Operating Expenses 2013 YTD expense totaled $13.6 million and is worse than budget by $48,234 or -.4%.

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2 Operating Expenses 2013 YTD expense totaled $13.6 million and is worse than budget by $48,234 or -.4%. Year over year expense is worse by $263,767 and comprised mainly of: PW Street maintenance expenses worse by $190,207 and due expended funds for crack sealing and paving sooner than last year. Capital 2013 YTD Capital is on target. Water Plant Construction and transfer in from Water Plant Reserve for 2013 are revised to $5,000,000. Year over year expense is worse by $1,718,197 and comprised mainly of Desoto Golf course renovation and Water Plant Expansion. 2

3 Risk/Opportunities/Commentary Year End Estimates Overall, total projected net activity (revenue, expenses and net balance transfers) to year end is estimated to be $800,000 worse by year end. Estimated cash balances at year end for operating and reserves are as follows: Beginning Balance FY 2013 Estimated Net Activity Estimated ending Balance **Operating Cash $ 5,053,737 ($ 800,000) $ 4,253,737 Water Plant Reserve $ 5,372,305 ($ 4,600,000) $ 772,305 Capital Reserve $ 1,833,959 $ 139,259 $ 1,973,218 Building Reserve $ 300,000 0 $ 300,000 Total $12,560,001 ($ 5,260,741) $ 7,299,260 ** Assumes $2 million of prepays. If the East and West Gate projects estimated at $1,000,000 occur this year, Capital Reserve funds would be used to offset those expenses. This would reduce the Capital reserve to $973,218 by year end. 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 25 (28 lots added and 3 lots sold in July) to 2,086 from 2,061. NOT AVAILABLE THIS MONTH -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 July 2013 with monthly comparisons for 2009, 2009, 2010, 2012 and The far right column displays a comparison % uncollected YTD assessment revenue of $6,782,021 is $145,471 less than YTD July This is an improvement of $46,000 from the previous report. Balance Sheet Available cash Golf revenue/rounds with YTD 2013 golf rounds totaling 153,316 or 28,576 less than I look forward to the Board s review and comments. 3

4 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Revenue/ Expense Summary - July 31, Year over Year at July --Month of July Year to Date thru July 31, vs 2012 Budget Amt Budget Amt Amt % Amt % ASSESSMENTS-CASH $ 1,132,871 $ 57,871 $ 6,782,021 $ (99,979) -1.5% $ (145,471) -2.10% ADMINISTRATION $ 34,784 $ (8,976) $ 277,923 $ 3, % $ (285,498) % PUBLIC SAFETY $ 3,826 $ 51 $ 365,594 $ 114 $ % CLUB SERVICES $ 30,804 $ 54 $ 165,309 $ (8,271) -4.8% $ 13, % RECREATION $ 65,853 $ (20,347) $ 683,084 $ (69,121) -9.2% $ (89,425) % GOLF $ 583,334 $ 25,434 $ 4,212,894 $ (317,857) -7.0% $ (495,147) % PLANNING & INSP. & ANIMAL CONTROL $ 26,228 $ (1,247) $ 129,263 $ (8,652) -6.3% $ (52,205) % PUBLIC WORKS $ 21,597 $ (11,118) $ 3,173,366 $ (140,989) -4.3% $ (164,552) -4.93% UTILITY CONSTRUCTION $ 5,340 $ 3,365 $ 37,123 $ 2, % $ 8, % SUB TOTAL $ 771,766 $ (12,784) $ 9,044,556 $ (539,360) -5.6% $ (1,064,187) % GRAND TOTAL REVENUES $ 1,904,637 $ 45,087 $ 15,826,577 $ (639,339) -3.9% $ (1,209,658) -7.1% OPERATING EXPENSES ADMINISTRATION $ 291,489 $ (79,054) $ 1,758,970 $ (89,433) -5.4% $ (46,649) -2.7% PUBLIC SAFETY $ 150,316 $ 203,175 $ 2,232,006 $ 162, % $ (133) CLUB SERVICES $ 40,433 $ (5,653) $ 241,277 $ 10, % $ 13, % RECREATION $ 218,433 $ (17,663) $ 1,319,540 $ (62,895) -5.0% $ (55,889) -4.4% GOLF $ 806,767 $ 31,528 $ 4,587,638 $ (62,013) -1.4% $ (60,259) -1.3% PLANNING & INSP. & ANIMAL CONTROL $ 32,600 $ 11,645 $ 216,958 $ 31, % $ 54, % PUBLIC WORKS $ 548,819 $ (40,201) $ 3,252,428 $ (37,972) -1.2% $ (168,558) -5.5% SUB-TOTAL OPERATING EXPENSES $ 2,088,857 $ 103,776 $ 13,608,817 $ (48,234) -0.4% $ (263,767) -2.0% CAPITAL PURCHASED CAPITAL $ 149,883 $ 22,617 $ 1,228,430 $ 1, % $ (303,284) -32.8% CONSTRUCTION CAPITAL $ 450,447 $ 21,218 $ 1,638,891 $ 30, % $ (1,414,913) % SUB-TOTAL CAPITAL EXPENSES $ 600,330 $ 43,835 $ 2,867,321 $ 31, % $ (1,718,197) % SUB-TOTAL EXPENSES $ 2,689,187 $ 147,611 $ 16,476,138 $ (16,546) -0.1% $ (1,981,964) -13.7% Principal on Bonds-expense to trustee $ 21,667 $ - $ 151,669 $ - $ 361, % GRAND TOTAL EXPENSES $ 2,710,854 $ 147,611 $ 16,627,807 $ (16,546) -0.1% $ (1,620,299) -10.8% To/from Operating /Reserve - HealthReserve - Water Reserve $ 33,334 $ - $ 233,334 $ - $ - - DeSoto Pool Reserve Reserve $ - $ - $ 200,000 $ - $ 33, % - Capital Reserve $ 12,500 $ - $ 87,500 $ - $ - - East Gate Improvements $ 12,500 $ - $ 87,500 $ - $ (87,500) -10 $ 58,334 $ - $ 608,334 $ - $ (54,166) -9.8% - Transfer-Water Reserve to Operating $ (453,608) $ (21,392) $ (1,628,091) $ (1,909) $ (1,628,091) -10 Total balance sheet adjustments $ (395,274) $ 21,392 $ (1,019,757) $ 1, % $ 1,573, % Total Expenses and Balance Sheet Adjustments $ 2,315,580 $ 126,219 $ 15,608,050 $ (18,455) -0.1% $ (46,374) -0.3% Revenue less expenses and balance sheet adjustments $ (410,943) $ 171,306 $ 218,527 $ (657,794) -75.1% $ (1,256,032) -85.2% 4

