I am pleased to assume the duties of Treasurer of Meadow Hill Inc. It is a successful organization dedicated to making this an outstanding place to live; my thanks to Roger Bouchard and Eric Schaeffer for their help in the transition.
I am also pleased to report that Meadow Hill remains strongly solvent as seen in the most recent financial reports prepared by APM. As of July 13, 2012 we had the following balances in liquid assets:
Checking accounts- operating: $41,524.56
Checking/Savings- Social Fund $ 1,592.37
Money Market reserves for replacements $458,715.27
As you know, the reserve balance of any homeowners association is a solid indicator of good forward planning and a strong financial position. Beyond that, it also enhances home values since any prospective buyer wants assurance that his or her home will be properly maintained in the future. Here at Meadow Hill, we have that assurance thanks to wise decisions made in the recent past. While the reserve position is healthy, there are some major capital expenditures ahead of us; not the least of which is road and sidewalk repair. Recent estimates to complete those projects alone exceed our current replacement fund balance. At some point in the near future, they will have a significant impact on reserves, as you might imagine.
As of June 30, 2012, APM shows Meadow Hill net income at $46,321 ahead of budget, year-to-date. There are, however, a few charges that belong in the June period that will be recorded in July or beyond, such as; sewer charges ($10,975 budgeted through June) and a west Side landscaping payment of $6,976. Those and other accrual adjustments would bring the budget surplus closer to $17,000 at the end of the first half.
– David Faxon