461,396 458,764 2,632 349,638 111,758 big canoe property … 2019 financials.pdf · financial...

Page | 1

Big Canoe Property Owners Association Summary of Operations

October 31, 2019

Financial Summary of Income from Operations:

2019 Budget

Variance %

to Budget 2018

Variance %

to Last Yr. 2019 Budget

Variance %

to Budget 2018

Variance %

to Last Yr.General Operating Revenues:

886,246 886,196 50 820,789 65,457 General Assessments 8,858,004 8,853,548 4,456 8,202,353 655,651

32,292 28,811 3,481 36,897 (4,605) Other Operating Revenue 351,217 299,790 51,427 337,640 13,577

918,538 915,007 3,531 857,686 60,852 Total General Operating Revenues 9,209,222 9,153,338 55,884 8,539,993 669,229

(481,535) (506,346) 24,811 (580,917) 99,382 Operating Department Expenditures (5,175,058) (5,164,510) (10,548) (5,161,932) (13,126)

24,393 50,103 (25,710) 72,869 (48,476) Amenity Net Income/(Loss) 27,205 293,253 (266,048) 47,320 (20,115)

461,396 458,764 2,632 349,638 111,758 Net Income/(Loss) Before Depreciation 4,061,368 4,282,081 (220,713) 3,425,381 635,988

- (1,750) 1,750 - -

Extraordinary Items/Storm

Damage/Legal-BCU (30,655) (33,975) 3,320 (82,198) 51,543

253,792 260,814 (7,022) 261,474 (7,683) Depreciation & Asset Gain/Loss-Disposal 2,471,926 2,501,358 (29,432) 2,376,596 95,330

207,604 196,200 11,404 88,163 119,441 Net Income/(Loss) 1,558,788 1,746,748 (187,960) 966,587 592,201

Big Canoe POA

Financial Summary of Income from Operations

For the Month Ended October 31, 2019

October Year-to-Date

Page | 2

October Operations Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr. Comments

Operating Departments

General Operating Revenues

Monthly POA Assessments 886,246 886,196 50 0.01% 820,789 65,457 7.97%

Other Genera l Revenue 32,292 28,811 3,481 12.08% 36,897 (4,605) -12.48% Interest Income is over budget for the month.

Total General Operating Revenues 918,538 915,007 3,531 0.39% 857,686 60,852 7.09%

Administration

Payrol l Expenses (105,371) (106,147) 776 0.73% (107,615) 2,244 2.09%

Operating Expenses (67,402) (55,231) (12,171) -22.04% (70,066) 2,664 3.80%

Bank Fees ($7.0k) which includes l ine of credit fee and printing ($5.9k) were over

budget for the month.

Net Income/(Loss) (172,773) (161,378) (11,395) -7.06% (177,681) 4,908 2.76%

Marketing

Revenues (852) 1,875 (2,727) -145.44% - (852) YTD adjustment to Advertis ing fees .

Payrol l Expenses (8,480) (8,514) 34 0.40% - (8,480)

Operating Expenses (2,486) (8,095) 5,609 69.29% - (2,486) Advertis ing and outs ide services made up the majori ty of pos i tive variance for October

Net Income/(Loss) (11,818) (14,734) 2,916 19.79% - (11,818)

Architectural Environmental Control

Revenues 64,763 12,808 51,955 405.64% 12,940 51,823 400.48%

($1.9k) Plan submitta l fees , Fines ($53.1k), and ($2.1k) Vis ta Pruning fees over for

the month, partia l ly offset by ($5.2k) negative variance in other revenue (renta l

regis tration fee)

Payrol l Expenses (9,985) (10,048) 63 0.63% (8,026) (1,959) -24.41%

Operating Expenses (728) (680) (48) -7.05% (4,098) 3,370 82.24%

Net Income/(Loss) 54,049 2,080 51,969 -2498.53% 816 53,233 6523.30%

Housekeeping

Payrol l Expenses (11,986) (12,142) 156 1.29% (9,793) (2,192) -22.38%

Operating Expenses (2,943) (3,159) 216 6.84% (5,112) 2,169 42.43%

Net Income/(Loss) (14,929) (15,301) 372 2.43% (14,905) (23) -0.16%

Environmental Control

Payrol l Expenses - - - 0.00% (2,842) 2,842 100.00%

Operating Expenses (925) (1,250) 325 25.97% (21,281) 20,356 95.65%

Net Income/(Loss) (925) (1,250) 325 25.97% (24,123) 23,198 96.16%

Grounds & Landscaping

Revenues - - - 0.00% 827 (827) 0.00%

Payrol l Expenses (29,285) (31,054) 1,769 5.70% (30,363) 1,078 3.55% Hourly Wages ($1.5k) were under for the month.


