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Hot Springs Village Property Owners Association Board of Directors Report Memo To: Board of Directors From: Linda Mayhood, Interim General Manager Donald J.

36 Hot Springs Village Property Owners Association Board of Directors Report Memo To: Board of Directors From: Linda Mayhood, Interim General Manager Donald J. Yucuis, CFO Date: May 10, 2013 Re: April 30, 2013 Financial Report Overall Summary Overall revenue is worse than budget, expenses are better than budget and balance transfers are in line with the budget for the year to date (YTD) ending at April 30, Revenues 2013 YTD revenue totaled $9.59 million and is worse than budget by $292,797. The YTD worse amount of $292,797 is mainly comprised of: Assessment fees worse by $45,539; Golf fees worse by $174,900 with 21,000 less rounds YTD and 4,897 less rounds for the month due to the inclement weather in 2013 vs. 2012; and Public Works specifically water and wastewater fee revenue worse by $62,395 and should be made up in future months. Year over year revenue is worse by $662,864 and comprised mainly of: Assessments worse by $62,509; Administration worse by $106,068 due to less POA owned lot sales in 2013 vs. 2012; Recreation worse by $77,513 due to the change from annual paying memberships to monthly paying memberships. This is an improvement of $11,000 from the prior month YTD which was $88,751 worse as of March Public Works worse by $72,254, all due to less water billed; and Golf worse by $310,495 due to much better weather in 2012 vs

37 Operating Expenses 2013 YTD expense totaled $7.2 million and is better by $227,522. The YTD better amount of $227,522 is mainly comprised of: Administration better by $40,746 due to less personnel costs, materials and general expense; Golf better by $35,446 due to less chemicals needed to date but will be needed in future months; and Public Works better by $106,575 due to less maintenance costs than expected. Year over year expense is better by $181,525 and comprised mainly of: Golf better by $115,698 due to part-time personnel not being needed, full-time staff opting to take time off because of bad weather and less chemical costs needed to date; and Public Works better by $46,002 and almost all due to the purchase of new trash bins in 2012 for the townhome association and no purchase in 2013; Capital YTD Capital is aligned with the plan. The first Water Plant Expansion construction payout of approximately $600,000 was made this month. The contractor has submitted an estimated payout schedule of the project which anticipates a completion date of January This appears aggressive but if it does happen, the FY 2013 budget of $2.75 million for the Water Plant expansion project will be increased to $5 million. The funding for this project is from Water Plant reserve and the current balance is $5.5 million. Risk/Opportunities/Commentary Golf revenue - due to the inclement weather in 2013 this may result in golf revenue being $100,000 or more under budget by year end. 2

38 Assessment revenue - FY 2013 budget for assessment revenue has been reduced by $129,000 to $12 million which is $110,000 more than what was collected in FY FY 2013 YTD revenue is $62,000 less than FY 2012 YTD revenue. We will continue to monitor this monthly to see if further reductions in estimated revenue will be needed. Recreation revenue, specifically at the Fitness Center should continue to improve compared to the prior year as monthly fees are collected for the Silver Sneakers program. FY 2013 revenue budget of $187,500 for Public Works Building fee was reduced by $75,000 due to the reduction of the original fee of $2,500 per new home built being reduced back to the original fee of $1,500. The FY 2013 budget includes 75 new homes. Net operating expenses were increased by $52,000 with the addition of marketing expenses, golf part-time personnel costs, two Sanitation workers, painting at the pro shops, patio work at Paradise grill and offset by the elimination two positions in Wastewater and Planning departments. If the aggressive schedule of completing the Water Plant Expansion project by January 2014 is realized, the Water Reserve funds would be used quicker than expected but there are sufficient funds in the Water Plant reserve to cover the original cost estimates but the entire planned transfer of $400,000, in FY 2014, from operating cash would be made in January Water Reserve does not have sufficient funds to cover the contingency of approximately $600,000. Operating cash would cover any contingency utilized in the project. As of right now, the project is on target without use of contingency. In summary, the ending operating cash balance at is $5,054,737. The adopted budget reflected a deficit of $59,542 plus the net decrease of the items highlighted above of $356,000 results in a total decrease in operating cash of $415,542. The expected operating cash balance is projected to be approximately $4.639 million by year end. This assumes no use of operating cash to pay for contingency of the Water Plant Expansion project. Also attached are reports on: Assessments receivable this report includes all the 30 day increments through 365 days. The number of POA owned lots increased by 24 (28 lots added and 4 lots sold in April) to 2,030 from 2,006. POA Owned Lots Quit Claim Deeds and Foreclosures The assessments billed/cash received report by month from 2009 to 2013 is included. This report displays the assessments billed and actual revenue received by month through April 2013 with monthly comparisons for 2009, 2009, 2010, 2012 and The far right column displays a comparison % uncollected YTD assessment revenue of $4,056,461 is $62,509 less than YTD April Balance Sheet will be ed prior to Board meeting. Available cash Golf revenue/rounds with YTD 2013 golf rounds totaling 62,519 or 21,000 less than We look forward to the Board s review and comments. 3

