Sunday, March 11, 2018

2017 Financial Report

As you may recall, at Lakeport’s Annual Meeting we reported that our year-end net income was projected to be over $15,000. Rather than add all of this very large surplus to an operating reserve that was already over $23,400 (more than double the $9,840 recommended by the industry standard), the Board decided to address deferred maintenance by spending unused Repair & Maintenance funds to replace streetlight bulbs, ballasts, and photo cells and unused Landscaping & Watering funds to add new dogwood and arborvitaes and remove additional dead trees and the juniper stumps next to Triangle Park. In addition, the Board decided it would be prudent to have Lakeport’s attorney and the dock engineer review the two final dock proposals and to charge all dock-related professional services to Operating instead of Replacement Reserves.

After taking these additional expenses into account, we finished the year with a net income of $7,047 (see details below), which together with surpluses from prior years, increases our total operating reserves to $30,500 (now over triple the $9,840 industry standard). The year-end balance for Replacement Reserves (the source of funding for the upcoming dock and bollard projects) was $191,107.41. As of December 31, 2017, Total Cash and Investments totaled $230,268.16.


Income
2017 Budget
2017 Actual
2018 Budget
Assessment Income  
$98,400
$  98,400
$98,400
Other Income  
$     750
$    3,058
$     900
    Total Income
$99,150
$101,458
$99,300
Expense



Quarterly Assessments, Delinquencies, New Accounts, Meetings, & Other Administrative
$  2,238
$  1,649
$  1,735
Printing/Copying, Postage, Events  
$  1,175
$  1,719
$  1,325
Violation Letters  
$     350
$     460
$  1,000
Insurance  
$  2,396
$  2,314
$  2,664
Electrical and Trash/Recycling  
$17,800
$16,899
$18,147
Landscaping, Trees, and Watering
$ 29,145
$ 28,592
$28,060
Permits
$       90
$       95
$  2,000
Snow Removal  
$  6,500
$  2,580
$  5,200
Repair & Maintenance  
$  2,700
$  1,662
$  2,600
Audit, Engineer, Legal, SCS
$11,596
$17,280
$13,224
Taxes
$    -
$     160
$     185
Operating Contingency
$  4,160
$    -
$  2,160
Contributions to Reserves  
$21,000
$21,000
$21,000
    Total Expenses  
$99,150
$94,411
$99,300




Association Net Income / (Loss)  
$     -
$  7,047
$     -

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