Net Income/(Loss) (36,025) (38,384) 2,359 6.15% (42,224) 6,199 14.68%

Page | 3

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Public Works

Revenues 20,261 19,956 305 1.53% 15,696 4,565 29.09%

Cost of Sa les (1,482) (2,100) 618 29.42% (1,640) 158 9.65%

Payrol l Expenses (70,137) (66,176) (3,961) -5.99% (70,838) 700 0.99%

Hourly Wages ($3.6k) due to overtime and benefi ts ($1.8k) were over for the

month, partia l ly offset by Sa laries ($2.5k).

Operating Expenses (49,400) (50,650) 1,250 2.47% (74,919) 25,519 34.06%

Net Income/(Loss) (100,759) (98,970) (1,789) -1.81% (131,702) 30,943 23.49%

Public Safety

Revenues 3,163 2,670 493 18.45% 2,811 352 12.52%

Payrol l Expenses (96,901) (96,829) (72) -0.07% (99,599) 2,698 2.71%

Hourly wages ($2.1k) were under budget for the month with gate closure, offset

by an overage in benefi ts ($2.4k).


Computer support, operating suppl ies and vehicle gas made up the majori ty of

the monthly pos i tive variance.

Net Income/(Loss) (105,248) (107,809) 2,561 2.38% (115,249) 10,001 8.68%

Property Owner Activities

Revenues 29,877 25,605 4,272 16.68% 26,375 3,502 13.28% Oktoberfest revenues over budget for the month.

Payrol l Expenses (11,417) (8,237) (3,180) -38.60% (10,305) (1,112) -10.79% Hourly wages ($3.5k) over related to employee time for Oktoberfest

Operating Expenses (51,173) (28,595) (22,578) -78.96% (32,587) (18,586) -57.04% Oktoberfest ($18k) and Day trip Expense ($1.4k) were over for the month.

Net Income/(Loss) (32,713) (11,227) (21,486) -191.38% (16,516) (16,197) -98.06%

Property Tax, Insurance, Interest

Property Tax and Insurance (40,493) (39,365) (1,128) -2.87% (37,500) (2,993) 7.98%

Interest (19,902) (20,008) 106 0.53% (21,833) 1,931 -8.84%

Total Expenses (60,395) (59,373) (1,022) -1.72% (59,332) (1,063) -1.79%

Operating Department Expenditures (481,535) (506,346) 24,811 4.90% (580,917) 99,382 17.11%

Page | 4

October Amenity Results

Membership

Type

2019

Actual

2019

Budget

Variance to

Budget

Variance %

to Budget

2018

Actual

Variance

to 2018

Variance % to

2018

Fitness $566,810 $583,800 ($16,990) -2.91% $544,502 $22,308 4.10%

Fish $33,980 $35,711 ($1,731) -4.85% $32,753 $1,228 3.75%

Golf $881,771 $875,075 $6,696 0.77% $863,006 $18,765 2.17%

Swim $60,303 $77,648 ($17,345) -22.34% $100,160 ($39,857) -39.79%

Tennis $138,557 $144,041 ($5,484) -3.81% $130,069 $8,489 6.53%

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Amenity Departments

Clubhouse

Revenues 240,460 255,681 (15,221) -5.95% 256,865 (16,405) -6.39%

Venues under budget(BBP-$23k and Duffers -$7.3k), partia l ly offset by $6.7k

pos i tive variance in Banquets and Member Events $2k

Cost of Sa les (85,011) (97,307) 12,296 12.64% (82,420) (2,591) -3.14% Under budget related to lower sa les volume and lower % of cost of sa les