39 HSVPOA - Revenue/ Expense Summary - April 30, B = Better or Positive Number/% (w) = worse or negative number/% --Month of April B (w) than ---Year to Date thru April 30, B (w) than Budget ----FY 2013 vs FY B (w) than Amt Budget Amt Amt % Amt % REVENUE ASSESSMENTS-CASH $ 876,381 $ (42,619) $ 4,056,461 $ (45,539) -1.1% $ (62,509) -1.52% ADMINISTRATION $ 32,074 $ 2,554 $ 163,302 $ 7, % $ (106,068) % PUBLIC SAFETY $ 116,836 $ 261 $ 240,603 $ 88 $ (172) -0.07% CLUB SERVICES $ 28,886 $ (2,364) $ 72,888 $ (6,327) -8.0% $ (3,679) -4.80% RECREATION $ 68,974 $ (4,456) $ 492,840 $ (9,835) -2.0% $ (77,513) % GOLF $ 541,345 $ (76,565) $ 2,330,326 $ (174,900) -7.0% $ (310,495) % PLANNING & INSP. & ANIMAL CONTROL $ 13,411 $ (1,519) $ 64,589 $ % $ (37,457) % PUBLIC WORKS $ 897,253 $ (64,737) $ 2,147,212 $ (64,628) -2.9% $ (72,254) -3.26% UTILITY CONSTRUCTION $ 4,450 $ 1,460 $ 26,443 $ 1, % $ 7, % SUB TOTAL $ 1,703,229 $ (145,366) $ 5,538,203 $ (247,258) -4.3% $ (600,355) -9.78% GRAND TOTAL REVENUES $ 2,579,610 $ (187,985) $ 9,594,664 $ (292,797) -3.0% $ (662,864) -6.5% EXPENSES OPERATING EXPENSES ADMINISTRATION $ 201,499 $ 38,158 $ 1,015,091 $ 40, % $ 12, % PUBLIC SAFETY $ 309,920 $ 20,480 $ 1,348,423 $ 24, % $ (20,732) -1.6% CLUB SERVICES $ 35,218 $ 8,507 $ 121,333 $ 11, % $ 14, % RECREATION $ 169,259 $ 3,686 $ 683,872 $ 7, % $ (13,310) -2.0% GOLF $ 600,576 $ 26,174 $ 2,215,184 $ 35, % $ 115, % PLANNING & INSP. & ANIMAL CONTROL $ 35,116 $ 194 $ 125,656 $ 1, % $ 26, % PUBLIC WORKS $ 385,990 $ 104,632 $ 1,696,407 $ 106, % $ 46, % SUB-TOTAL OPERATING EXPENSES $ 1,737,578 $ 201,831 $ 7,205,967 $ 227, % $ 181, % CAPITAL PURCHASED CAPITAL $ 191,205 $ (39,705) $ 730,242 $ (37,778) -5.5% $ (92,671) -14.5% CONSTRUCTION CAPITAL $ 604,495 $ (5,225) $ 659,280 $ (3,920) -0.6% $ (565,346) % SUB-TOTAL CAPITAL EXPENSES $ 795,700 $ (44,930) $ 1,389,522 $ (41,698) -3.1% $ (658,017) -9 SUB-TOTAL EXPENSES $ 2,533,278 $ 156,901 $ 8,595,489 $ 185, % $ (476,492) -5.9% Principal on Bonds-expense to trustee $ 21,667 $ - $ 86,667 $ - $ 133, % GRAND TOTAL EXPENSES $ 2,554,945 $ 156,901 $ 8,682,156 $ 185, % $ (343,157) -4.1% To/from Operating /Reserve - Water Reserve $ 33,334 $ - $ 133,334 $ - $ - - DeSoto Pool Reserve Reserve $ 33,334 $ - $ 133,334 $ - $ - - Capital Reserve $ 12,500 $ - $ 50,000 $ - $ - - East Gate Improvements $ 12,500 $ - $ 50,000 $ - $ (50,000) -10 $ 91,668 $ - $ 366,668 $ - $ (50,000) -15.8% - Transfer-Water Reserve to Operating $ (641,538) $ (462) $ (641,538) $ (462) $ (641,538) -10 Total balance sheet adjustments $ (549,870) $ 462 $ (274,870) $ % $ 591, % Total Expenses and Balance Sheet Adjustments $ 2,005,075 $ 156,439 $ 8,407,286 $ 185, % $ 248, % Revenue less expenses and balance sheet adjustments $ 574,535 $ (31,546) $ 1,187,378 $ (107,435) -8.3% $ (414,483) -25.9% 4

40 HSVPOA - Revenue Summary - April 30, 2013 B = Better or Positive Number/% (w) = worse or negative number/% Month of April Year to Date thru April 30, FY 2013 vs FY B (w) than B (w) than Budget B (w) than Amt Budget Amt Amt % Amt % ASSESSMENTS CASH $ 876,381 $ (42,619) $ 4,056,461 $ (45,539) -1.1% $ (62,509) -1.5% ADMINISTRATION 01A OTHER GEN REV $ 3,311 $ 1,911 $ 12,571 $ 6, % $ (7,056) -36.0% 03A DELINQUENT & FORECLOSE $ 5,559 $ 759 $ 13,910 $ (4,040) -22.5% $ (61,188) -81.5% 05A ADMINISTRATION $ 23,199 $ (121) $ 129,913 $ (757) -0.6% $ (44,590) -25.6% 06B MARKETING $ - $ - $ 6,838 $ 4, % 07A HUMAN RESOURCES $ 5 $ 5 $ 70 $ 70 $ (72) -50.7% SUB TOTAL $ 32,074 $ 2,554 $ 163,302 $ 7, % $ (106,068) -39.4% PUBLIC SAFETY 10A POLICE $ 31 $ (54) $ 724 $ $ (221) -23.4% 11A AMBULANCE SERVICE $ 115,805 $ 315 $ 235,879 $ (481) -0.2% $ 49 15A FIRE DEPT $ 1,000 $ - $ 4,000 $ - $ - SUB TOTAL $ 116,836 $ 261 $ 240,603 $ 88 $ (172) -0.1% CLUB SERVICES 20A DESOTO CLUB $ 4,888 $ 1,978 $ 10,206 $ (1,424) -12.2% $ 4, % 21A PINK OLIVE $ - $ - $ - $ - $ - 21B PARADISE GRILL $ 850 $ - $ 3,400 $ - $ - 21C CASA CORONADO $ - $ - $ 400 $ $ (600) -6 22A MAGELLAN SANDWICH SHOP $ 7,595 $ 1,280 $ 14,540 $ (1,545) -9.6% $ (3,082) -17.5% 25A ISABELLA CLUB SERVICE $ 1 $ 1 $ 1 $ 1 $ - 26A BALBOA CLUB $ 14,202 $ (5,623) $ 38,941 $ (3,759) -8.8% $ (4,560) -10.5% 26C GRANADA GRILL $ - $ - $ - $ - $ - 27A PONCE FAIRWAY TAVERN $ 1,350 $ - $ 5,400 $ - $ % SUB TOTAL $ 28,886 $ (2,364) $ 72,888 $ (6,327) -8.0% $ (3,679) -4.8% RECREATION 30A PARKS, LAKES & REC DIV $ 3,483 $ 3,483 $ 3,483 $ 3,483 $ 3,133 30B RECREATION MAINTENANCE $ 3,555 $ 1,090 $ 21,862 $ 4, % $ (931) -4.1% 31A FAMILY RECREATION $ 150 $ 150 $ 770 $ (930) -54.7% $ % 31C CORONADO TENNIS $ 4,588 $ 313 $ 56,017 $ (1,128) -2.0% $ (7,639) -12.0% 33A CORONADO CENTER $ 14,030 $ (2,450) $ 63,519 $ (6,816) -9.7% $ (2,801) -4.2% 34A CORONADO FITNESS CENTE $ 30,020 $ 1,090 $ 286,296 $ % $ (57,832) -16.8% 35A PONCE DE LEON CENTER $ 13,148 $ (8,132) $ 60,893 $ (9,387) -13.4% $ (11,932) -16.4% SUB TOTAL $ 68,974 $ (4,456) $ 492,840 $ (9,835) -2.0% $ (77,513) -13.6% 5