5 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Revenue Summary - July 31, Year over Year at July --Month of July Year to Date thru July 31, vs 2012 Budget Amt Budget Amt Amt % Amt % ASSESSMENTS CASH $ 1,132,871 $ 57,871 $ 6,782,021 $ (99,979) -1.5% $ (145,471) -2.1% ADMINISTRATION 01A OTHER GEN REV $ 6,902 $ 5,502 $ 24,441 $ 14, % $ (1,129) -4.4% 03A DELINQUENT & FORECLOSE $ 4,276 $ (774) $ 22,707 $ (9,143) -28.7% $ (133,384) -85.5% 05A ADMINISTRATION $ 23,834 $ (13,476) $ 217,489 $ (13,401) -5.8% $ (164,039) -43.0% 06B MARKETING $ (250) $ (250) $ 13,213 $ 11, % 07A HUMAN RESOURCES $ 22 $ 22 $ 73 $ 73 $ (159) -68.5% SUB TOTAL $ 34,784 $ (8,976) $ 277,923 $ 3, % $ (285,498) -50.7% PUBLIC SAFETY 10A POLICE $ 347 $ 262 $ 1,386 $ $ (125) -8.3% 11A AMBULANCE SERVICE $ 2,479 $ (211) $ 357,208 $ (727) -0.2% $ % 15A FIRE DEPT $ 1,000 $ - $ 7,000 $ - $ (500) -6.7% SUB TOTAL $ 3,826 $ 51 $ 365,594 $ 114 $ 148 CLUB SERVICES 20A DESOTO CLUB $ 7,093 $ 1,593 $ 29,204 $ 6, % $ 10, % 21A PINK OLIVE $ - $ - $ - $ - $ - 21B PARADISE GRILL $ 850 $ - $ 5,950 $ - $ - 21C CASA CORONADO $ 1,500 $ 1,500 $ 1,900 $ 1, $ - 22A MAGELLAN SANDWICH SHOP $ 7,895 $ 95 $ 35,920 $ (6,035) -14.4% $ 8, % 25A ISABELLA CLUB SERVICE $ - $ - $ 1 $ 1 $ - 26A BALBOA CLUB $ 12,116 $ (3,134) $ 82,884 $ (10,391) -11.1% $ (5,284) -6.0% 26C GRANADA GRILL $ - $ - $ - $ - $ - 27A PONCE FAIRWAY TAVERN $ 1,350 $ - $ 9,450 $ - $ % SUB TOTAL $ 30,804 $ 54 $ 165,309 $ (8,271) -4.8% $ 13, % RECREATION 30A PARKS, LAKES & REC DIV $ - $ - $ 3,483 $ (1,517) $ (1,232) 30B RECREATION MAINTENANCE $ 3,250 $ (55) $ 33,073 $ 1, % $ % 31A FAMILY RECREATION $ 13 $ (587) $ 1,112 $ (1,188) -51.7% $ % 31C CORONADO TENNIS $ 3,527 $ (4,343) $ 66,784 $ (5,601) -7.7% $ (9,302) -12.2% 33A CORONADO CENTER $ 8,516 $ (2,824) $ 89,126 $ (13,314) -13.0% $ (4,379) -4.7% 34A CORONADO FITNESS CENTE $ 42,454 $ (5,581) $ 399,583 $ (4,517) -1.1% $ (35,776) -8.2% 35A PONCE DE LEON CENTER $ 8,093 $ (6,957) $ 89,923 $ (44,852) -33.3% $ (39,227) -30.4% SUB TOTAL $ 65,853 $ (20,347) $ 683,084 $ (69,121) -9.2% $ (89,425) -11.6% 5

