Not much change in our financial condition between July and August. All checking accounts declined by $2,929 to $48,117.58. Reserves for repair and replacement, however, increased by $2,464. We now have a total of $461,222 held in money market accounts. The August increase is net of $6,000 used to replace the paddock fencing with vinyl boards.
Monthly income from condo fees, rent, interest, special assessments etc. remained steady, averaging a little more than $47,000 per month.
There were some extraordinary expenses during August. For instance, the Association paid $5,165 in unexpected insurance claims resulting from water leaks in three units. Additional insurance claims may be expected in the near future. Overall, there is a budget surplus of $38,810 eight months into the year. I expect it will decline as we near year end when large bills, such as the sewer assessment, have to be paid.
Progress has been made toward redesigning the balance sheet so that it is more easily understandable; also finalizing audit adjustments from 2011.
David Faxon, Treasurer