41 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Revenue Summary - April 30, Month of April Year to Date thru April 30, FY 2013 vs FY B (w) than B (w) than Budget B (w) than Amt Budget Amt Amt % Amt % GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ 57,392 $ (9,003) $ 255,800 $ (25,220) -9.0% $ (58,494) -18.6% 40C GRANADA GOLF SHOP & CA $ 91,422 $ (2,813) $ 327,313 $ (12,292) -3.6% $ (52,876) -13.9% 41A CORTEZ GOLF SHOP & CAR $ 70,772 $ (9,778) $ 295,841 $ (18,519) -5.9% $ (39,913) -11.9% 41B MAGELLAN GOLF SHOP & C $ 78,119 $ 8,994 $ 295,436 $ (10,049) -3.3% $ (17,508) -5.6% 42A CORONADO GOLF SHOP & C $ 33,121 $ (9,994) $ 222,641 $ (11,939) -5.1% $ (15,136) -6.4% 42B ISABELLA GOLF SHOP & C $ 94,256 $ (19,659) $ 343,121 $ (42,924) -11.1% $ (73,345) -17.6% 43A BALBOA GOLF SHOP & CAR $ 58,016 $ (15,869) $ 260,317 $ (40,724) -13.5% $ (42,113) -13.9% 43B PONCE DELEON GOLF SHOP $ 57,155 $ (17,535) $ 280,372 $ (17,388) -5.8% $ (13,789) -4.7% 43C GOLF COURSE ADMINISTRA $ 1,092 $ (908) $ 49,485 $ 4, % $ 2, % SUB TOTAL $ 541,345 $ (76,565) $ 2,330,326 $ (174,900) -7.0% $ (310,495) -11.8% PLAN & INSP. 50A PLANNING AND INSPECTIO $ 12,240 $ (2,160) $ 49,442 $ (758) -1.5% $ (40,119) -44.8% 52A ANIMAL CONTROL $ 1,171 $ 641 $ 15,147 $ % $ 2, % SUB TOTAL $ 13,411 $ (1,519) $ 64,589 $ % $ (37,457) -36.7% PUBLIC WORKS 60A ADMINISTRATION-PUBLIC $ 7,500 $ (1,700) $ 33,000 $ (2,200) -6.3% $ - 61A SANITATION DEPARTMENT $ 278,272 $ (3,733) $ 562,673 $ (4,477) -0.8% $ (2,965) -0.5% 62B WATER DEPARTMENT $ 191,651 $ (49,404) $ 481,552 $ (49,503) -9.3% $ (81,076) -14.4% 64B WASTE WATER DEPARTMENT $ 363,143 $ (12,572) $ 727,528 $ (12,892) -1.7% $ (828) -0.1% 65A GEN MAINT & STREETS $ 56,687 $ 2,672 $ 341,827 $ 3, % $ 11, % 65B PARKS AND GROUNDS MAIN $ - $ - $ - $ - $ - 66A BUILDING MAINTENANCE $ - $ - $ - $ - $ - 69A VEHICLE MAINTENANCE $ - $ - $ 632 $ 632 $ 632 SUB TOTAL $ 897,253 $ (64,737) $ 2,147,212 $ (64,628) -2.9% $ (72,254) -3.3% $ - 90A UTILITY CONST. $ 4,450 $ 1,460 $ 26,443 $ 1, % $ 7, % TOTAL OPERATIONS REVENUE (EXCLUDES ASSESSMENTS) $ 1,703,229 $ (145,366) $ 5,538,203 $ (247,258) -4.3% $ (600,355) -9.8% GRAND TOTAL REVENUE $ 2,579,610 $ (187,985) $ 9,594,664 $ (292,797) -3.0% $ (662,864) -6.5% 6

