Our reserves continue to grow. And that’s good since we have roads and sidewalks to bring into shape soon, while avoiding any special assessments. At the August meeting, the board approved a capital spending plan through fiscal 2014. The plan should enable us to repave a significant portion of the roads and walks and still retain a relatively safe level of reserves at the end of the two and a half year period. While borrowing is an option, if necessary, we are debt free now and hope to keep it that way into 2015, barring any unforeseen circumstances.
The cash position as of July 31, 2012 is as follows:
. July June Change
Reserve accounts $459,256.68 $450,328.78 $8,927.90
Operating account $49,454.68 $36,680.85 $12,773.83
Social Funds $1,592.39 $1,592.39 $0
Capital expenditures for the month were $5,961, the cost of materials to replace the paddock fence. Year-to date spending for capital items amounts to $16,109.
Year-to-date, Meadow Hill is under budget -with regard to spending-by $41,532. This is somewhat inflated due to the fact that the annual sewer assessment (about $22,000) doesn’t arrive until November, however, a budget provision of $12, 808 has accumulated. Almost all other areas of the budget are underspent. On the revenue side, we have earned $3,000 more from rental income than we anticipated at the beginning of the year. All in all, we remain in good financial shape to keep Meadow Hill solvent, looking nice, and ready for the major projects in the months ahead.
David Faxon
Treasurer