6 HSVPOA - Revenue Summary - July 31, Year over Year at July B = Better or Positive Number/% (w) = worse or negative number/% --Month of July Year to Date thru July 31, Budget 2013 vs 2012 Amt Budget Amt Amt % Amt % GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ 4,467 $ (54,458) $ 316,887 $ (183,518) -36.7% $ (253,072) -44.4% 40C GRANADA GOLF SHOP & CA $ 92,622 $ 5,387 $ 629,536 $ (21,639) -3.3% $ (69,791) -1 41A CORTEZ GOLF SHOP & CAR $ 85,157 $ 12,767 $ 557,846 $ (18,794) -3.3% $ (49,433) -8.1% 41B MAGELLAN GOLF SHOP & C $ 75,329 $ 11,864 $ 537,802 $ 5, % $ 112, % 42A CORONADO GOLF SHOP & C $ 53,506 $ 14,291 $ 369,008 $ (16,727) -4.3% $ (25,707) -6.5% 42B ISABELLA GOLF SHOP & C $ 110,754 $ 8,899 $ 700,598 $ (47,362) -6.3% $ (110,688) -13.6% 43A BALBOA GOLF SHOP & CAR $ 79,129 $ 12,884 $ 508,953 $ (34,298) -6.3% $ (61,027) -10.7% 43B PONCE DELEON GOLF SHOP $ 81,996 $ 14,916 $ 539,921 $ (2,719) -0.5% $ (39,842) -6.9% 43C GOLF COURSE ADMINISTRA $ 374 $ (1,116) $ 52,343 $ 2, % $ 2, % SUB TOTAL $ 583,334 $ 25,434 $ 4,212,894 $ (317,857) -7.0% $ (495,147) -10.5% PLAN & INSP. 50A PLANNING AND INSPECTIO $ 25,220 $ (1,820) $ 112,708 $ (9,682) -7.9% $ (54,219) -32.5% 52A ANIMAL CONTROL $ 1,008 $ 573 $ 16,555 $ 1, % $ 2, % SUB TOTAL $ 26,228 $ (1,247) $ 129,263 $ (8,652) -6.3% $ (52,205) -28.8% PUBLIC WORKS 60A ADMINISTRATION-PUBLIC $ 9,000 $ 1,300 $ 51,000 $ (22,300) -30.4% $ 3, % 61A SANITATION DEPARTMENT $ 2,538 $ 958 $ 851,212 $ (7,273) -0.8% $ (938) -0.1% 62B WATER DEPARTMENT $ (4,894) $ (18,614) $ 763,158 $ (111,692) -12.8% $ (188,505) -19.8% 64B WASTE WATER DEPARTMENT $ 2,836 $ 1,121 $ 1,098,577 $ (838) -0.1% $ 1, % 65A GEN MAINT & STREETS $ 12,117 $ 4,117 $ 408,553 $ % $ 19, % 65B PARKS AND GROUNDS MAIN $ - $ - $ - $ - $ - 66A BUILDING MAINTENANCE $ - $ - $ - $ - $ - 69A VEHICLE MAINTENANCE $ - $ - $ 866 $ 866 $ 866 SUB TOTAL $ 21,597 $ (11,118) $ 3,173,366 $ (140,989) -4.3% $ (164,552) -4.9% $ - 90A UTILITY CONST. $ 5,340 $ 3,365 $ 37,123 $ 2, % $ 8, % TOTAL OPERATIONS REVENUE (EXCLUDES ASSESSMENTS) $ 771,766 $ (12,784) $ 9,044,556 $ (539,360) -5.6% $ (1,064,187) -10.5% GRAND TOTAL REVENUE $ 1,904,637 $ 45,087 $ 15,826,577 $ (639,339) -3.9% $ (1,209,658) -7.1% 6