42 HSVPOA - Operating Expense Summary - April 30, 2013 B = Better or Positive Number/% (w) = worse or negative number/% ADMINISTRATION Month of April Year to Date thru April 30, FY 2013 vs FY B (w) than B (w) than Budget B (w) than Amt Budget Amt Amt % Amt % 03A LOT EXP & LEGAL $ 1,716 $ (26) $ 12,465 $ % $ 46, % 04A PURCHASING $ 2,985 $ 100 $ 11,486 $ 1, % $ % 05A ADMINISTRATION $ 124,343 $ 14,837 $ 607,223 $ 14, % $ 170, % 06A INFORMATION TECHNOLOGY $ 6,730 $ 10,775 $ 76,368 $ 11, % $ 4, % 06B MARKETING $ 46,486 $ 9,571 $ 214,489 $ 9, % $ (214,489) A HUMAN RESOURCES $ 11,651 $ 2,054 $ 62,702 $ 2, % $ 1, % BOND INTEREST & PREPAID COST $ 7,589 $ 846 $ 30,359 $ 1, % $ 2, % SUB TOTAL $ 201,499 $ 38,158 $ 1,015,091 $ 40, % $ 12, % PUBLIC SAFETY 10A POLICE $ 159,041 $ 8,149 $ 658,256 $ 8, % $ (4,388) -0.7% 11A AMBULANCE SERVICE $ 57,497 $ 628 $ 230,420 $ 2, % $ 3, % 15A FIRE DEPT $ 93,382 $ 11,703 $ 459,747 $ 12, % $ (19,649) -4.5% SUB TOTAL $ 309,920 $ 20,480 $ 1,348,423 $ 24, % $ (20,732) -1.6% CLUB SERVICES 20A DESOTO CLUB $ 5,882 $ 1,293 $ 24,268 $ 1, % $ 5, % 21A PINK OLIVE AT DESOTO $ 474 $ 161 $ 1,897 $ % $ % 21B PARADISE GRILL AT CORTEZ $ 1,760 $ (140) $ 8,591 $ (111) -1.3% $ (3,670) -74.6% 21C CASA CORONADO $ 82 $ (82) $ 2,778 $ (2,778) -10 $ % 22A MAGELLAN SANDWICH SHOP $ 7,814 $ (1,394) $ 17,017 $ 1, % $ 2, % 25A ISABELLA CLUB SERVICE $ 837 $ (262) $ 1,943 $ % $ % 26A BALBOA CLUB $ 17,059 $ 8,016 $ 57,504 $ 10, % $ 9, % 26C TANNER'S AT GRANADA $ 427 $ 3 $ 2,601 $ (431) -19.9% $ (598) -29.9% 27A MULLIGAN'S AT PONCE $ 883 $ 912 $ 4,734 $ % $ % SUB TOTAL $ 35,218 $ 8,507 $ 121,333 $ 11, % $ 14, % RECREATION 30A PARKS, LAKES & REC DIV $ 13,185 $ 255 $ 51,769 $ % $ (28,171) % 30B RECREATION MAINTENANCE $ 46,227 $ 3,778 $ 194,735 $ 2, % $ (5,653) -3.0% 31A FAMILY RECREATION $ 600 $ 160 $ 6,542 $ % $ (2,606) -66.2% 31C CORONADO TENNIS $ 9,020 $ (330) $ 36,766 $ % $ 7, % 33A CORONADO CENTER $ 18,599 $ 3,181 $ 73,477 $ 4, % $ % 34A CORONADO FITNESS CENTE $ 53,781 $ (926) $ 204,245 $ (1,220) -0.6% $ 28, % 35A PONCE DE LEON CENTER $ 27,846 $ (2,431) $ 116,338 $ % $ (13,063) -12.6% SUB TOTAL $ 169,258 $ 3,687 $ 683,872 $ 7, % $ (13,310) -2.0% 7

43 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Operating Expense Summary - April 30, Month of April Year to Date thru April 30, FY 2013 vs FY B (w) than B (w) than Budget B (w) than Amt Budget Amt Amt % Amt % GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ 10,588 $ 2,607 $ 35,595 $ 3, % $ 7, % 40B GOLF CART MAINTENANCE $ 604 $ 2,176 $ 1,338 $ 2,757 $ C GRANADA GOLF SHOP & CA $ 13,466 $ 4,424 $ 52,056 $ 4, % $ 2, % 41A CORTEZ GOLF SHOP & CAR $ 10,954 $ 5,627 $ 46,551 $ 6, % $ 5, % 41B MAGELLAN GOLF SHOP & C $ 9,734 $ 5,956 $ 40,831 $ 8, % $ 26, % 42A CORONADO GOLF SHOP & C $ 5,030 $ 2,585 $ 24,619 $ 2, % $ 6, % 42B ISABELLA GOLF SHOP & CART $ 12,331 $ 6,759 $ 49,765 $ 8, % $ 9, % 43A BALBOA GOLF SHOP & CART $ 10,674 $ 7,641 $ 41,816 $ 7, % $ % 43B PONCE DELEON GOLF SHOP $ 16,747 $ (157) $ 46,783 $ % $ 2, % 43C GOLF COURSE ADMINISTRATION $ 57,963 $ 4,302 $ 164,554 $ 5, % $ 10, % 44A GOLF MAINTENANCE-DESOTO $ 59,391 $ (2,876) $ 218,915 $ (2,400) -1.1% $ (15,192) -7.5% 44B GOLF MAINTENANCE-GRANADA $ 29,733 $ 21,322 $ 188,767 $ 22, % $ 23, % 45A GOLF MAINTENANCE-CORTEZ $ 45,670 $ 13,610 $ 206,712 $ 12, % $ (10,029) -5.1% 45B GOLF MAINTENANCE-MAGELLAN $ 73,287 $ (12,292) $ 223,509 $ (10,514) -4.9% $ 16, % 46A GOLF MAINTENANCE-CORONADO $ 36,050 $ 4,675 $ 127,484 $ 8, % $ 31, % 46B GOLF MAINTENANCE-ISABELLA $ 77,898 $ (4,403) $ 293,899 $ (7,904) -2.8% $ 8, % 47A GOLF MAINTENANCE-BALBOA $ 46,829 $ (1,579) $ 192,410 $ (2,160) -1.1% $ 4, % 47C GOLF MAINTENANCE-PONCE $ 81,149 $ (28,919) $ 239,347 $ (30,117) -14.4% $ (11,188) -4.9% 48A GOLF COURSE CONSTRUCTION $ 2,478 $ (5,283) $ 20,232 $ (5,037) -33.1% $ (3,333) SUB TOTAL $ 600,576 $ 26,174 $ 2,215,184 $ 35, % $ 115, % PLAN & INSP. 50A PLANNING AND INSPECTIO $ 20,433 $ 2,697 $ 79,922 $ 3, % $ 29, % 52A ANIMAL CONTROL $ 14,683 $ (2,503) $ 45,735 $ (2,140) -4.9% $ (2,340) -5.4% SUB TOTAL $ 35,116 $ 194 $ 125,656 $ 1, % $ 26, % PUBLIC WORKS 60A ADMINISTRATION-PUBLIC $ 8,565 $ 7,870 $ 65,326 $ 8, % $ 6, % 61A SANITATION DEPARTMENT $ 52,020 $ (25,195) $ 233,409 $ (25,584) -12.3% $ 69, % 62B WATER DEPARTMENT $ 58,609 $ 36,676 $ 355,831 $ 35, % $ 44, % 64B WASTE WATER DEPARTMENT $ 160,400 $ (37,883) $ 532,639 $ (35,122) -7.1% $ (56,647) -11.9% 65A GEN MAINT & STREETS $ 56,781 $ 93,614 $ 281,237 $ 94, % $ (14,359) -5.4% 65B PARKS AND GROUNDS MAIN $ - $ - $ - $ - $ - 66A BUILDING MAINTENANCE $ 12,708 $ 187 $ 69,866 $ % $ (19,304) -38.2% 69A VEHICLE MAINTENANCE $ 12,322 $ 8,453 $ 21,094 $ 8,681 $ A CONSTRUCTION $ 24,585 $ 20,910 $ 137,004 $ 20, % $ 16, % SUB TOTAL $ 385,990 $ 104,632 $ 1,696,407 $ 106, % $ 46, % SUB-TOTAL OPERATING EXP $ 1,737,578 $ 201,831 $ 7,205,967 $ 227, % $ 181, % 8

