Welcome to the Annual Meeting September 15, 2015 8:00 p.m. North Lounge, Clubhouse 43 Heritage Drive Avon, CT 06001
Note: The Financial information included within this report does not reflect any proposed audit adjusting entries as of 6/30/15 as the audit is still in progress. Financial information presented could be materially adjusted.
Master Association ~ Administration 2014-2015 2014-2015 2015-2016 Administration Budget Actual Budget Revenue $4,796,576 $4,803,361 $4,886,713 Staff Expense $450,101 $442,062 $463,678 Contribution to Reserves $2,084,298 $2,084,298 $992,827 Total Expense $2,156,072 $1,083,483 $2,253,716 Net $2,640,504 $1,635,581 $2,633,001
Master Association ~ Pools & Courts, Recreation 2014-2015 2014-2015 2015-2016 Pools & Courts, Recreation Budget Actual Budget Revenue $1,800 $3,690 $1,800 Staff Expense $44,415 $49,144 $47,812 Total Expense $95,307 $89,529 $107,632 Net ($93,507) ($85,839) ($105,832)
More on Pools, Courts and Recreation Utilizing communications to foster lessons, competitive play and social events Instructed water aerobics well received, swimming lessons Byron pool coping, tiles, re-surfacing planned Mallard trees removed yielding more activity New pool chairs and umbrellas purchased, restroom updates planned Guilford opened for two additional weeks in September Guilford Park: Two donated playscapes, basketball backboard installed, see-saw donated, rehabbed gazebo, picnic tables Pools and tennis open house Memorial Day Multi-purpose soccer field
Master Association ~ Restaurant 2014-2015 2014-2015 2015-2016 Restaurant Budget Actual Budget Food Sales $654,950 $611,173 $661,950 Beverage Sales $267,700 $235,913 $272,050 Gross Profit & Other Income $614,905 $548,144 $624,103 Staff Expenses $594,450 $543,018 $601,377 Total Expense $761,301 $699,669 $764,007 Common Charge $145,000 $150,944 $145,000 Net ($1,396) ($581) $5,096 Activity and sales moderated-late golf, smaller outings Making special events memorable and successful Continuing to work on access issues Social memberships; 9 currently and 13 non-resident golf members New espresso/cappuccino machine Tried it? Outdoor concerts, at soccer field Updated menus, drink specials, Trivia Nights!
More on the Restaurant Customer comments very positive Flatbread pizzas very popular Ladies night every Wednesday with drink specials Many successful events with large turnouts New banquet room carpeting planned for November Management promotions
Master Association ~ Miscellaneous Maintenance 2014-2015 2014-2015 2015-2016 Misc. Maintenance Budget Actual Budget Staff Expense $437,336 $428,855 $447,387 Total Expense $599,205 $575,725 $614,301 Net ($445,637) ($422,355) ($456,195) Recently converted to outsourcing with upgraded service and equipment at comparable costs Before After Deep Cleaning and resurfacing of the MA Office ladies room floor.
Master Association ~ Buildings 2014-2015 2014-2015 2015-2016 Buildings Budget Actual Budget Staff Expense $685,582 $634,986 $705,456 Repair and Maintenance including Staining $434,200 $326,171 $311,000 Total Expense $1,345,142 $1,257,786 $1,264,742 Net ($1,180,561) ($1,092,041) ($1,096,768) Ashford streets complete Rehab continues on Chestnut & Woods Hollow Maple, Walnut, Sycamore & 32-42 Heritage siding/roofing project nearly complete What do you think? Bid process for first phase of Applewood/Conifer cedar siding rehab and staining with a 9 year warranty/stain cycle Ice dam issues Tops software being implemented
More on Building Rehabilitation
More on Buildings Curb Appeal Roof moss treatments continue
Master Association ~ Grounds 2014-2015 2014-2015 2015-2016 Grounds Budget Actual Budget Staff Expense $873,895 $837,183 $895,775 Total Expense $1,122,617 $1,059,475 $1,200,390 Net ($860,447) ($797,305) ($929,907) Emphasis on curb appeal and tree/shrub control near buildings Bi-annual mulch project this coming spring Neighborhood renewal
Master Association ~ Golf 2014-2015 2014-2015 2015-2016 Golf Budget Actual Budget Member Fees-Residents $350,000 $335,346 $355,000 Member Fees- Non Res. $460,000 $423,037 $445,000 Greens Fees $151,000 $124,057 $149,000 Cart Rentals $183,000 $156,833 $175,000 Total Revenues $1,208,000 $1,095,786 $1,186,700 Staff Expense $629,164 $591,670 $612,663 Total Expense $1,266,956 $1,160,389 $1,236,095 Net ($58,956) ($64,603) ($49,395) Net Income Ops. & Golf $0 (827,144)* $0 *reflects not taking down loan yet
