OPA Finances

OPA records a $53,000 surplus in September

Positive operating fund variance for the year now up to $745,000

By TOM STAUSS

Publisher

The Ocean Pines Association recorded a $53,151 ,000 operating fund surplus by department in September, somewhat off the torrid pace of much of the fiscal year, but nonetheless bringing the cumulative surplus for the first five months of the 2022-23 fiscal year to $746,669. According to a financial report by Controller/Director of Finance Steve Phillips, the September positive variance to budget resulted from revenues over budget by $71,436 and expenses over budget by $18,285.

The positive operating fund surplus for the year through September resulted from revenues over budget by $799,796 and total expenses over budget by $53,127.

In September, all amenity departments except for tennis, platform tennis and aquatics were in the black. All amenity departments except for tennis, pickleball and the Yacht Club had positive variances to budget.

For the first five months of the fiscal year, all amenity departments were in the black, many by sizable amounts, and all except the Clubhouse Grille and tennis were ahead of budget. The latter two actually were virtually break-even relative to budget, with tennis showing a $254 negative variance and the Clubhouse Grille a $712 negative variance.

The Yacht Club was the top producer among the amenities in September with a $51,201 operating surplus.

This was under budget by $13,102, but for the year through September the Yacht Club netted $463,704 and is $100,866 ahead of budget. This is somewhat off the torrid pace of last year, when the Yacht Club’s net through September was $571,270.

General Manager John Viola in remarks during the Oct. 15 Board of Directors meeting said that accruing for Matt Ortt Companies profit-sharing earlier in the fiscal year accounts for the year-over-year difference.

Golf operations were the second top producer in September, netting $33,639 and recording a $23,171 positive variance to budget.

For the year through September, golf operations are in the black by $519,755, the OPA’S leading amenity department by that measure.

Golf had an cumulative positive variance to budget through September of $182,789, also the leading amenity department by that measure. A year ago, golf had generated $489,354 in net earnings.

Although Beach Club operations tapered off in September, it nonetheless netted $14,378 during the month, ahead of budget by $10,746.

For the year through September, the Beach Club shows that it remains as a significant cash cow for the OPA. The club’s year-to-date net revenue was $240,105, ahead of budget by $84,259.

A year ago through September,

OPA NET OPERATING RESULTS BY DEPARTMENT - SEPTEMBER 2022

Source: OA Director of Finance/Controller Steve Phillips