44 HSVPOA - Capital Expense Summary - April 30, B = Better or Positive Number/% (w) = worse or negative number/% --Month of April B (w) than ---Year to Date thru April 30, B (w) than Budget ----FY 2013 vs FY B (w) than Amt Budget Amt Amt % Amt % ADMINISTRATION 05A ADMINISTRATION $ 4,855 $ 845 $ 5,689 $ 11 $ (5,689) A INFORMATION TECHNOLOGY $ - $ - $ 3,000 $ - $ (3,000) SUB TOTAL $ 4,855 $ 845 $ 8,689 $ 11 $ (8,689) -10 PUBLIC SAFETY 10A POLICE $ 3,546 $ (3,546) $ 35,509 $ (3,509) -11.0% $ % 12A ANIMAL CONTROL $ - $ - $ - $ - $ - 11A AMBULANCE SERVICE $ - $ - $ - $ - $ - 15A FIRE $ - $ - $ - $ - $ 7, SUB TOTAL $ 3,546 $ (3,546) $ 35,509 $ (3,509) -11.0% $ 7, % CLUB SERVICES 20A DESOTO CLUB $ - $ - $ - $ - $ 2,278 21A PINK OLIVE AT DESOTO $ - $ - $ - $ - $ - 21B PARADISE GRILL AT CORTEZ $ - $ - $ - $ - $ 2, C CASA CORONADO $ - $ - $ - $ - $ 1,349 22A MAGELLAN SANDWICH SHOP $ - $ - $ - $ - $ - 25A ISABELLA CLUB SERVICE $ - $ - $ - $ - $ 3, A BALBOA CLUB $ - $ - $ - $ - $ - 26C TANNER'S AT GRANADA $ - $ - $ - $ - $ - 27A MULLIGAN'S AT PONCE $ - $ - $ - $ - $ - SUB TOTAL $ - $ - $ - $ - $ 8, RECREATION 30B RECREATION MTCE $ 31,550 $ (5,050) $ 64,927 $ (4,513) -7.5% $ (35,810) A FAMILY RECREATION $ - $ - $ - $ - $ - 31C CORONADO TENNIS CENTER $ - $ - $ - $ - $ - 33A CORONADO CENTER $ - $ - $ - $ - $ - 34A CORONADO FITNESS CENTE $ - $ - $ 4,809 $ (9) -0.2% $ (4,809) A PONCE DE LEON CENTER $ - $ - $ - $ - $ 800 SUB TOTAL $ 31,550 $ (5,050) $ 69,736 $ (4,522) -6.9% $ (39,819) -10 GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ - $ - $ 101,250 $ - $ (94,712) % 40C GRANADA GOLF SHOP & CA $ - $ - $ - $ - $ 2,817 41A CORTEZ GOLF SHOP & CAR $ - $ - $ - $ - $ - 41B MAGELLAN GOLF SHOP & C $ - $ - $ - $ - $ 2, A CORONADO GOLF SHOP & C $ - $ - $ - $ - $ - 42B ISABELLA GOLF SHOP & CART $ - $ - $ - $ - $ 10, A BALBOA GOLF SHOP & CART $ - $ - $ - $ - $ - 43B PONCE DELEON GOLF SHOP $ - $ - $ - $ - $ 107, A GOLF MAINTENANCE-DESOT $ 30,568 $ (5,568) $ 107,732 $ (4,732) -4.6% $ (67,135) % 44B GOLF MAINTENANCE-GRANA $ 53,369 $ (5,569) $ 61,107 $ (5,507) $ (1,058) 10 45A GOLF MAINTENANCE-CORTE $ 25,925 $ (15,925) $ 67,395 $ (15,895) $ (26,879) 10 45B GOLF MAINTENANCE-MAGEL $ (16) $ 16 $ 53,846 $ % $ (7,967) -17.4% 46A GOLF MAINTENANCE-CORON $ - $ - $ 13,886 $ % $ 36, % 46B GOLF MAINTENANCE-ISABE $ 24,753 $ (5,253) $ 58,613 $ % $ (33,453) % 9