7 HSVPOA - Operating Expense Summary - July 31, Year over Year at July B = Better or Positive Number/% (w) = worse or negative number/% --Month of July Year to Date thru July 31, Budget 2013 vs 2012 Amt Budget Amt Amt % Amt % ADMINISTRATION 03A LOT EXP & LEGAL $ 3,052 $ 9,033 $ 19,654 $ 9, % $ 81, % 04A PURCHASING $ 3,148 $ 657 $ 21,054 $ 2, % $ 1, % 05A ADMINISTRATION $ 211,609 $ (86,394) $ 1,101,534 $ (112,459) -11.4% $ (77,836) -7.6% 06A INFORMATION TECHNOLOGY $ 19,996 $ (7,246) $ 125,963 $ 3, % $ (6,291) -5.3% 06B MARKETING $ 32,490 $ 2,705 $ 341,799 $ (9,457) -2.8% $ (66,799) A HUMAN RESOURCES $ 13,605 $ 1,430 $ 95,837 $ 14, % $ 10, % BOND INTEREST & PREPAID COST $ 7,590 $ 760 $ 53,129 $ 3, % $ 11, % SUB TOTAL $ 291,489 $ (79,054) $ 1,758,970 $ (89,433) -5.4% $ (46,649) -2.7% PUBLIC SAFETY 10A POLICE $ 83,790 $ 91,430 $ 1,078,240 $ 100, % $ (6,726) -0.6% 11A AMBULANCE SERVICE $ 57,272 $ 818 $ 402,830 $ 4, % $ (530) -0.1% 15A FIRE DEPT $ 9,253 $ 110,927 $ 750,936 $ 57, % $ 7, % SUB TOTAL $ 150,316 $ 203,175 $ 2,232,006 $ 162, % $ (133) CLUB SERVICES 20A DESOTO CLUB $ 4,899 $ 451 $ 40,825 $ 2, % $ 9, % 21A PINK OLIVE AT DESOTO $ 459 $ 201 $ 3,545 $ % $ (1) 21B PARADISE GRILL AT CORTEZ $ 1,153 $ (168) $ 12,130 $ (70) -0.6% $ (1,243) -11.4% 21C CASA CORONADO $ 2,365 $ (2,365) $ 6,922 $ (6,922) -10 $ % 22A MAGELLAN SANDWICH SHOP $ 9,035 $ (2,370) $ 42,036 $ (156) -0.4% $ (8,479) -25.3% 25A ISABELLA CLUB SERVICE $ 351 $ 224 $ 3,199 $ 1, % $ % 26A BALBOA CLUB $ 20,151 $ (1,061) $ 114,336 $ 17, % $ 17, % 26C TANNER'S AT GRANADA $ 390 $ 170 $ 8,197 $ (4,287) % $ (5,114) % 27A MULLIGAN'S AT PONCE $ 1,629 $ (734) $ 10,087 $ (262) -2.7% $ % SUB TOTAL $ 40,433 $ (5,653) $ 241,277 $ 10, % $ 13, % RECREATION 30A PARKS, LAKES & REC DIV $ 22,489 $ 1,601 $ 119,365 $ (5,030) -4.4% $ (23,943) -25.1% 30B RECREATION MAINTENANCE $ 56,425 $ 175 $ 361,104 $ (15,119) -4.4% $ (66,086) -22.4% 31A FAMILY RECREATION $ 904 $ 86 $ 8,862 $ 1, % $ (1,522) -20.7% 31C CORONADO TENNIS $ 12,560 $ (2,570) $ 70,873 $ (5,838) -9.0% $ 11, % 33A CORONADO CENTER $ 28,593 $ (10,913) $ 147,339 $ (11,974) -8.8% $ (8,579) -6.2% 34A CORONADO FITNESS CENTE $ 64,667 $ (2,362) $ 400,931 $ (20,406) -5.4% $ 36, % 35A PONCE DE LEON CENTER $ 32,794 $ (3,679) $ 211,065 $ (5,570) -2.7% $ (3,872) -1.9% SUB TOTAL $ 218,433 $ (17,663) $ 1,319,540 $ (62,895) -5.0% $ (55,889) -4.4% 7

8 HSVPOA - Operating Expense Summary - July 31, Year over Year at July B = Better or Positive Number/% (w) = worse or negative number/% --Month of July Year to Date thru July 31, Budget 2013 vs 2012 Amt Budget Amt Amt % Amt % GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ 5,669 $ 6,141 $ 60,301 $ 17, % $ 28, % 40B GOLF CART MAINTENANCE $ 3,166 $ (481) $ 4,519 $ 3, % $ (2,112) -87.7% 40C GRANADA GOLF SHOP & CA $ 17,823 $ (1,858) $ 110,035 $ (2,755) -2.6% $ (88) -0.1% 41A CORTEZ GOLF SHOP & CAR $ 15,915 $ (1,425) $ 97,948 $ 2, % $ 2, % 41B MAGELLAN GOLF SHOP & C $ 13,704 $ (384) $ 81,835 $ 8, % $ 12, % 42A CORONADO GOLF SHOP & C $ 8,008 $ (8) $ 51,308 $ (188) -0.4% $ 15, % 42B ISABELLA GOLF SHOP & CART $ 19,100 $ (2,145) $ 106,918 $ 7, % $ 9, % 43A BALBOA GOLF SHOP & CART $ 20,063 $ (5,743) $ 100,744 $ (8,734) -9.5% $ (10,385) -11.5% 43B PONCE DELEON GOLF SHOP $ 15,883 $ (3) $ 98,374 $ (3,749) -4.0% $ 2, % 43C GOLF COURSE ADMINISTRATION $ 4,763 $ 29,302 $ 264,083 $ 30, % $ (4,379) -1.7% 44A GOLF MAINTENANCE-DESOTO $ 58,236 $ 614 $ 459,502 $ (24,662) -5.7% $ (78,456) -20.6% 44B GOLF MAINTENANCE-GRANADA $ 137,118 $ (10,013) $ 489,738 $ (8,728) -1.8% $ (21,639) -4.6% 45A GOLF MAINTENANCE-CORTEZ $ 70,876 $ (9,916) $ 414,376 $ (7,031) -1.7% $ (1,261) -0.3% 45B GOLF MAINTENANCE-MAGELLAN $ 77,928 $ 14,512 $ 454,235 $ (1,135) -0.3% $ (4,337) -1.0% 46A GOLF MAINTENANCE-CORONADO $ 50,684 $ (7,594) $ 290,659 $ (8,614) -3.1% $ 17, % 46B GOLF MAINTENANCE-ISABELLA $ 104,343 $ 13,287 $ 606,936 $ (6,501) -1.1% $ (21,042) -3.6% 47A GOLF MAINTENANCE-BALBOA $ 71,464 $ 14,036 $ 388,780 $ 1, % $ (11,334) -3.0% 47C GOLF MAINTENANCE-PONCE $ 100,438 $ 6,942 $ 469,394 $ (30,879) -7.0% $ 16, % 48A GOLF COURSE CONSTRUCTION $ 11,587 $ (13,737) $ 37,952 $ (29,992) % $ (10,686) -39.2% SUB TOTAL $ 806,767 $ 31,528 $ 4,587,638 $ (62,013) -1.4% $ (60,259) -1.3% PLAN & INSP. 50A PLANNING AND INSPECTIO $ 22,745 $ 10,090 $ 146,203 $ 26, % $ 49, % 52A ANIMAL CONTROL $ 9,855 $ 1,555 $ 70,755 $ 5, % $ 4, % SUB TOTAL $ 32,600 $ 11,645 $ 216,958 $ 31, % $ 54, % PUBLIC WORKS 60A ADMINISTRATION-PUBLIC $ 21,617 $ (3,887) $ 116,108 $ 7, % $ 6, % 61A SANITATION DEPARTMENT $ 74,242 $ 40,263 $ 457,671 $ (10,891) -2.4% $ 63, % 62B WATER DEPARTMENT $ 118,794 $ (23,594) $ 686,857 $ 12, % $ 22, % 64B WASTE WATER DEPARTMENT $ 135,350 $ (4,887) $ 929,495 $ (40,709) -4.6% $ (88,036) -10.5% 65A GEN MAINT & STREETS $ 181,037 $ (10,837) $ 676,161 $ 13, % $ (190,207) -39.1% 65B PARKS AND GROUNDS MAIN $ - $ - $ - $ - $ - 66A BUILDING MAINTENANCE $ 12,422 $ 503 $ 117,900 $ (8,950) -8.2% $ (25,003) -26.9% 69A VEHICLE MAINTENANCE $ 6,037 $ (32,332) $ 46,549 $ (654) -1.4% $ (11,194) 90A CONSTRUCTION $ (680) $ (5,430) $ 221,688 $ (9,788) -4.6% $ 52, % SUB TOTAL $ 548,819 $ (40,201) $ 3,252,428 $ (37,972) -1.2% $ (168,558) -5.5% TOTAL OPERATING EXP $ 2,088,857 $ 103,776 $ 13,608,817 $ (48,235) -0.4% $ (263,768) -2.0% 8

