Treasurer’s Report

Given that it is still early in 2018, our operating budget remains on track as of the end of the first quarter.  Now that we have left the winter season with no major snowfalls, the year-to-date expenditures are slightly less than the budget plan, with savings in Legal Fees, Landscape Repairs, and Snow Services. These may even out as we progress through the year, as these are more likely seasonal timing differences rather than reduced spending.

Looking ahead, the Burke’s Spring Branch Remediation discussed above in the Report of the Board will be a critical focus given the scale and scope of the project. The amount of erosion that we’ve experienced has reached a threshold, and is now something that we must address. In terms of budget, the board is currently working with a number of contractors to determine the cost and timeline of the project. This is something that is currently covered in our capital reserves and was part of our reserve study.
Our Capital Reserve as of 2/28/2018 stands at $160K – consistent with the recommendations from the 2015 Reserve Study.  In 2018, we will add ~$31K to that total.  Our Operational Reserves as of the same date are $25,000 (and are used to offset any deficit when snow removal (and other) costs exceed the budgeted amount).  Our Retained Earnings/Unrestricted Equity balance is $22K.