2 minute read
OPA Finances
34 Ocean Pines PROGRESS January 2023
OPA FINANCES OPA records a $114,000 surplus in November
By TOM STAUSS
Publisher
The Ocean Pines Association recorded a $114,329 operating fund surplus in November. That brought the fund surplus to $937,835 for the year, with the possibility that the balance will exceed $1 million after December.
According to a financial report by Controller/Director of Finance Steve Phillips, the November positive variance to budget resulted from revenues over budget by $55,972 and expenses under budget by $58,357.
The positive operating fund surplus for the year through November resulted from revenues over budget by $907,415 and total expenses under budget by $30,420.
For the month, all amenity departments except beach parking were in the red.
But all amenity departments except for pickleball (-$15,052), Clubhouse Grille (-$6,162), and marinas (-$2,932) out-performed their budgets for the month.
Variances to budget are the perhaps the best way to measure financial performance.
Beach parking missed its budget by only $1, essentially break-even relative to budget.Through November, all amenity departments are in the black and all departments are ahead of budget.
The Recreation and Parks Department, funded by annual assessment dollars and fees, is ahead of budget for the year by $59,547.
The Yacht Club was the top producer for the month relative to budget ($15,521), followed by Aquatics ($15,521) and golf operations ($15,521).
For the year through November, golf is the top producer among the amenities, with $517,020 in net earnings.
Next is beach parking ($476,235, followed by the Yacht Club ($424,693), Aquatics ($257,985), marinas ($253,234), the Beach Club ($230,926), pickleball ($64,235), Clubhouse Grille ($63,012), platform tennis ($3,434) and tennis ($1,697).
Compared to budget, the leader through November is golf, $198,144 ahead of budget, followed by Aquatics, $148,326 ahead of budget, and the Yacht Club, $101,680 ahead of budget.
The Beach Club exceeded budget by $87,640, followed by marinas ($34,246), beach parking ($23,217), pickleball ($16,128), platform tennis ($11,319), tennis ($1,325), and Clubhouse Grille ($205).
All three food and beverage venues managed by the Matt Ortt Companies are performing well, suggesting that a boycott of MOC venues advocated by some in the “Justice for Gavin (Knupp) campaign has not had any measureable impact in Ocean Pines.
Reserve summary -- The Nov. 30 reserve summary indicates total reserves of $8.814 million.
The replacement reserve balance was $5.91 million, with bulkheads and waterways at $1.29 million, roads at $1,058,100, drainage at $246,734, and new capital at $130,034.
NET OPERATING BY DEPARTMENT, NOV. 2022
Source: OPA Director of Finance/Controller Steve Phillips