9 HSVPOA - Capital Expense Summary - July 31, Year over Year at July B = Better or Positive Number/% (w) = worse or negative number/% --Month of July Year to Date thru July 31, Budget 2013 vs 2012 Amt Budget Amt Amt % Amt % ADMINISTRATION 05A ADMINISTRATION $ 629 $ (629) $ 6,318 $ (618) -10.8% $ 52, A INFORMATION TECHNOLOGY $ 6,413 $ (713) $ 40,915 $ (6,715) -19.6% $ (40,915) SUB TOTAL $ 7,042 $ (1,342) $ 47,233 $ (7,333) -18.4% $ 11, PUBLIC SAFETY 10A POLICE $ - $ 4,000 $ 36,181 $ (181) -0.5% $ 5, % 11A AMBULANCE SERVICE $ - $ - $ - $ - $ 3, A FIRE $ - $ - $ - $ - $ 3, SUB TOTAL $ - $ 4,000 $ 36,181 $ (181) -0.5% $ 12, % CLUB SERVICES 20A DESOTO CLUB $ - $ - $ - $ - $ 2, A ISABELLA CLUB SERVICE $ - $ - $ - $ - $ 3, A MULLIGAN'S AT PONCE $ - $ - $ - $ - $ 1, SUB TOTAL $ - $ - $ - $ - $ 6, RECREATION 30B RECREATION MTCE $ - $ - $ 98,677 $ 32, % $ (61,333) A CORONADO FITNESS CENTE $ 5,059 $ 17,941 $ 40,837 $ (1,037) -2.6% $ (31,167) A PONCE DE LEON CENTER $ 8,267 $ (8,267) $ 8,267 $ (8,267) $ 42, % SUB TOTAL $ 13,326 $ 9,674 $ 147,781 $ 23, % $ (49,539) -10 GOLF COURSES 40A DESOTO GOLF SHOP & CAR $ - $ - $ - $ - $ 6, C GRANADA GOLF SHOP & CA $ - $ - $ - $ - $ 2, A CORTEZ GOLF SHOP & CAR $ - $ - $ 101,250 $ - $ (101,250) 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 $ - $ - $ - $ - $ 119, A GOLF MAINTENANCE-DESOT $ 24,536 $ (24,536) $ 330,140 $ 27, % $ (289,543) % 44B GOLF MAINTENANCE-GRANA $ - $ - $ 61,107 $ (5,507) -9.9% $ 3, A GOLF MAINTENANCE-CORTE $ - $ - $ 67,395 $ (15,895) -30.9% $ (26,879) 10 45B GOLF MAINTENANCE-MAGEL $ - $ - $ 63,362 $ (9,362) -17.3% $ 103, % 46A GOLF MAINTENANCE-CORON $ - $ 25,000 $ 41,262 $ (1,262) -3.2% $ 8, % 46B GOLF MAINTENANCE-ISABE $ - $ - $ 61,007 $ (2,007) -3.4% $ (35,847) % 47A GOLF MAINTENANCE-BALBO $ - $ - $ 51,063 $ (5,063) -11.0% $ 22, % 47C GOLF MAINTENANCE-PONCE $ - $ - $ 75,431 $ % $ 1, % SUB TOTAL $ 24,536 $ 464 $ 852,017 $ (10,667) -1.3% $ (170,562) -25.0% 9

