov. 2018 Nov. 2019 Increase/ (Decrease) 122. 1 48. 9 14. 4 25. 4 17. 7 2. 7 4. 0 (57. 0) $178. 2 175. 3 47. 8 31. 0 44. 8 (21. 8) 20. 6 5. 7 (30. 6) $272. 8 53. 2 (1. 1) 16. 6 19. 4 (39. 5) 17. 9 1. 7 26. 4 $94. 6
November 2019 YTD Budget Variations vs. Prior Year (5 months) Sub-Total Amenities Recreation & Parks Fire/EMS/Police PW/Gen. Maint. /CPI Public Relations Gen. Admin. /GM Office Finance/Membership New Capital Nov. 2018 Nov. 2019 Increase/ (Decrease) $178. 2 32. 8 82. 6 (46. 7) 1. 4 (132. 2) 34. 8 (11. 1) $139. 8 $272. 8 55. 8 (8. 4) 179. 6 (6. 0) 45. 1 48. 5 0 $587. 4 94. 6 23. 0 (91. 0) 226. 3 (7. 4) 177. 3 13. 7 11. 1 $447. 6
Treasurer’s Report Larry Perrone
Financial Information with GM and Finance Lead Financial Oversight Monthly Bank Reconciliation Cash & Short-Term Investments Large Disbursement Reserves (Forecasts)
Cash & Short-Term Investments Activity for Month of November Overall Laddered Investment Rate of Return for November Approx. 2. 4% At November 30, 2019, the Association had approx. $13. 1 million in cash Approx. $7. 3 million invested in CDAR’s fully FDIC insured Approx. $5. 8 million in Money Market (earning 2%) and other operating accounts fully insured
Reserves November 2019 ($Millions) Replacement Bulkheads Roads Total $5. 2 $2. 5 $1. 1 $8. 8 2. 0 0. 7 - 2. 7 - - 0. 3 Transfer (Spend) (1. 2) (0. 7) (0. 5) (2. 4) 11/30/19 Balance $6. 0 $2. 5 $0. 9 $9. 4 4/30/19 Balance Assessments/Interest Casino Funds
Reserves 4/30/20 Forecasted (in thousands) Balance 4/30/2019 Projected Balance Additions Expenditures 4/30/2020 Major Maintenance & Replacement: Admin Police Renovation (1, 300) Country Club Renovation (1, 600) Cart Barn (430) Northstar (275) WHP Playground Equip (150) Craft Building (100) Yacht Club + Beach Club (240) Golf Ops/Maintenance (185) Aquatics (180) 5, 257 1, 980 (4, 460) 2, 777 Bulkheads & Waterways 2, 478 720 (2, 078) 1, 120 Roads 1, 101 350 (882) 569 3, 050 (7, 420) 4, 466 Total TOTAL 4/30/20 8, 836
Public Comments
Capital Purchase Requests – None
CPI Violations None
Unfinished Business Second Reading – Resolution M-01 – Frank Daly Second Reading – Resolution B-01 – Camila Rogers
New Business First Reading – Resolution M-06 – Steve Tuttle Motion –Acceptance of the Architectural Review Committee Revised Guidelines – Steve Tuttle
Appointments Larry Malone – Chair – ARC Kathy Grimes – Extended Term - Aquatics
Adjournment
- Slides: 28