Reconciliation of Available Cash (Based on mid-year projections) YTD Actual Revenue vs. YTD Budget by Department
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2 Hot Springs Village POA Executive Summary & Financial Dashboard as of July 31, 2014 EXECUTIVE SUMMARY: HSVPOA ended the month of July with $6.2mil of cash and cash equivalents, with planned spending according to the reconciliation below. Outstanding liabilities total $7.765mil, with $2.085mil relating to outstanding bond debt. MTD and YTD revenues are $2.302mil and $18.319mil, respectively. YTD Food & Beverage, Public Works, and Plannning & Inspection revenues are tracking behind their total annual budget. MTD and YTD expenses before depreciation are $3.076mil and $16.652mil, respectively. Net YTD results indicate tracking towards being under budget by approximately $407k. The forecasted impact to cash is being monitored and addressed by holding just under $557k of capital projects, as detailed below. YTD Capital spending totals $3.965mil of the $5.767mil budgeted, as detailed on the Statement of Capital Additions July 31, 2014 Cash & Cash Equivalent Balance $ 6,247,210 Operational decisions made to address forecast deficit Petty Cash Funds (15,225) include the following 2014 budgeted projects on hold Year End Balance Recommended by Auditor (2,000,000) PD Gate Projects $ 57,500 Restricted Funds (Insurance Premiums) (688,451) PW - East Gate 400, Remaining Pending Capital Per Budget (1,802,244) Admin Growth Projects 100,000 Desoto Insurance Proceeds Reserved (439,307) $ 557,500 Forecasted Year End Cash Increase (Decrease) (407,500) Prepaids Related to Future Year - Currently Reserved for Future Capital (1,375,575) Forecasted Available Excess (Deficit) Funds $ (481,092) Capital Projects Placed on Hold $ 557,500 Reconciliation of Available Cash (Based on mid-year projections) YTD Actual Revenue vs. YTD Budget by Department YTD Actual Rev YTD Budgeted Rev $4,655,426 $3,314,998 $3,742,070 $4,067,373 $405,633 $387,400 $105,135 $118,500 $137,960 $74,830 $675,473 $799,200 Public Safety Public Works Planning & Inspection Food & Beverage Golf Recreation 3 Year YTD Revenue Comparison $7,000,000 Membership Assessment Receivable 90 and under, $72, to 240 Days, 241 to $123, Days, $82,360 Prepaid, $1,891,185 $5,500,000 $4,000,000 Excess (Deficit) Before Depr. $2,500,000 #DIV/0! #DIV/0! $1,000, YTD YTD YTD Assessments Received $6,927,492 $6,782,021 $6,591,840 Golf Revenue $4,708,041 $4,212,894 $4,067,373 Public Works Revenue $3,337,918 $3,173,366 $3,314,998 All Other Revenue $2,318,774 $1,554,783 $2,111,806 Over 365 Days, $10,597,501
3 HOT SPRINGS VILLAGE POA Statement of Financial Position as of July 31, 2014 and 2013 July July ASSETS CASH AND CASH EQUIVALENTS $ 6,247,210 $ 11,852,897 MEMBERSHIP ASSESSMENT RECEIVABLE GROSS 12,766,695 9,646,216 LESS ALLOWANCE FOR DOUBTFUL ACCOUNTS (12,446,292) (9,332,265) OTHER MEMBERSHIP RECEIVABLES 128,144 84,841 OTHER RECEIVABLES 9,602 (11,049) INVENTORIES 631, ,221 PREPAID EXPENSES 304, ,295 REAL ESTATE HELD FOR SALE, NET REALIZABLE VALUE 1,959,511 1,507,651 RECOVERABLE ELECTRIC COSTS GROSS 8,000,000 8,000,000 LESS ALLOWANCE FOR UNCOLLECTIBILITY (4,000,000) (4,000,000) PROPERTY AND EQUIPMENT, Net of Accumulated Depr. 67,302,256 63,405,065 TOTAL ASSETS $ 80,903,660 $ 