Cost % of Sa les 36.85% 38.53% 1.68% 34.15% -2.69%

Payrol l Expense (137,126) (145,790) 8,664 5.94% (149,540) 12,414 8.30%

Employee Benefi ts ($1.4k) and service charge ($5.9k) made up the pos i tive

variance for the month

Payrol l % of Sa les 59.44% 57.72% -1.71% 61.97% 2.53%

Operating Expenses (45,169) (36,879) (8,290) -22.48% (36,055) (9,114) -25.28% Largest monthly variances were in chemicals , l inen and garbage col lections .

Operating % of Sa les 19.58% 14.60% -4.98% 14.94% -4.64%

Net Income/(Loss) (26,847) (24,295) (2,552) -10.50% (11,151) (15,696) -140.75%

Page | 5

2019 Budget 2018 2017 2016 2019 Budget 2018 2017 2016

127,397 150,400 131,097 125,553 136,737 Black Bear Pub 1,147,172 1,414,200 1,243,153 1,220,915 1,200,014

60,221 53,544 81,559 61,994 80,686 Banquets 273,646 391,393 306,999 212,680 278,220

32,571 42,396 32,873 44,426 29,545 Member Events 255,459 344,020 288,197 230,782 246,589

12,259 Food Trailer 46,482

11,295 18,225 14,201 13,743 15,064 Duffers 99,265 151,820 121,242 141,585 116,297

- - - - - Swim Club 79,924 95,600 78,881 82,991 75,569

- 1,500 2,423 1,092 2,518 Other Revenue 7,203 14,250 10,233 7,298 11,759

(3,283) (10,384) (5,290) (1,900) (13,912)

10% Discount/Loyalty

Cards/20% Discount (34,371) (99,844) (49,045) (4,001) (128,133)

240,460 255,681 256,865 244,907 250,638 Totals 1,874,781 2,311,439 1,999,659 1,892,252 1,800,314

October Year-to-Date

2016 Actuals 2017 Actuals

2018

Actuals

2019 Actual &

Confirmed,

October 2019

2019 Actual &

Confirmed,

November

2019 2019 Budget 2020 Confirmed

January $1,407 $221 $1,913 $3,354 $3,354 $5,198 $8,199

February $3,463 $956 $4,296 $1,252 $1,252 $10,696

March $6,024 $8,028 $5,763 $13,634 $13,634 $33,362

April $49,489 $24,984 $81,541 $66,905 $66,905 $57,480 $17,762

May $28,762 $56,379 $25,316 $23,409 $23,409 $57,480 $61,950

June $36,474 $28,323 $38,102 $35,284 $35,284 $50,984 $4,334

July $26,421 $6,758 $22,098 $16,183 $16,183 $49,709 $5,740

August $22,031 $8,386 $16,900 $24,674 $24,674 $32,326

September $23,464 $16,651 $29,511 $28,731 $28,731 $40,610

October $80,686 $61,994 $81,559 $60,221 $60,221 $55,941 $20,000

November $46,191 $35,694 $52,584 $2,835 $4,222 $49,595 $13,880

December $5,515 $17,448 $12,567 $3,000 $3,000 $15,422

Totals $329,926 $265,822 $372,150 $279,482 $280,869 $458,803 $131,865

Page | 6

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Golf

Golf Operations

Revenues 230,846 241,036 (10,190) -4.23% 232,700 (1,853) -0.80%

Cart rental/green fees($7.9k) and merchandise sa les ($3.7k) were under budget

for the month. Gol f Rounds were 3,056 compared to budget of 3,294.

Cost of Sa les (23,323) (24,850) 1,527 6.14% (25,873) 2,550 9.86% Monthly variance related to lower sa les volume.

Cost % of Sa les 72.78% 71.00% -1.78% 71.45% -1.33%

Payrol l Expense (34,484) (41,050) 6,566 15.99% (34,676) 191 0.55% Salary/Hourly wages under budget by $4.9k for October.


