FINANCIAL SNAPSHOT 2-29-20

 

VAW – HOA FINANCIAL OPERATIONS SNAPSHOT

AS OF 2-29-20
 

ACTUAL

BUDGET

VARIANCE

    TOTAL INCOME

$    83,400

$    82,900

$       500
       

Administrative Expense

$       9,521

$      5,186 

$    4,335

Maintenance and Repairs

$     41,341

$    34,474

$    6,867

Payroll

$       4,899

$      4,882

$         17    

Utilities

$     27,625

$    25,564

$    2,061

    TOTAL EXPENSES

$     83,387

$    71,602

$  11,785
       

NET ORDINARY INCOME

$            12

$     11,298

$ (11,285)
       

TRANSFER TO RESERVES

$    22,000

$    22,000

$       0 
       

NET INCOME

$  (21,987)**

$  (10,702)**

$  (11,285)**  
       

 

SIGNIFICANT VARIANCE NOTES:

**The large negative net income is due to two large expenses (tree trimming and annual pest control contract) being paid during the month of January.  Our income (HOA fees) is the same every month, so when we have two large expenses that are really applicable to multiple months it skews the net income until our actual monthly income “catches up.”

 

Maintenance and Repairs

  • Administration expenses are $4,335 over budget due to higher than anticipated printing costs for annual meeting materials, as well as legal bills paid to our law firm for review of our bylaw amendments.

  • Building repairs are $8,181 over budget due to roof leak repairs in Units 2042, 3035, 3031, and Unit 38 as well as a plumbing leak in Unit A2.

  • Landscaping expense was larger than usual as the bill for tree trimming that was completed during the latter part of 2019 was paid in January.

  • Pest control contract is paid in January, for services that will be rendered throughout all 12 months of 2020.  Other pest control expenses during the year will be minimal.

 

Utilities

  • Combined utilities (water, sewer, gas, and electric) are somewhat over budget ($2,061) but this will level out over the year.