For the eleven months ended November 30, 2012: It appears that Meadow Hill will finish the year very close to what was budgeted for income and expenses. Year to date through November, total expenses were $4,189 over budget, offset by total revenues that were $6,385 greater than expected. Revenues plus expenses then, net out to $2,196 positive.
There are some expenses that are way over budget; for instance, insurance claims and insurance premiums exceed budget by a combined $11,917 while legal expense is $4,737 over budget year to date. These have been mentioned in my previous reports to you. We are fortunate that almost every category of grounds and maintenance are under budget by $20,543, contributing to the small surplus we have.
The cash balance at the end of October (operating accounts) was 27,536.96, a decrease of $11,813.34 from the previous month. During November, the social savings account balance was closed and $101.22 transferred to social checking. Currently, the checkbook balance is $984.15, after Christmas party expenses.
Cash held in reserve in money market accounts stands at 484,539.69, an increase of $8,380.58 over the previous month. To date, the addition to reserves is $89,662. Sidewalk repairs of approximately $36,000 are expected to be booked in December. The year end amount held in reserves should be close to $455,000.
– David Faxon