45 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Capital Expense Summary - April 30, Month of April Year to Date thru April 30, FY 2013 vs FY B (w) than B (w) than Budget B (w) than Amt Budget Amt Amt % Amt % 47A GOLF MAINTENANCE-BALBO $ 16,655 $ 345 $ 51,064 $ (5,064) $ 17, % 47C GOLF MAINTENANCE-PONCE $ - $ - $ 75,431 $ % $ 1, % SUB TOTAL $ 151,254 $ (31,954) $ 590,324 $ (29,974) -5.3% $ (50,958) -9.4% PLANNING/ANIMAL CONTROL 52A ANIMAL CONTROL $ - $ - $ - $ - $ - SUB TOTAL $ - $ - $ - $ - $ - PUBLIC WORKS 61A SANITATION DEPARTMENT $ - $ - $ - $ - $ - 62B WATER DEPARTMENT $ - $ - $ 10,143 $ (143) -1.4% $ (10,143) B WASTE WATER DEPARTMENT $ - $ - $ - $ - $ - 65A GEN MAINT & STREETS $ - $ - $ 15,841 $ % $ % 65B PARKS AND GROUNDS MAIN $ - $ - $ - $ - $ - 69A VEHICLE MAINTENANCE $ - $ - $ - $ - $ - SUB TOTAL $ - $ - $ 25,984 $ % $ (9,764) -60.2% TOTAL PURCHASED CAPITAL $ 191,205 $ (39,705) $ 730,242 $ (37,778) -5.5% $ (92,671) -14.5% CONSTRUCTED UTIL CAPITAL EQUIPMENT $ - $ - $ - $ - $ - WATER PLANT EXPANSION $ 595,727 $ (1,727) $ 641,538 $ (1,538) -0.2% $ (618,291) % WATER LINE REPLACEMENT $ - $ - $ - $ - $ - B-50 WATER LINE $ - $ - $ - $ - $ - B2-A WATER LINE $ - $ - $ - $ - $ - LIFT STATIONS (2) $ - $ - $ - $ - $ - POWER EXTENSION $ - $ - $ - $ - $ - WATER EXTENSIONS $ 7,252 $ (4,052) $ 14,740 $ (3,740) -34.0% $ 30, % WATER SERVICES $ 1,230 $ (430) $ 3,850 $ (160) -4.3% $ (2,763) % SEWER EXTENSIONS $ 3,302 $ (1,452) $ 3,369 $ (1,419) -72.8% $ 2, % SEWER SERVICES $ 134 $ 906 $ 3,231 $ 1, % $ (1,066) -49.2% ELECTRICAL $ - $ 1,710 $ 6,412 $ 1, % $ (414) -10 INTERCEPTOR TANKS $ 15,929 $ 4,901 $ 73,666 $ 6, % $ % GENERAL ENGINEERING $ - $ - $ - $ - $ 23, VARIABLE LABOR $ - $ - $ - $ - $ - SUB TOTAL CONSTRUCTED CAPITAL $ 623,574 $ (144) $ 746,806 $ 2, % $ (565,307) % LESS: REIMBURSEMENTS-CONSTRUCTED UTILITY CAPITAL ELECTRICAL CONNECT REIMB $ (3,150) $ (180) $ (13,860) $ (70) 0.5% $ % INTERCEPTOR TANK REIMB $ (15,929) $ (4,901) $ (73,666) $ (6,164) 7.7% $ (669) -0.9% SUB TOTAL REIMBURSEMENTS $ (19,079) $ (5,081) $ (87,526) $ (6,234) 6.6% $ (39) TOTAL CONST UTILITY CAPITAL $ 604,495 $ (5,225) $ 659,280 $ (3,920) -0.6% $ (565,346) % GRAND TOTAL CAPITAL $ 795,700 $ (44,930) $ 1,389,522 $ (41,698) -3.1% $ (658,017) -9 10

46 HSV POA ASSESSMENT RECEIVABLE AGING, POA LOT INVENTORY & PREPAID ASSESSMENTS 4/30/13 Days Past Due December 2011 December 2012 March 2013 April 2013 Accts Amount Accts Amount Accts Amount Accts Amount 30 Days 1,337 $ 43, ,096 $ 22, $ 22, ,024 $ 27, Days 913 $ 64, $ 28, $ 18, $ 19, Days 375 $ 39, $ 18, $ 43, $ 12, Days 268 $ 38, $ 17, $ 12, $ 40, Days 185 $ 31, $ 25, $ 16, Days 113 $ 23, $ 21, $ 28, Days 221 $ 55, $ 13, $ 16, Days 70 $ 19, $ 19, $ 14, to 240 Days 491 $ 105, $ 129, $ 80, $ 76, Days 48 $ 15, $ 28, $ 21, Days 67 $ 23, $ 75, $ 30, Days 44 $ 17, $ 22, $ 83, Days 125 $ 53, $ 20, $ 22, to 365 Days 264 $ 139, $ 110, $ 147, $ 158, Over 365 Days 5065 $ 5,801, $ 7,208, $ 7,610, $ 7,791, Total 8,713 $ 6,231, $ 7,535, $ 7,935, $ 8,127, PREPAID ASSESSMENTS 10,229 $ 2,032, ,315 $ 1,951, ,998 $ 2,207, ,713 $ 2,114, Total Property Owners: 34, ,148 34,148 POA OWNED LOTS Mar-12 1,204 Apr-12 1,266 Mar-13 2,006 Apr-13 2,030 11

47 POA OWNED LOTS - Quit Claims and Foreclosures - Sept 2012 to current Quit Claim in Lieu of Foreclosure > 365 days Quit Claim Month Total Lots Acquired Foreclosure > 365 days Quit Claims Days Late # September Good standing Total 25 Storm Damaged October Good standing November Good standing > December Good standing > January Good standing Total 35 February Good standing Total 34 March Good standing Total 22 April Good standing Total

48 HSVPOA - ASSESSMENTS BILLED AND CASH RECEIVED BY MONTH to 2013 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL Comparative 4 months through Apr REVENUE ASSESSMENTS BILLED 1,236,060 1,236,060 1,236,060 1,236,060 4,944,240 4,944,240 (includes other assessments) Actual Assessments Received 1,626, , , ,381 4,056,461 4,056,461 % OF ASSESSMENT $ RECEIVED 131.5% 58.2% 67.6% 70.9% 82.0% 82.0% (389,961) 516, , , , ,779 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL REVENUE ASSESSMENTS BILLED 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 14,832,720 4,944,240 (includes other assessments) - Actual Assessments Received 1,462, , , , ,839 1,054,871 1,086, , , , ,127 2,096,894 11,890,259 4,118,970 % OF ASSESSMENT $ RECEIVED 118.3% 64.3% 75.2% 75.4% 53.9% 85.3% 87.9% 53.9% 58.5% 69.5% 49.9% 169.6% 80.2% 83.3% (226,302) 440, , , , , , , , , ,933 (860,834) 2,942, ,270 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER YR TOTAL REVENUE ASSESSMENTS BILLED 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 14,832,720 4,944,240 (includes other assessments) - Actual Assessments Received 1,430, , , , ,567 1,079,430 1,010, , , , ,736 2,272,870 11,993,957 3,953,650 % OF ASSESSMENT $ RECEIVED 115.7% 62.3% 73.0% 68.9% 54.3% 87.3% 81.8% 55.1% 65.5% 64.9% 57.6% 183.9% 80.9% 8 (194,450) 466, , , , , , , , , ,324 (1,036,810) 2,838, ,590 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER YR TOTAL REVENUE ASSESSMENTS BILLED 1,255,036 1,236,436 1,236,436 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 1,236,060 14,852,448 4,963,968 (includes other assessments) - Actual Assessments Received 1,357, , , , ,957 1,115,474 1,112, , , , ,702 2,325,302 12,398,883 4,131,089 % OF ASSESSMENT $ RECEIVED 108.2% 66.6% 77.9% 79.8% 52.3% 90.2% % 65.5% 66.7% 62.7% 188.1% 83.5% 83.2% (102,630) 413, , , , , , , , , ,358 (1,089,242) 2,453, ,879 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER YR TOTAL REVENUE ASSESSMENTS BILLED 1,117,600 1,099,000 1,099,000 1,099,001 1,099,001 1,099,001 1,099,001 1,099,001 1,099,001 1,099,001 1,099,001 1,099,100 13,206,708 4,414,601 - Actual Assessments Received 1,568, , , , ,495 1,066,237 1,007, , , , ,914 2,497,056 11,804,947 3,909,923 % OF ASSESSMENT $ RECEIVED 140.4% 59.6% 79.2% 74.2% 60.3% 97.0% 91.7% 56.7% 65.7% 72.2% 47.6% 219.0% 89.4% 88.6% (451,266) 443, , , ,506 32,764 91, , , , ,087 (1,397,956) 1,401, ,678 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YR TOTAL REVENUE ASSESSMENTS BILLED 1,113,089 1,099,637 1,100,175 1,099,920 1,099,344 1,096,520 1,109,715 1,091,700 1,096,520 1,096,520 1,096,520 1,098,592 13,198,252 4,412,821 - Actual Assessments Received 1,509, , , , ,303 1,016,909 1,010, , , , ,807 2,524,692 12,418,662 4,236,110 % OF ASSESSMENT $ RECEIVED 135.6% 78.3% 84.3% 85.4% 66.1% 92.7% 91.1% 56.7% 75.8% 72.1% 60.4% 229.8% 94.1% 96.0% (396,303) 238, , , ,041 79,611 99, , , , ,713 (1,426,100) 779, ,711 13

