RE: June Financial Statements:
Just a few things I am concerned about......
1. Over $12,000 short on collecting Assessments - this equates to about 273 homes out of 1309 that are not paying their fees. How many of these are foreclosed, which are now owned by some Bank/Mortgage Company...are they paying the Assessments? If not, then why not? It's bad enough they don't maintain their properties.
2. $216,000 Annual Budget for Landscape Service....is this the reduced amount? At the current rate, we will spend more than that for the year. All I have to say is "WOW". Just think if we could somehow pay ourselves to maintain our community property. It may not look as pretty as it does now, but I'll bet we could reduce this expenditure. This sure sounds like an opportunity to create our own "Stimulus Package".
3. I sure hope that $5,600 we spent on fertilizer in June starts to work.
4. Utilities-Garbage increased again -- why is this? I keep hearing Brett brag about the credits he is getting our community, yet our Garbage expenses keep increasing........
5. Utilities-Water - $90,000 Annual Budget --- didn't I hear of a number over $100,000 that we were spending on water, which is why we wanted to go to a well? We are half way through the year and we have spent less than $16,000 on water...and the green belts show it too!
6. Why such a large increase in Utilities-Street Lights for June? Did we get more lights installed somewhere?
7. What was $8,900 for Legal spent on?
8. Each month we accrue another $1,975.00 that should be going into our Reserve Fund. It is now listed as a Liability on our Balance Sheet to the tune of $11,850.00. Reserve Fund is for projected replacement expenses....that Liability amount listed on our Balance Sheet is not going to pay to paint our walls or replace the Tot-Lot equipment in a few years.
9. We have Budgeted for an Annual Loss of $48,000, but we have already incurred a loss of $38,000 through the first six months of the year...where are we going to get this $76,000 at the end of the year? At the rate of our expenditures and earned income, we could be bankrupt by the end of the year. Oh wait, Brett stated that we would reduce our Water Expenses to make up for this shortfall...aren't you just so proud to drive into our community each day? I think we should INSIST that our Management Company work with our community and reduce their fees....as the other Vendors supposedly did already.
I realize that some of my thoughts may seem far-fetched, but these current times call for some drastic measures. I am not asking us to mortage our futures, but rather reign in our expenses and take responsibility for our community - today!
Stephen