10 B = Better or Positive Number/% (w) = worse or negative number/% HSVPOA - Capital Expense Summary - July 31, Month of July Year to Date thru July 31, Year over Year at July 2013 vs 2012 Budget Amt Budget Amt Amt % Amt % PLANNING/ANIMAL CONTROL 52A ANIMAL CONTROL $ - $ - $ - $ - $ 4,928 SUB TOTAL $ - $ - $ - $ - $ 4,928 PUBLIC WORKS 61A SANITATION DEPARTMENT $ 98,299 $ 2,701 $ 98,299 $ 2,701 $ (98,299) 62B WATER DEPARTMENT $ - $ - $ - $ - $ B WASTE WATER DEPARTMENT $ - $ 5,000 $ 14,963 $ % $ (5,106) 65A GEN MAINT & STREETS $ 6,680 $ 2,120 $ 31,956 $ (6,956) -27.8% $ (15,736) -97.0% SUB TOTAL $ 104,979 $ 9,821 $ 145,218 $ (4,218) -3.0% $ (119,141) % TOTAL PURCHASED CAPITAL $ 149,883 $ 22,617 $ 1,228,430 $ 1, % $ (303,284) -32.8% CONSTRUCTED UTIL CAPITAL EQUIPMENT $ - $ - $ - $ - $ - WATER PLANT EXPANSION $ 453,608 $ 21,392 $ 1,628,091 $ 1, % $ (1,533,028) % WATER EXTENSIONS $ - $ - $ 14,740 $ 2, % $ 64, % WATER SERVICES $ 619 $ (619) $ 4,468 $ % $ (950) -27.0% SEWER EXTENSIONS $ - $ - $ 3,369 $ 2, % $ 12, % SEWER SERVICES $ - $ - $ 3,231 $ 3, % $ % ELECTRICAL $ - $ - $ 6,412 $ 5, % $ 8, INTERCEPTOR TANKS $ 27,652 $ (6,817) $ 145,625 $ (3,290) -2.3% $ (12,748) -9.6% GENERAL ENGINEERING $ - $ - $ - $ 17, $ 32, VARIABLE LABOR $ - $ - $ - $ - $ - SUB TOTAL CONSTRUCTED CAPITAL $ 481,879 $ 13,956 $ 1,805,936 $ 29, % $ (1,429,141) % LESS: REIMBURSEMENTS-CONSTRUCTED UTILITY CAPITAL ELECTRICAL CONNECT REIMB $ (3,780) $ 445 $ (21,420) $ (2,515) 10.5% $ 1, % INTERCEPTOR TANK REIMB $ (27,652) $ 6,817 $ (145,625) $ 3, % $ 12, % SUB TOTAL REIMBURSEMENTS $ (31,432) $ 7,262 $ (167,045) $ % $ 14, % TOTAL CONST UTILITY CAPITAL $ 450,447 $ 21,218 $ 1,638,891 $ 30, % $ (1,414,913) % GRAND TOTAL CAPITAL $ 600,330 $ 43,835 $ 2,867,321 $ 31, % $ (1,718,197) % 10

11 HSV POA ASSESSMENT RECEIVABLE AGING, POA LOT INVENTORY & PREPAID ASSESSMENTS 7/31/13 Days Past Due December 2011 December 2012 June 2013 July 2013 Accts Amount Accts Amount Accts Amount Accts Amount 30 Days 1,337 $ 43, ,096 $ 22, $ 23, $ 28, Days 913 $ 64, $ 28, $ 21, $ 22, Days 375 $ 39, $ 18, $ 23, $ 16, Days 268 $ 38, $ 17, $ 11, $ 21, Days 185 $ 31, $ 21, $ 13, Days 113 $ 23, $ 51, $ 26, Days 221 $ 55, $ 11, $ 49, Days 70 $ 19, $ 19, $ 10, to 240 Days 491 $ 105, $ 129, $ 103, $ 99, Days 48 $ 15, $ 17, $ 21, Days 67 $ 23, $ 19, $ 19, Days 44 $ 17, $ 27, $ 20, Days 125 $ 53, $ 34, $ 24, to 365 Days 264 $ 139, $ 110, $ 98, $ 86, Over 365 Days 5065 $ 5,801, $ 7,208, $ 8,228, $ 8,368, Total 8,713 $ 6,231, $ 7,535, $ 8,511, $ 8,643, PREPAID ASSESSMENTS 10,229 $ 2,032, ,315 $ 1,951, ,574 $ 1,778, ,914 $ 1,889, Total Property Owners: 34, ,148 34,149 POA OWNED LOTS Jun-12 1,386 Jul-12 1,503 Jun-13 2,061 Jul-13 2,086 11