More on Golf Golf activity high but a month late in starting due to weather; balancing payroll and service levels New outside golf outings, though participants down Platinum Loyalty Program 69 members strong New fall promotion released and has yielded new members Participation in Connecticut Golf Show Slowly funding through reserves course irrigation plan, drainage improvements, Cart path repairs/additions, and tree management program continuing Visage Fleet Management/GPS for golf carts/golf Genius/Live Leaderboard Membership slipped from 236 to 221 due to half conversion of first 2-year special promo class, normal attrition and LOAs Resident Non Member Play strong Junior Camps Ladies Clinics George Connor Golf/Golf Channel Academy
Golf and Restaurant Financial Perspectives 2014-2015 GOLF June 30, 2015 (unaudited) Loss ($64,603) Lease Club (District) 97,779 Lease Office, Garage (District) 22,810 Real Estate Property Tax (District) 22,608 Contribution to the Community $78,594 RESTAURANT June 30, 2015 (unaudited) Loss ( $501) Lease (District) 42,740 Contribution to the Community $42,159
Master Association ~ Reserve Projects 2014-2015 2014-2015 2015-2016 Reserves Budget Actual Budget Siding $1,215,000 $924,506 $520,000 Shingle Roofs $516,000 $726,943 $580,400 Flat Roofs $280,800 $2,678 $81,000 Decks $20,000 $4,550 $20,000 Patios $12,000 $9,448 $12,000 Garages & Carports $45,000 $12,649 $45,000 Streets & Paving $0 $200 $0 Sidewalks $30,000 $35,403 $30,000 Tennis Courts $0 $0 $0 Pools $0 $0 $0 Trees $20,000 $18,771 $20,000 Contribution from Ops. $2,084,298 $2,084,298 $992,827 Net ($52,698) $272,256 ($316,300)
District ~ Public Works 2014-2015 2014-2015 2015-2016 Public Works Budget Actual Budget Property Tax Revenue $1,954,380 $1,954,382 $2,127,515 General Government Exp. $763,879 $759,818 $802,807 Public Safety $195,700 $190,436 $206,200 Roads & Sidewalks $287,000 $317,862 $320,000 Sanitation $294,500 $287,269 $295,500 Parks & Recreation $47,000 $36,771 $48,500 Transfer to Capital $369,495 $369,495 $391,665 Net $65,397 $59,682 $62,843
District Operations
District ~ Clubhouse 2014-2015 2014-2015 2015-2016 Clubhouse Budget Actual Budget Rental Income - Restaurant $40,792 $42,740 $42,278 Rental Income - Golf $93,312 $97,779 $96,714 Occupancy (Utilities) $82,000 $94,839 $91,000 Major Equipment $10,000 $6,553 $10,000 Repairs & Maintenance $36,500 $27,478 $36,500 Taxes & Insurance $60,001 $55,228 $57,835 Total Expenses $194,501 $213,343 $201,835
District ~ Capital Projects 2014-2015 2014-2015 2015-2016 Capital Projects Budget Actual Budget Clubhouse $86,350 $84,591 $48,000 Office $0 $0 $0 Pumphouse $0 $0 $0 Golf Course $148,000 $52,994 $150,000 Streets $203,520 $82,830 $212,000 Hazmat $0 $0 $27,500 Trees $12,000 $12,375 $12,000 Vehicles & Equipment $51,000 $41,830 $72,500 Street paving Cottonwood Drive
Communications Chamber networking, hosting, golf clinics Public relations stories and ads in local media Networking through CAI, Realtors, club GM s and community GM s Tuesday Telegram continues as effective tool and continues to evolve In The Woods robust on lifestyles, diversity and photos Website updates and search engine optimization, aerial video just updated
Covenants Stop sign fines increased from $25-$50 Stop signs and speeding rolling period increased to 2 years New playground rules, bike rules & pet rules
Finance 2015-2016 Budget successfully passed New health insurance program avoiding major premium increases Workers comp new renewal premium below budget about $50,000 Safety program responsible for reduction Property tax consultant work saving $20,000 annually for 5 years plus New energy audit saving about $5,000 annually Siding/roofing loan will be taken down by end of September Payroll companies being evaluated Enhancing employee 401(k) education and options
Miscellaneous Community garden plots greatly upgraded and filled with events Fieldstone fire reconstruction begun
Q&A