81,968,871 LIABILITIES AND MEMBERSHIP EQUITY LIABILITIES ACCOUNTS PAYABLE $ 876,289 $ 522,029 ACCRUED EXPENSES 1,813,097 1,632,211 PREPAID MEMBERSHIP ASSESSMENTS AND OTHER FEES 1,860,429 1,889,048 SECURITY DEPOSITS & OTHER DEPOSITS 1,130, ,774 BONDS PAYABLE 2,085,000 2,345,000 TOTAL LIABILITIES 7,765,329 7,102,062 MEMBERSHIP EQUITY UNDESIGNATED 71,914,279 71,914,279 DESIGNATED FOR FUTURE REPAIRS & REPLACEMENT 1,224,052 2,952,530 TOTAL MEMBERSHIP EQUITY 73,138,331 74,866,809 TOTAL LIABILITIES AND MEMBERSHIP EQUITY $ 80,903,660 $ 81,968,871
4 HOT SPRINGS VILLAGE POA Statement of Revenue and Expenses For the One Month and Seven Months Ended July 31, 2014 Positive CURRENT MTD (Negative) CURRENT ANNUAL MONTH BUDGET Variance Y.T.D. BUDGET % Membership Assessment Revenue $ 1,262,306 $ 1,161,000 $ 101,306 $ 8,827,776 $ 11,819,000 Less Provision for Bad Debt (273,618) - (273,618) (1,892,200) - Net Membership Assessment Revenue 988,688 1,161,000 (172,312) 6,935,575 11,819,000 59% Administration REVENUE 321, , , , ,390 EXPENSE (564,277) (246,095) (318,182) (2,298,345) (2,902,453) 63% DEPRECIATION (3,501) (24,504) Net Administration (245,977) (145,340) (1,537,223) (2,391,063) Public Safety REVENUE 5,259 4, , ,900 54% EXPENSE (218,759) (365,275) 146,516 (2,380,440) (4,418,382) 54% DEPRECIATION (7,333) (51,333) Net Public Safety (220,833) (360,300) (2,026,140) (3,666,482) Public Works REVENUE 11,614 86,190 (74,576) 3,314,998 7,003,180 47% EXPENSE (836,618) (354,197) (482,421) (3,659,597) (6,608,747) 55% DEPRECIATION (147,535) (1,032,747) Net Public Works (972,539) (268,007) (1,377,347) 394,433 Planning & Inspection REVENUE 10,808 19,900 (9,092) 105, ,500 50% EXPENSE (26,967) (33,715) 6,748 (196,819) (397,417) 50% DEPRECIATION - - Net Planning & Inspection (16,159) (13,815) (91,684) (185,917) Food & Beverage REVENUE 22,777 30,675 (7,898) 137, ,920 48% EXPENSE (31,113) (38,730) 7,617 (236,755) (483,360) 49% DEPRECIATION (6,869) (48,087) Net Food & Beverage (15,205) (8,055) (146,882) (198,440) Golf REVENUE 596, ,320 (5,978) 4,067,373 6,732,961 60% EXPENSE (850,675) (652,155) (198,520) (4,561,793) (7,887,612) 58% DEPRECIATION (83,845) (586,915) Net Golf (338,178) (49,835) (1,081,335) (1,154,651) Recreation REVENUE 71,198 70, ,473 1,035,965 65% EXPENSE (274,114) (184,639) (89,475) (1,427,030) (2,375,681) 60% DEPRECIATION (34,373) (240,615) Net Recreation (237,290) (113,654) (992,171) (1,339,716) Total Operations REVENUE 2,302,103 2,076, ,303 18,319,973 28,350,816 65% EXPENSE (3,076,140) (1,874,806) (1,201,334) (16,652,980) (25,073,652) 66% Excess (Deficit) Before Depr. (774,037) 201,994 (976,031) 1,666,993 3,277,164 51% Depreciation (283,457) (1,984,199) Total Excess (Deficit) from Operations $ (1,057,494) $ (317,206)
5 HOT SPRINGS VILLAGE POA Statement of Capital Additions For the Seven Months Ended July 31, 2014 YTD Annual Budget 2014 Budget Remaining Administration $ 77,145 $ 593,500 $ 516,355 Public Safety 57, ,750 $ 56,580 Public Works 471,929 1,340,527 $ 868,598 Club Services and Facilities 4,849 25,000 $ 20,151 Golf* 873, ,270 $ (30,059) Parks and Recreation 335, ,389 $ 109,487 Construction 2,144,918 2,406,051 $ 261,133 Total Capital Additions $ 3,965,243 $ 5,767,487 $ 1,802,244 *Overages on equipment purchased for Magellan & Ponce were offset by $35k of auction proceeds.