12 HSVPOA - ASSESSMENTS BILLED AND CASH RECEIVED BY MONTH to 2013 JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER TOTAL Comparative 7 months through July REVENUE ASSESSMENTS BILLED 1,236,168 1,236,168 1,236,168 1,236,168 1,236,168 1,236,168 1,236,168 8,653,176 8,653,176 (includes other assessments) Actual Assessments Received 1,626, , , , , ,276 1,132,871 6,782,021 6,782,021 % OF ASSESSMENT $ RECEIVED 131.5% 58.2% 67.5% 70.9% 53.1% 75.7% 91.6% 78.4% 78.4% (389,853) 517, , , , , , ,871,155 1,871,155 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 8,652,420 (includes other assessments) - Actual Assessments Received 1,462, , , , ,839 1,054,871 1,086, , , , ,127 2,096,894 11,890,259 6,927,492 % 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% 80.1% (226,302) 440, , , , , , , , , ,933 (860,834) 2,942,461 1,724,928 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 8,652,420 (includes other assessments) - Actual Assessments Received 1,430, , , , ,567 1,079,430 1,010, , , , ,736 2,272,870 11,993,957 6,715,625 % 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% 77.6% (194,450) 466, , , , , , , , , ,324 (1,036,810) 2,838,763 1,936,795 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 8,672,148 (includes other assessments) - Actual Assessments Received 1,357, , , , ,957 1,115,474 1,112, , , , ,702 2,325,302 12,398,883 7,005,747 % 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% 80.8% (102,630) 413, , , , , , , , , ,358 (1,089,242) 2,453,565 1,666,401 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 7,711,604 - Actual Assessments Received 1,568, , , , ,495 1,066,237 1,007, , , , ,914 2,497,056 11,804,947 6,646,398 % 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% 86.2% (451,266) 443, , , ,506 32,764 91, , , , ,087 (1,397,956) 1,401,761 1,065,206 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 7,718,400 - Actual Assessments Received 1,509, , , , ,303 1,016,909 1,010, , , , ,807 2,524,692 12,418,662 6,990,005 % 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% 90.6% (396,303) 238, , , ,041 79,611 99, , , , ,713 (1,426,100) 779, ,395 12

13 AVAILABLE CASH UNRESTRICTED AND RESERVES AS OF: July July $ 12,783, $ 11,852, $ 200, WORK COMP $ 200, $ 4,719, WATER PLANT $ 3,977, $ 1,453, CAPITAL RESERVE $ 2,208, $ 300, BLDG RESERVE $ 300, $ 1,101, BOND $ 481, $ 35, HEALTH $ (36,847.29) $7,810, TOTAL RESERVES $7,130, $4,973, OPERATING CASH $4,722,

14 PROPERTY OWNERS ASSOCIATION BALANCE SHEET ASSETS PAGE: 1 BALANCE BALANCE BEGIN July 31, 2013 OF YEAR CHANGE CASH AND INVESTMENTS 11,852, ,045, (1,192,501.08) DUE FROM MEMBERS: ASSESSMENTS 298, , , APPROVED MEMBER ACCT/REC 65, , (32,281.84) WATER SEWER & SANITATION 17, , (946,631.02) ASMT PENALTY & INTEREST) 15, , (11,917.34) COOPER COMMUNITIES 1, , TOTAL DUE FROM MEMBERS 398, ,349, (950,707.01) OTHER ACCOUNTS RECEIVABLE: ACCRUED INT. RECEIVABLE (12,374.40) 9, (21,414.79) OTHER RECEIVABLES (25.00) TOTAL RECEIVABLES (12,049.40) 9, (21,439.79) INVENTORIES: CONSTRUCTION MATERIALS 120, , (56,895.95) FOOD AND BEVERAGE 24, , AUTOMOTIVE & FUEL 39, , (8,280.57) HORTICULTURE 337, , , ELECTRICAL 42, , TOTAL INVENTORIES 564, , , PREPAID EXPENSES 252, , , REAL ESTATE HELD FOR SALE 1,507, ,237, , RECOVERABLE ELECTRIC COSTS 3,984, ,000, (15,007.56) PROPERTY, PLANT, EQUIPMENT: PURCHASED ASSETS 116,263, ,381, ,882, CONTRIBUTED ASSETS 66,155, ,155, ,419, ,537, ,882, LESS ACCUMULATED DEPR (118,999,369.19) (116,778,578.15) (2,220,791.04) NET PROPERTY,PLANT& EQIP 63,420, ,758, , TOTAL ASSETS 81,968, ,962, (993,267.53) 14

15 PROPERTY OWNERS ASSOCIATION BALANCE SHEET ASSETS PAGE: 2 BALANCE BALANCE BEGIN July 31, 2013 OF YEAR CHANGE ACCOUNTS PAYABLE 508, , , ACCRUED EXPENSES 1,628, ,473, , DUE TO MEMBERS: PREPAID ASSESSMENTS 1,889, ,951, (62,919.54) SECURITY DEPOSITS & OTHER 566, ,036, (1,470,311.26) INTERCEPTOR TANK DEPOSITS 125, , , COMM SVC FEE TO REFUND 13, , (107,379.90) TOTAL DUE TO MEMBERS 2,594, ,200, (1,605,657.26) INSTALLMENT NOTES PAYABLE BONDS PAYABLE 2,345, ,345, ACCRUED BOND INT 28, , , LESS UNAMORTIZED DISCOUNT TOTAL BONDS PAYABLE 2,373, ,366, TOTAL LIABILITIES 7,105, ,475, (1,369,766.02) MEMBERS EQUITY CONTRIBUTED BY COOPER COM.INC 72,419, ,419, GRANADA GOLF COURSE-CCI 1,795, ,795, FROM OPERATIONS - PRIOR YEARS 272, , =- THIS YEAR 376, , TOTAL MEMBER EQUITY 74,863, ,486, , TOTAL LIABILITIES & EQUITY 81,968, ,962, (993,267.53) 15

