OPA likely to end year well ahead of fiscal projections

Continued from Page 1 weather will allow the amenities to improve as well.

“There is some favorability on payroll, but keep in mind that we used contractors,” he continued. “That does not go to our payroll line. Just look at everything that is getting done.

“We will look at the staffing in the next budget for Public Works, but that favorability we have reinvested. We put it in drainage, we put it in drainage reserve. We put into drainage, three, four, five, $600,000 a year. And then I hired outside contractors and that’s where it gets charged.”

The reserve balance is at $6.7 million as of April 30, he said.

Viola’s flash estimates for May have OPA at $150,000 favorable in net operations, with net revenues at $7.6 million and net expenses at $1.08 million.

Association Treasurer, Director Monica Rakowski, also reported that the OPA had approximately $18.5 million in cash as of May 31. Cash decreased by about $100,000 from the same time period last year. Cash increased about $800,000 from April.

Of that total cash on hand, $11.1 million is invested in CDARs, Rakowski said. The remaining $7.4 million is invested in insured cash sweep, treasury bills, money market and other operating accounts, diversified between two local banks.