Net Income/(Loss) 165,338 166,500 (1,162) -0.70% 161,292 4,046 2.51%

Golf Maintenance

Revenues - - - 0.00% - - 0.00%

Payrol l Expenses (81,972) (83,817) 1,845 2.20% (79,490) (2,482) -3.12% Hourly wages ($2.3k) under budget for the month.

Operating Expenses (30,751) (22,925) (7,826) -34.14% (30,953) 202 0.65%

$2.7k-Uniforms, $2.3k-Electrici ty, and $1.7k-chemicals made up the majori ty of the

overage for the month.

Net Income/(Loss) (112,723) (106,742) (5,981) -5.60% (110,443) (2,280) -2.06%

Total Golf Net Income/(Loss) 52,615 59,758 (7,143) -11.95% 50,849 1,766 3.47%

Swim Club

Revenues - - - #DIV/0! - - #DIV/0!

Payrol l Expense (68) - (68) #DIV/0! (84) 17 19.56%

Operating Expenses (27,405) (24,843) (2,562) -10.31% (1,974) (25,431) -1288.12% Repair & Maintenance made up the negative variance for the month.

Net Income/(Loss) (27,473) (24,843) (2,630) 10.59% (2,059) (25,414) 1234.48%

Fitness Center

Revenues 63,229 70,560 (7,331) -10.39% 67,298 (4,069) -6.05%

Annual fees ($2.7k) and Massage/Personal Tra ining ($2.8k) made up the monthly

variance.

Cost of Sa les (1,376) (1,644) 268 16.29% (1,975) 599 30.31%

Cost % of Sa les 58.76% 60.00% 1.24% 59.70% 0.93%

Payrol l Expense (24,668) (23,837) (831) -3.49% (23,403) (1,265) -5.41%

Operating Expenses (17,503) (13,804) (3,699) -26.80% (11,719) (5,784) -49.35% Locker Room Suppl ies ($1.9k) and Repair & Maintenance ($1.2k) were over for the month.

Net Income/(Loss) 19,681 31,275 (11,594) -37.07% 30,201 (10,520) -34.83%

Page | 7

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance

to Last

Year

Variance %

to Last Yr.Racquet Club

Revenues 18,632 18,836 (204) -1.08% 17,185 1,447 8.42%

Cost of Sa les (1,423) (1,995) 572 28.68% (2,000) 577 28.85%

Cost % of Sa les 73.52% 66.50% -7.02% 71.06% -2.46%

Payrol l Expense (15,402) (11,765) (3,637) -30.91% (12,531) (2,871) -22.91% Hourly Wages were over budget by $2.4k.

Operating Expenses (3,525) (3,146) (379) -12.05% (2,848) (678) -23.79%

Net Income/(Loss) (1,718) 1,930 (3,648) -189.00% (194) (1,524) -785.91%

Marina

Revenues 38,160 37,416 744 1.99% 36,242 1,918 5.29%

Cost of Sa les (985) (1,370) 385 28.09% (759) (226) -29.72%

Cost % of Sa les 69.02% 66.02% -2.99% 56.69% -12.33%

Payrol l Expense (9,286) (9,757) 471 4.83% (9,173) (112) -1.23%


Net Income/(Loss) 20,829 19,217 1,612 8.39% 18,107 2,721 15.03%

Amenity Management

Revenues - - - 0.00% - - 0.00%

Payrol l Expense (11,105) (10,919) (186) -1.71% (10,144) (961) -9.48%


Net Income/(Loss) (12,695) (12,939) 244 1.88% (12,884) 189 1.47%

Amenity Net Income/(Loss) 24,393 50,103 (25,710) -51.32% 72,869 (48,476) 66.53%

Net Inc.(loss) before Depreciation &

Extraordinary Items 461,396 458,764 2,632 0.57% 349,638 111,758 31.96%

Page | 8

Year-to-Date Operations Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Operating Departments

General Operating Revenues

Monthly POA Assessments 8,858,004 8,853,548 4,456 0.05% 8,202,353 655,651 7.99%

Other Genera l Revenue 351,217 299,790 51,427 17.15% 337,640 13,577 4.02% $61.3k-Brokerage interest income, partia l ly offset by transfer fees ($5.9k)

