VAW financial 12/31/23

VAW - HOA FINANCIAL OPERATIONS SNAPSHOT

AS OF 12-31-23

 

ACTUAL

BUDGET

VARIANCE

TOTAL INCOME

501,256

497,520

3,736

 

 

 

 

Administrative Expense

64,040

56,639

7,401

Maintenance and Repairs

174,903

$ 158,450

$ 16,453

Payroll

31,431

31,067

364

Utilities

92,642

92,971

(328)

TOTAL EXPENSES

363,067

$ 339,262

23,805

 

 

 

 

NET ORDINARY INCOME

138,189

$ 158,258

$ (20,068)

 

 

 

 

TRANSFER TO RESERVES

125,000

$ 150,000

$ (25,000)

 

 

 

 

NET INCOME

13,189

8,258

4,931

 

 

 

 

SIGNIFICANT VARIANCE NOTES:

Maintenance and Repairs

  • Administration expenses remain over budget, mostly due to audit and legal expenses as well as the unanticipated increase in our insurance premium that began in April.
  • Overall Maintenance and Repairs jumped again from $17,351 over budget as of October monthend to $18,760 over budget at the end of November. Building Repairs, Club House Maintenance,

Landscaping, and Pool Expense continue to be the main contributors to the over-budget position.

Utilities

  • For the first time this year, the Water, Sewer, Gas and Garbage category exceeded budget. The Electric category remained under budget. The net for these two categories is $328 under budget for the year.