6 Revenue JULY MTD MTD Difference YTD YTD Difference Member Green Fee $271,857 $266,943 ($4,914) $1,276,141 $1,245,666 ($30,475) Family Green Fee $22,047 $18,824 ($3,223) $85,869 $61,910 ($23,959) NPO Green Fee $58,903 $66,668 $7,765 $413,392 $399,561 ($13,831) Annual Greens Fee $3,408 $703,090 Semi-annual Greens Fee $35,648 $216,216 Total Annual Greens Fee $26,832 $39,056 $12,224 $975,202 $919,306 ($55,896) Driving Range $19,711 $17,763 ($1,948) $99,912 $96,429 ($3,483) Golf Coupons $0 $0 Cart Flags $295 $295 $1,488 $1,743 $255 Member Carts $136,469 $130,449 ($6,020) $631,928 $606,438 ($25,490) Family Carts $11,305 $10,200 ($1,105) $43,465 $33,956 ($9,509) NPO Carts $21,453 $25,611 $4,158 $158,731 $164,602 $5,871 Unlimited Annual Cart Reg. $2,272 ($2,272) $133,920 $134,080 $160 Daily Annual Cart Reg. $496 $416 ($80) $19,768 $21,160 $1,392 Daily Use Cart Fee $5,569 $6,109 $540 $23,800 $26,316 $2,516 Annual Cart Seat Lease $464 $201,718 Semi-annual Cart Seat Lease $10,280 $71,704 Total Annual Cart Seat Lease $6,104 $10,744 $4,640 $298,213 $273,422 ($24,791) Handicap $368 $544 $176 $43,752 $41,840 ($1,912) Vending Income $863 $863 $242 $1,893 $1,651 Contractual Receipts/Misc. ($56) $1,857 $1,913 $851 $39,051 $38,200 Escapes Gift Certificates $0 $6,195 ($6,195) Total $583,334 $596,342 $13,008 $4,212,894 $4,067,373 ($145,521) Rounds MTD MTD Difference YTD YTD Difference DeSoto 0 2,533 2,533 8,844 7,101 (1,743) Cortez 4,747 3,858 (889) 21,942 21,348 (594) Coronado 3,580 3,282 (298) 14,356 13,312 (1,044) Balboa 4,349 3,608 (741) 18,927 17,982 (945) Ponce de Leon 4,526 3,818 (708) 20,434 19,052 (1,382) Magellan 3,841 3,074 (767) 19,081 17,149 (1,932) Isabella 5,557 4,775 (782) 27,417 25,541 (1,876) Granada 4,285 4,059 (226) 22,315 21,109 (1,206) Total 30,885 29,007 (1,878) 153, ,594 (10,722) 2014 Golf Reports.xlsx Printed 8/13/2014 3:45 PM
7 . Rounds and Revenue 2014 Budget vs. Actual 2014 July YTD July YTD Rounds Rounds Revenue Revenue Budget Actual Budget Actual Budget Actual Budget Actual Desoto 3,542 2,533 19,188 7,101 $ 80,590 $ 55,192 $ 474,075 $ 302,818 Cortez 3,427 3,858 21,448 21,348 $ 75,595 $ 75,116 $ 601,855 $ 541,564 Coronado 3,131 3,282 14,189 13,312 $ 38,700 $ 49,547 $ 382,825 $ 349,255 Balboa 3,372 3,608 17,724 17,982 $ 68,055 $ 71,459 $ 565,290 $ 490,770 Ponce 3,581 3,818 19,275 19,052 $ 68,730 $ 75,198 $ 561,005 $ 509,640 Magellan 3,685 3,074 19,859 17,149 $ 70,820 $ 66,471 $ 551,490 $ 494,567 Isabella 4,651 4,775 27,585 25,541 $ 107,835 $ 103,150 $ 782,226 $ 673,295 Granada 4,188 4,059 23,913 21,109 $ 91,325 $ 98,053 $ 680,085 $ 624,350 Admin n/a n/a $ 670 $ 2,156 $ 56,575 $ 44,897 Misc $ 36,217 Totals 29,577 29, , ,594 $ 602,320 $ 596,342 $ 4,655,426 $ 4,067, vs vs July YTD July YTD 2014 Rounds Rounds Revenue Revenue Desoto - 2,533 8,844 7,101 $ 4,467 $ 55,192 $ 316,887 $ 302,818 Cortez 4,747 3,858 21,942 21,348 $ 85,157 $ 75,116 $ 557,846 $ 541,564 Coronado 3,580 3,282 14,356 13,312 $ 53,505 $ 49,547 $ 369,008 $ 349,255 Balboa 4,349 3,608 18,927 17,982 $ 79,129 $ 71,459 $ 508,953 $ 490,770 Ponce 4,526 3,818 20,434 19,052 $ 81,996 $ 75,198 $ 539,921 $ 509,640 Magellan 3,841 3,074 19,081 17,149 $ 75,329 $ 66,471 $ 537,802 $ 494,567 Isabella 5,557 4,775 27,417 25,541 $ 110,754 $ 103,150 $ 700,598 $ 673,295 Granada 4,285 4,059 22,315 21,109 $ 92,622 $ 98,053 $ 629,536 $ 624,350 Admin n/a n/a n/a n/a $ 374 $ 2,156 $ 52,343 $ 44,897 Totals 30,885 29, , ,594 $ 583,334 $ 596,342 $ 4,212,894 $ 4,031, Golf Reports.xlsx Printed 8/13/2014 3:45 PM
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