TREASURER’S REPORT

This year we see a ray of hope. The pandemic is still present but its effect is diminishing. Because many projects were completed in 2021, we have had no surplus this year.

In comparison to 2020’s revenues of $3.56M, 2021’s revenues increased by 1.51% to $3.62M. Other services revenue, which is comprised of new construction fees, new carport fees, decals, etc. increased from 2020’s amount of $97.67K to 2021’s amount of $113.1K, an increase of 15.79%. In addition, 5 new homes were constructed. The table below shows the change in homes, lots and those under construction compared to the previous year.

With an increase of 1.22% in Water and Meter revenue, Management was able to reduce Waste Water Management cost by 7.5% and the Waste Water System Cost from 2020’s expenditure of $110.2K to 2021’s expenditure of $47.1K, a reduction of 57.24%. Also, the Association’s security expenses decreased by 12.55% from 2020’s expenditure of $1.08M to 2021’s expenditure of $951K.

For the year 2021, improvement costs increased by 21.15% to 302K. The Association focused on refurbishing of the entrance tennis courts, the recreational parks, creating two new dog parks, and the marina and board walk. Our bad debt provision in 2020 showed a balance of $91K and a balance of $79K in 2021, which is a decrease of $12K.

Year On Year Change

*SQ. FT. amounts were Quick Books amounts