16 Revenue JULY MTD MTD Difference YTD YTD Difference Member Green Fee $268,514 $271,857 $3,343 $1,633,926 $1,276,141 ($357,785) Family Green Fee $21,863 $22,047 $184 $121,438 $85,869 ($35,569) NPO Green Fee $64,167 $58,903 ($5,264) $436,409 $413,392 ($23,017) Annual Green Fee $22,000 $26,832 $4,832 $880,435 $975,202 $94,767 Driving Range $17,132 $19,711 $2,579 $107,031 $99,912 ($7,119) Tee Time Registration $0 $0 Golf Coupons $0 $40 ($40) Cart Flags $56 ($56) $1,632 $1,488 ($144) Member Carts $131,342 $136,469 $5,127 $785,052 $631,928 ($153,124) Family Carts $11,083 $11,305 $222 $63,081 $43,465 ($19,616) NPO Carts $23,483 $21,453 ($2,030) $165,930 $158,731 ($7,199) Unlimited Annual Cart Reg. $208 $2,272 $2,064 $128,743 $133,920 $5,177 Daily Annual Cart Reg. $200 $496 $296 $21,196 $19,768 ($1,428) Daily Use Cart Fee $4,596 $5,569 $973 $29,276 $23,800 ($5,476) Annual Cart Seat Lease $6,720 $6,104 ($616) $282,274 $298,213 $15,939 Trail Fee $4 $4 $25 $25 Handicap $568 $368 ($200) $46,552 $43,752 ($2,800) Vending Income $706 ($706) $3,231 $242 ($2,989) Contractual Receipts/Misc. $8 ($56) ($64) $1,795 $851 ($944) Escapes Gift Certificates $0 $6,195 $6,195 Total $572,646 $583,334 $10,688 $4,708,041 $4,212,894 ($495,147) Rounds MTD MTD Difference YTD YTD Difference DeSoto 4,022 0 (4,022) 23,411 8,844 (14,567) Cortez 4,221 4, ,610 21,942 (2,668) Coronado 3,662 3,580 (82) 17,403 14,356 (3,047) Balboa 4,141 4, ,472 18,927 (3,545) Ponce de Leon 4,325 4, ,403 20,434 (1,969) Magellan 0 3,841 3,841 14,811 19,081 4,270 Isabella 5,244 5, ,704 27,417 (4,287) Granada 4,108 4, ,078 22,315 (2,763) Total 29,723 30,885 1, , ,316 (28,576) 2013 Golf Reports Printed 8/14/2013 8:27 AM 16

17 . Rounds and Revenue 2013 Budget vs. Actual 2013 July YTD July YTD Rounds Rounds Revenue Revenue Budget Actual Budget Actual Budget Actual Budget Actual Desoto 3,402-19,225 8,844 $ 58,925 $ 4,467 $ 500,405 $ 316,887 Cortez 3,488 4,747 21,831 21,942 $ 72,390 $ 85,157 $ 576,640 $ 557,846 Coronado 3,187 3,580 14,442 14,356 $ 39,215 $ 53,505 $ 385,735 $ 369,008 Balboa 3,432 4,349 18,040 18,927 $ 66,245 $ 79,129 $ 543,251 $ 508,953 Ponce 3,645 4,526 19,670 20,434 $ 67,080 $ 81,996 $ 542,640 $ 539,921 Magellan 3,954 3,841 20,469 19,081 $ 63,465 $ 75,329 $ 532,765 $ 537,802 Isabella 4,734 5,557 28,077 27,417 $ 101,855 $ 110,754 $ 747,960 $ 700,598 Granada 4,263 4,285 24,340 22,315 $ 87,235 $ 92,622 $ 651,175 $ 629,536 Admin n/a n/a $ 1,490 $ 374 $ 50,180 $ 52,343 Totals 30,105 30, , ,316 $ 557,900 $ 583,334 $ 4,530,751 $ 4,212, vs vs July YTD July YTD 2013 Rounds Rounds Revenue Revenue Desoto 4,022-23,411 8,844 $ 77,232 $ 4,467 $ 569,959 $ 316,887 Cortez 4,221 4,747 24,610 21,942 $ 78,309 $ 85,157 $ 607,279 $ 557,846 Coronado 3,662 3,580 17,403 14,356 $ 49,640 $ 53,505 $ 394,715 $ 369,008 Balboa 4,141 4,349 22,472 18,927 $ 78,013 $ 79,129 $ 569,980 $ 508,953 Ponce 4,325 4,526 22,403 20,434 $ 84,732 $ 81,996 $ 579,763 $ 539,921 Magellan - 3,841 14,811 19,081 $ 3,712 $ 75,329 $ 425,670 $ 537,802 Isabella 5,244 5,557 31,704 27,417 $ 110,078 $ 110,754 $ 811,286 $ 700,598 Granada 4,108 4,285 25,078 22,315 $ 90,298 $ 92,622 $ 699,327 $ 629,536 Admin n/a n/a n/a n/a $ 632 $ 374 $ 50,062 $ 52,343 Totals 29,723 30, , ,316 $ 572,646 $ 583,334 $ 4,708,041 $ 4,212, Golf Reports Printed 8/14/2013 8:27 AM 17