Treasurer’s Report
For the twelve months ended December 31, 2012
The preliminary budget report for December shows a positive variance of $34,439, however this is subject to change since APM holds open for late arriving invoices that belong as 2012 expenses. In addition, the books are subject to adjustments by our outside auditors. Overall, operating expenseswere kept in line with revenues (with a few line items overspent as noted in last month’s report- legal and insurance primarily).
Cash balances at the end of December declined significantly to a negative ($11,042.10); down $39,692.39 from the previous month. This is due principally to payments for the sidewalk ($34,934) and retaining walls ($5,050) at the end of the month. The social savings account balance remains at $984.15.
Cash held in reserve in money market accounts stands at $492,947.38 an increase of $8,407.69 over the previous month ending. To date, the addition to reserves is $97,965. Because of the negative cash balance shown on the balance sheet at the end of December, money market (reserve) funds may be drawn down in early January to restore the cash operating account, depending on cash flow.
David Faxon