Tuesday, March 14, 2017

Finance Report

C:\Users\Mary Sapp\Dropbox\Personal\Lakeport\Ripples\piggy bank.jpgThe Board is happy to announce that we finished 2016 with a healthy surplus (due to income above budget and expenses below budget). Furthermore, we continue working on reaching our goal to have a strong Repair and Replacement Reserve Balance (the source of funding for construction of our new dock and other ongoing repairs such as asphalt and concrete paving, lighting, and other improvements to common property). Here is an unaudited report of Lakeport Cluster Association’s finances from the end of 2016:


Summary as of December 31, 2016
       Actual
  Budget
Total Cash and Investments*
$ 191,604.37

Year to Date Income
$ 100,097.77
$ 99,200.00
Year to Date Expense
$    86,143.79
$ 99,200.00
Net Income Year to Date, surplus/(loss)
$    13,953.98
$ 0.00
* in checking account plus Money Market account


Our Repair and Replacement Reserves had a balance of $162,998.29 at the end of 2016, and Total Reserves, including cumulative operating contingency reserves from prior years, was $168,837.59. We are currently budgeting an annual contribution of $21,000 to the Repair and Replacement Reserves. The Reserves are fully supported by the Total Cash and Investments.

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