49 CASH REPORT at AVAILABLE CASH UNRESTRICTED AND RESERVES AS OF: April April $ 11,717, TOTAL CASH AND RESERVES $ 12,596, $ 200, WORK COMP $ 200, $ 4,621, WATER PLANT $ 4,858, $ 1,316, CAPITAL RESERVE $ 2,066, $ 300, BLDG RESERVE $ 300, $ 910, BOND $ 394, $ 93, HEALTH $ 74, $7,442, TOTAL RESERVES $7,894, $4,275, OPERATING CASH $4,701,

50 APRIL MTD MTD Difference YTD YTD Difference Member Green Fee $290,410 $222,099 ($68,311) $740,097 $495,504 ($244,593) Family Green Fee $27,163 $18,492 ($8,671) $52,510 $30,973 ($21,537) NPO Green Fee $89,422 $106,385 $16,963 $149,110 $144,580 ($4,530) Annual Green Fee $6,673 $6,200 ($473) $759,576 $834,648 $75,072 Driving Range $18,728 $16,189 ($2,539) $51,894 $44,268 ($7,626) Tee Time Registration Revenue Golf Coupons $0 $40 ($40) Cart Flags $184 $360 $176 $1,248 $1,088 ($160) Member Carts $142,263 $112,469 ($29,794) $354,792 $245,631 ($109,161) Family Carts $14,440 $9,235 ($5,205) $27,525 $15,696 ($11,829) NPO Carts $33,460 $40,734 $7,274 $56,122 $56,498 $376 Unlimited Annual Cart Reg. ($521) $400 $921 $127,574 $130,400 $2,826 Daily Annual Cart Reg. $600 $400 ($200) $20,596 $18,696 ($1,900) Daily Use Cart Fee $4,868 $3,999 ($869) $13,559 $9,007 ($4,552) Annual Cart Seat Lease $5,256 $2,920 ($2,336) $239,432 $253,648 $14,216 Trail Fee $9 $9 $9 $9 Handicap $1,208 $720 ($488) $44,880 $42,192 ($2,688) Vending Income $592 ($592) $1,262 $242 ($1,020) Contractual Receipts/Misc. $4 $734 $730 $604 $1,051 $447 Administration $0 $0 $0 $6,195 $6,195 Total $634,750 $541,345 ($93,405) $2,640,821 $2,330,326 ($310,495) Rounds MTD MTD Difference YTD YTD Difference DeSoto 4,152 3,311 (841) 10,763 6,728 (4,035) Cortez 3,915 3,475 (440) 11,430 8,553 (2,877) Coronado 2,701 2,207 (494) 6,940 5,145 (1,795) Balboa 3,724 2,999 (725) 9,225 6,640 (2,585) Ponce de Leon 3,566 2,903 (663) 8,874 7,652 (1,222) Magellan 3,972 3,573 (399) 9,920 7,558 (2,362) Isabella 5,402 4,540 (862) 14,449 10,958 (3,491) Granada 4,422 3,949 (473) 11,918 9,285 (2,633) Total 31,854 26,957 (4,897) 83,519 62,519 (21,000) 2013 Golf Reports Printed 5/8/2013 5:18 PM 15

51 Rounds and Revenue 2013 Budget vs. Actual 2013 April YTD April YTD Rounds Rounds Revenue Revenue Budget Actual Budget Actual Budget Actual Budget Actual Desoto 3,324 3,311 8,094 6,728 $ 66,395 $ 57,392 $ 281,020 $ 255,800 Cortez 3,712 3,475 10,046 8,553 $ 80,550 $ 70,772 $ 314,360 $ 295,841 Coronado 1,962 2,207 5,813 5,145 $ 43,115 $ 33,121 $ 234,580 $ 222,641 Balboa 2,542 2,999 7,472 6,640 $ 73,885 $ 58,016 $ 301,041 $ 260,317 Ponce 3,013 2,903 7,978 7,652 $ 74,690 $ 57,155 $ 297,760 $ 280,372 Magellan 3,457 3,573 9,091 7,558 $ 69,125 $ 78,119 $ 305,485 $ 295,436 Isabella 4,717 4,540 12,090 10,958 $ 113,915 $ 94,256 $ 386,045 $ 343,121 Granada 4,419 3,949 11,025 9,285 $ 94,235 $ 91,422 $ 339,605 $ 327,313 Admin n/a n/a $ 2,000 $ 1,092 $ 45,330 $ 49,485 Totals 27,145 26,957 71,609 62,519 $ 617,910 $ 541,345 $ 2,505,226 $ 2,330, vs vs April YTD April YTD 2013 Rounds Rounds Revenue Revenue Desoto 4,152 3,311 10,763 6,728 $ 74,013 $ 57,392 $ 314,294 $ 255,800 Cortez 3,915 3,475 11,430 8,553 $ 76,186 $ 70,772 $ 335,754 $ 295,841 Coronado 2,701 2,207 6,940 5,145 $ 40,578 $ 33,121 $ 237,777 $ 222,641 Balboa 3,724 2,999 9,225 6,640 $ 74,415 $ 58,016 $ 302,430 $ 260,317 Ponce 3,566 2,903 8,874 7,652 $ 70,471 $ 57,155 $ 294,161 $ 280,372 Magellan 3,972 3,573 9,920 7,558 $ 76,494 $ 78,119 $ 312,944 $ 295,436 Isabella 5,402 4,540 14,449 10,958 $ 115,852 $ 94,256 $ 416,466 $ 343,121 Granada 4,422 3,949 11,918 9,285 $ 105,345 $ 91,422 $ 380,189 $ 327,313 Admin n/a n/a n/a n/a $ 1,396 $ 1,092 $ 46,806 $ 49,485 Totals 31,854 26,957 83,519 62,519 $ 634,750 $ 541,345 $ 2,640,821 $ 2,330, Golf Reports Printed 5/8/2013 5:18 PM 16

