2017 ANNUAL REVIEW February 8, 2018 Overview 2017 Financial Review - - PowerPoint PPT Presentation

February 8, 2018

2017 ANNUAL REVIEW

Overview

• 2017 Financial Review

– Performance – Reserve Projections

• 2018 Budget Review

– Assessment Breakdown

• 2017 Accomplishments
• 2018 Plans

2017 OPERATIONS

• Cash flow is strong
• Additional $42K contributed to reserves
• Collections performance is satisfactory
• Performed under budgeted expenses

2017 Performance Summary

Jan - Dec 17 YTD Budget $ Over Budget Annual Budget Ordinary Income/Expense Income 890,624.39 885,838.84 4,785.55 885,838.84 Gross Profit 890,624.39 885,838.84 4,785.55 885,838.84 Expense 1-Administrative 147,030.30 157,440.86

• 10,410.56

157,440.86 2-Grounds 153,345.00 170,984.00

• 17,639.00

170,984.00 3-Repairs and Maintenance 109,165.08 118,878.00

• 9,712.92

118,878.00 4-Utilities 295.61 300.00

• 4.39

300.00 5-Reserve Contributions 360,987.42 318,500.00 42,487.42 318,500.00 6-Reserve Expenditures 119,735.98 119,735.98 0.00 119,735.98 Total Expense 890,559.39 885,838.84 4,720.55 885,838.84 Net Ordinary Income 65.00 0.00 65.00 0.00 Net Other Income

• 65.00

0.00

• 65.00

0.00 t Income 0.00 0.00 0.00 0.00

2018 BUDGET

2018 Budget Total Income 786,625.95 Expenses Total Administrative 152,517.95 Total Grounds 177,500.00 Total Repairs and Maint. 136,128.00 Total Utilities 1,500.00 Reserve Contribution 318,980.00 Total Expenses 786,625.95 NET INCOME 0.00 Reflections

2017 Accomplishments Financial and Administrative

• Negotiated renewing vendor contracts with minimal increases.
• New rules resulted in better overall owner compliance
• Strong cash flow allowed a $42K operating surplus to reserves
• Continued owner communication system for property updates related to

building, grounds, and financial.

• Distributed a management letter and detailed written budget analysis to

homeowners to increase owner awareness of Association’s financial position and future planning

• Developed long term strategic plan for buildings and grounds projects
• Updated reserve study with Waldman Engineering

• Completed tree removals and replacements plus landscape restoration

– Brookfield Tree Service Hartman Landscaping, and Acres Landscaping

• Continued roof replacement program and completed final 6 buildings

– Adams Roofing

• Continued facade replacements, identified and repaired water issues

– Schwarz Construction

• Continued multi-year painting project and completed 7 more buildings

– Painters USA

• Work orders and property maintenance

– Marek Painting and Carpentry

• Completed multiple large drainage projects behind the buildings

– Emerald Site Maintenance

2017 Accomplishments – Buildings and Grounds

2018 Plans

• Complete final punch list for roof

replacement project

• Continue landscaping and snow

contract with Hartman under association specifications.

• Complete grounds restoration projects

as the budget allows. Use Emerald Site Maintenance and Hartman Landscaping.

• Complete focal point and phased

mulching in the spring of 2018.

• Concrete Condition Analysis
• Replace/repair thin brick as needed

throughout the property.

• Manage to the budget to the best of
• ur ability, including capital items and

reserve preservation.

• Finish multi-year painting program with

Painters USA

• Use updated reserve study to assist in

development of the Association’s strategic plan.

• Potential short term capital projects in

2018-2020 including new retaining walls, fencing, and fountain.

• Potential long term capital projects

include siding and asphalt replacement.