While the current budget vs. actual shows a substantial variance to the budgeted expenses, there are always significant dollars ear-marked for December. After those expenses, we are anticipating a favorable variance of $1,500 – $2,000. This variance would result in a checking account balance of approximately $14,000 of which the Board plans to transfer $5,000.00 into an interesting-baring reserve account by the end of 2020.
REVENUE – due to the non-payment of dues by a select few residents as well as a late decision by the Town of Columbine Valley to withhold fund traditionally allocated to each HOA for the maintenance of our entryways revenue is underbudget by $2,715.00.The Board continues to make concerted efforts to catch-up outstanding balances with those residents; however we do not anticipate being awarded the $2,000 “lottery funds” in 2020 or going forward.
EXPENSE – due to the cancellation of the Summer Social as well as anticipated cost savings for the Holiday Celebration, and the unsuccessful acquisition of the parcel of land on the west entry overall expenses are down for 2020; however, most of the savings will offset the revenue deficient described above. We expect to incur almost $5,000 in additional expenses before the end of this calendar year, which is reflected in the “Projected” column of the Budget vs. Actual (link provided below).
Ending balnce of the operating account is $11,956.87. There are currently no reserves for the HOA.
Link to Budget vs. Actual.