55 Hot Springs Village Property Owners Association Board of Directors Report Memo To: President and Board of Directors From: Linda Mayhood, Interim General Manager Date: May 15, 2013 Re: East Gate Improvements Re-design Background At the October 17, 2012 regular meeting of the Board, a contract was awarded to Crist Engineering for the conceptual design and engineering for improvements to DeSoto Blvd. and East Gate entrance at a cost of $82,450. A presentation by Crist Engineers and Mesa Landscape Architects was made to the Board on January 2, 2013 which presented two conceptual renderings on the East Gate improvements. The contract was to provide a feasibility plan of what would be the entrance area (the signage) and provide professional services for the design. Crist stated POA would need additional land (right-of-way) from CCI. Crist stated preliminary costs were in the $500,000 - $600,000 range and did not include any roadway work. It was the consensus of the Board to proceed with the quartz design concept. Crist was asked to scale down the design to make it as appealing but not as expensive, either through design or materials. At the Feb. 6, 2013 work session it was the Board consensus to modify the scope of work to incorporate a phased approach as identified below: 1. Entrance Phase: Incorporate the acceleration and deceleration lanes with divided median improvements to the entrance at LaPlaza, where the divided median will transition from the four lane divided median and return to two lanes. Approximately 450 linear feet of improvements with a 150 ft. roadway transition from four-lane divided to two lanes. Approximate Construction Costs: $200, Signage/Entry improvements as presented using the crystal conceptual plan modified to fit a budget of $400,000, without compromising the overall concept. At the February 20, 2013 regular meeting, Linda Mayhood advised she has been in communication with John Cooper III regarding the right-of-way. He will donate all the entrance property to us, however, there will be a cost of $70,000 for the right-of-way property consisting of approximately one acre. She will continue to work with CCI. A motion was approved to proceed with a proposed overall construction budget of $600,000, plus the prior approved engineers fee of $82,450. The motion was amended for the engineers to come back with a modified design for the Board to approve. 1

56 Crist Engineers was asked by President Kosoglow if the acceleration and deceleration lanes were required. Crist met with the State Highway Department and it was determined these lanes were not required by the State and have been removed from the scope of work. Crist Engineers has re-designed the signage/entry and presented the modified concept at the May work session. Budget - $300,000 ($150,000 included in each year s budget for 2012 and 2013). Balance of project can be funded from the capital reserve account and replaced over the next two years. On May 9, 2013, a town hall meeting was held at the Ouachita Building with approximately 120 in attendance to obtain input from members on proposed designs. President Keck will give an update on the meeting and have further discussion on the project at the May 15, 2013 regular meeting. Motion I move to table additional work on the gate design and have the President charter an ad hoc committee of members who have special backgrounds in architecture and gardening to work with Crist engineers and staff, to come up with the best possible design. Page 2

57 Hot Springs Village Property Owners Association Board of Directors Report Memo To: President and Board of Directors From: Stephanie Heffer, Director of Recreation and Club Services Linda Mayhood, Interim General Manager Date: May 16, 2013 Re: West Gate Entrance Improvements In June of 2012, the Recreation Department removed the 42 year old E. Fay Jones Sculpture at the West gate and placed it in storage. At that time, it was discovered that the structure had rusted through, and was in danger of falling over. The electrical system was tagged as unsafe, and did not meet code requirements. The pond was leaking, plumbing had deteriorated beyond repair, and the pond liner was no longer functional. At the February 20, 2013 Board of Directors meeting, Crist Engineering was approved to begin design services for the West Gate entrance improvements at a cost of $8,750. : The project scope includes: Develop two (2) concepts to HSVPOA and solicit comments, and critique with the purpose of defining a single concept. Preliminary design - Develop a preliminary design for the selection and consideration of construction materials and equipment to develop overall program costs for the development of design drawings, bid documents and construction costs. This includes liner system, fountain feature/support, pump system and lighting/electrical. Draft Preliminary and final Design Memorandum, Plan, Section, and Perspective, Estimate of probable costs for design and construction. Presentation to staff/board - up to three total meetings. Crist Engineers has prepared two conceptual design plans for your review / approval. Based on the design concept chosen by the board, we will continue with the preliminary design, design memorandum, plan section, perspective and estimate for final presentation to the board. Budget: Unbudgeted 2013 Capital Reserve fund with community fund-raising when final construction costs are determined. At the May 9 th meeting, the engineers stated the new estimated cost is approximately $400,000, for both concepts. On May 9, 2013 a town hall meeting was held at the Ouachita Building with approximately 120 in attendance to obtain input from the members on the proposed designs. President Keck will give an update on the meeting and have further discussion on the project at the May 15, 2013 regular meeting.

58 Motion I move to table additional work on the gate design and have the President charter an ad hoc committee of members who have special backgrounds in architecture and gardening to work with Crist engineers and staff, to come up with the best possible design. Page 2

2013 year to date revenue totaled $5.67 million and is aligned with the plan.

2013 year to date revenue totaled $5.67 million and is aligned with the plan. Hot Springs Village Property Owners Association Board of Directors Report Memo To: Board of Directors From: Linda Mayhood, Interim General Manager Donald J. Yucuis, CFO Date: March 20, 2013 Re: February