Jama Lopez, Hot Springs Village Controller, presented a positive year-end financial report to the Board at the January 17 Board Meeting. She said the financials were preliminary because the books will not be closed until after the audit, which is scheduled to begin in the second week of February. What follows are some highlights from Lopez’s report.
Lopez said the sweep account, established under Controller Frank Hubbard, has done amazingly well with over $1 M in 2023 interest income earnings. In the past, we did not have a sweep account. A sweep account is a bank or brokerage account that automatically transfers amounts exceeding a certain level into a higher interest-earning investment.
Gross Assessments billed are greater than in December of 2022. This is due to the increased dues.
Other Membership Receivables, including Utilities, Fees, etc., are higher than the same time last year due to an increase in utility bills because of weather changes.
Total Assets increased by approximately $8 M. $5.5 of that was in Property and Equipment.
“For Liability and Membership Equity, the variance in Accrued Expenses is related to the year-end payroll and PTO accrual, which we did year-end adjustments to prepare for the audit. These are adjustments you don’t see monthly,” explained Lopez.
Please see the financials on the Explore the Village website Members Section for details on Equipment Loans and payoff dates.
Please see the financials on the Explore the Village website for information on the first two withdrawals on the future Balboa Irrigation Project.
Under Membership Equity, the Golf Reserve Fund is now at $2.41 M and continues growing.
Golf expenses significantly increased due to increased chemical costs. There were also some increases in sod, shrubbery, and golf cart leasing fees.
2023 Year-to-date revenue is approximately $5.7 M more than in 2022.
Year to date Actual Operating Expenses are $1.5 M greater than 2022, but over $3 M less than budget.
On the Statement of Capital Additions – 2023, Capital Additions budgeted versus spent are $2 M less than the annual budget as many budgeted projects were brought in-house instead of contracting with outside vendors. Other [projects] could not be completed for various reasons and have been re-budgeted for 2024.
Monthly golf rounds for December and year-to-date are up, with the 2023 rounds exceeding 2022 by 7,066.
Lopez said, “The financial packet is online and has much more detail.”
Featured Image: (L to R) Controller Jama Lopez; Board Members: Larry Siener, Bruce Cavanaugh, Bob McLeod
By Cheryl Dowden
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