9 MONTHS ENDED SEPT. 30, 2012
Cash in the operating account dropped by $12,923 from the previous month’s end. The account still holds $32,864. Cash was used to pay down accounts payable as outstanding vendor invoices declined by $13,380.
The social fund checking balance is $501 with additional funds expected from the Octoberfest function. Another $500 is in the social savings account.
Money market accounts (reserves) increased by $8,427 to $469,648. For the nine months ended 9/12/2012 we have added $73,057 to the accounts. This is net of $16,089 spent of repairs and improvements to the properties.
Budget performance:
Through September, Meadow Hill is $44,245 under budget. This is primarily due to the following:
• Rental income is $6,183 more than planned
• Utility expenses are $17,439 less than budget
• Maintenance costs (grounds) are $15,446 less than budget
With respect to utilities, we are awaiting the annual sewer assessment in November, expected to be about $23,000. This will substantially reduce the budget surplus. This year and most recently, insurance deductibles and legal costs have negatively impacted the budget by more than $8,000.
Nine months into the year, operating expenses are averaging $34,870 per month (prior to the sewer assessment). For all of last year, they averaged $38,977 per month.
– David Faxon