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MEADOWCREEK ESTATES
HOMEOWNERS ASSOCIATION
Financial Management Report
May 31, 2005
ACCOUNTS RECEIVABLE
In May, (5) accounts requested resale certificates, and (7) owners were
mailed welcome packets.
During the reporting month there were (85) owner account related issues
received and responded to by the Account Department on behalf of the
Association.
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Here for ledger.
BALANCE
SHEET AND INCOME STATEMENT
Please find attached the Balance Sheet and Income Statement for
Meadowcreek Estates Homeowners Association for the period ending May 31,
2005.
YEAR-TO-DATE OVERALL ACTUAL vs. BUDGET – For the year, the
Association is experiencing a positive variance of $16,736.66. (see
below)
Revenues were above budget estimates by $8,982.71 and operating costs were
below budget estimates by $7,753.95.
Comments about significant variances on the Income Statement are located
on the attached report.
| MEADOWCREEK ESTATES |
| Income
Statement Variance Report |
| Period
Ending May 31, 2005 |
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| REVENUES |
Year-to-Date
Actual |
Year-to-Date
Budget |
Year-to-Date
Budget Variance |
Comments |
Remaining
Budget Balance |
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Assessment
Revenues |
52,103.34 |
52,158.35 |
(55.01) |
Variance
results from 1 less owner being billed than anticipated. |
73,076.70 |
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Working
Capital\Member Fees |
99.99 |
0.00 |
99.99 |
Variance
results from 2 sales to new owners not anticipated by the budget. |
(99.99) |
|
Other
Income |
9,141.53 |
203.80 |
8,937.73 |
Variance
results from earning more interest income on investments, late
fees, assessment interest charges, and violations
than anticipated by the budget. |
(8,643.01) |
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| EXPENSES |
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Professional
Fees |
3,646.53 |
2,949.00 |
(697.53) |
Community
mailings, welcome packets and other professional fees higher than
anticipated. |
2,812.51 |
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Supplies |
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0.00 |
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Insurance |
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0.00 |
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Taxes |
194.32 |
120.00 |
(74.32) |
Taxes
higher than anticipated. |
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Other
Miscellaneous |
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0.00 |
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LS
& CA Utilities |
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0.00 |
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Landscape
& Common Area Maint |
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0.00 |
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Irrigation
Repairs |
104.67 |
100.00 |
(4.67) |
Irrigation
repairs higher than anticipated. |
5,190.75 |
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Repair
& Replacement Reserves |
3,784.58 |
3,140.80 |
(643.78) |
Variance
results from funding and recording reserves for the quarter |
3,773.94 |
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