The budget report for February shows net gain of income over expenses in the amount of $9,885 with a year-to-date favorable gain of $17,988. The year-to-date gain is $6,159 ahead of budget prompted mostly by reduced payroll expense. Snow removal costs were $2,172 for the month, new street signs ($1,408) were charged to operating. As noted previously, insurance and legal costs remain a concern.
Cash position-operating accounts
Total cash balances on hand at the end of February to meet operating costs amount to $48,681, an increase of $3,930 over the previous month. The social checking account balance remains at $984.15.
Cash position- reserve accounts
Reserve balances on hand (money market accounts) increased to $473,809, from $465,931 at the end of January. A total of $7,878 was added to reserves in February.
Meadow Hill, Inc. remains in strong financial condition while awaiting final confirmation and approvals on the paving project. This needed capital expenditure is expected to reduce reserves considerably over the coming months but they will remain within agreed upon parameters.
Other
Due to changes in FDIC limit risk guarantees effective January 1, 2013, approximately $36,000 will be transferred out of First Niagara during March, to conform with the $250,000 max deposit rule (now based on combined account value.)
David Faxon