Financial Snapshot 6/30/2020

 

VAW – HOA FINANCIAL OPERATIONS SNAPSHOT

AS OF 6-30-20
 

ACTUAL

BUDGET

VARIANCE

    TOTAL INCOME

$   254,005

$  248,700

$    5,305
       

Administrative Expense

$     18,561

$    14,958 

$    3,603

Maintenance and Repairs

$     89,812

$    83,422

$    6,390

Payroll

$     14,658

$    14,626

$         30    

Utilities

$     74,140

$    76,948

$   (2,807)

    TOTAL EXPENSES

$   197,169

$  190,089

$    7,080
       

NET ORDINARY INCOME

$     56,835

$    58,611

$   (1,775)
       

TRANSFER TO RESERVES

$     66,000

$    66,000

$       0 
       

NET INCOME

$      (9,164)

$     (7,389)

$   (1,775)  
       

 

SIGNIFICANT VARIANCE NOTES:

Maintenance and Repairs

  • Administration expenses are $3,603 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.  However, we have gained a little ground since last month when we were $4,156 over budget in this category.

  • Building repairs are $8,062 over budget due to roof leak repairs in Units 2042, 3035, 3031, and Unit 38 as well as a plumbing leak in Unit A2 which occurred prior to March.  During the month of March, there were additional repairs to Units 62, 3013 and 3033, also due to roof leaks.  Building repairs for the month of June were slightly under budget for the month, so we are making a little positive progress in this category.

  • Landscaping expenses are $2,962 over budget.  Extra expenses paid during the month of June include:  $308.36 for irrigation to new plants/replaced broken head in greenbelt area, $392.00  for flowers for planter areas, $875.00 for new plants for Phases 2 and 3, and $59 for irrigation repair to planter at clubhouse.

 

Utilities

  • Combined utilities (water, sewer, gas, and electric) are under budget for the first six months of the year by $2,807.

 

Capital Spending Notes

During the month of May, the north pool pumps were replaced at a cost of $6,330.  This was previously reported as a heater replacement in error.