Total General Operating Revenues 9,209,222 9,153,338 55,884 0.61% 8,539,993 669,229 7.84%

Administration

Payrol l Expenses (1,030,661) (1,039,187) 8,526 0.82% (852,135) (178,526) -20.95% Employee meals were under year-to-date

Operating Expenses (531,715) (518,178) (13,537) -2.61% (684,595) 152,880 22.33% Legal fees are over budget

Net Income/(Loss) (1,562,376) (1,557,365) (5,011) -0.32% (1,536,730) (25,647) -1.67%

Marketing

Revenues 15,925 18,750 (2,825) -15.07% - 15,925 0.00% Adverting Revenues under budget for year.

Payrol l Expenses (82,179) (82,223) 44 0.05% - (82,179) 0.00%

Operating Expenses (47,897) (77,635) 29,738 38.30% - (47,897) 0.00%

Advertis ing expense,outs ide services and computer support under budget for

the year.

Net Income/(Loss) (114,151) (141,108) 26,957 19.10% - (114,151) 0.00%

Architectural Environmental Control

Revenues 150,695 125,280 25,415 20.29% 91,679 59,017 64.37%

Fines & Fees ($68.7k) and Vis ta Pruning ($9.3k) over budget for the year,

partia l ly offset by Other Revenue ($51k).

Payrol l Expenses (101,038) (94,987) (6,051) -6.37% (75,060) (25,978) -34.61% Variance related to Vis ta Pruning 1099 Contractors ($4.2k)

Operating Expenses (13,104) (10,971) (2,133) -19.44% (33,030) 19,926 60.33% Travel expense and vehicle maintenance are over budget for the year.

Net Income/(Loss) 36,553 19,322 17,231 -89.18% (16,411) 52,964 322.73%

Housekeeping

Payrol l Expenses (107,276) (117,260) 9,984 8.51% (94,436) (12,840) -13.60% $8.7k-hourly wages related to open pos i tion was under budget.


Net Income/(Loss) (138,282) (149,000) 10,718 7.19% (127,999) (10,283) -8.03%

Environmental Control

Revenues - - - 0.00% - - 0.00%

Payrol l Expenses - - - 0.00% (27,051) 27,051 100.00%

Operating Expenses (29,662) (34,200) 4,538 13.27% (29,303) (359) -1.23%

Grounds maintenance-$1.5k and minor tools -$2.3k under budget year-to-

date.

Net Income/(Loss) (29,662) (34,200) 4,538 13.27% (56,354) 26,692 47.36%

Grounds & Landscaping

Revenues 675 - 675 0.00% 827 (152) 0.00%

Payrol l Expenses (293,238) (297,239) 4,001 1.35% (297,711) 4,473 1.50%


Ground Maintenance ($4.8k),ferti l i zer ($4.5k), pinestraw ($3.1k) and outs ide

sevices ($3.4) make up the majori ty of monthly pos i tive variance

Net Income/(Loss) (407,933) (424,849) 16,916 3.98% (418,547) 10,614 2.54%

Page | 9

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Public Works

Revenues 201,738 199,568 2,170 1.09% 172,313 29,425 17.08%

$6.3k-transponder revenue, Road Impact fees ($9.2k), and $7.4K-part sa les ,

offset by negative variance in ($19.6k)-bulk trash revenue

Cost of Sa les (28,764) (21,000) (7,764) -36.97% (20,181) (8,583) -42.53% Related to higher sa les volume for repairing pontoon boats

Payrol l Expenses (659,991) (635,656) (24,335) -3.83% (666,235) 6,244 0.94% This variance is weekend shi ft overtime hours for garbage detai l


Net Income/(Loss) (1,152,192) (1,126,778) (25,414) -2.26% (1,200,573) 48,381 4.03%

Public Safety

Revenues 71,765 51,700 20,065 38.81% 44,844 26,922 60.03%

$20.8k-Contribution revenue related to EOC bui ldout, partia l ly offset by fines

& fees ($2.2)

Payrol l Expenses (988,722) (952,746) (35,976) -3.78% (988,731) 8 0.00%

($6.2k)-Hourly wages , ($25.5K)-employee benefi ts (more employees are on

benefi ts than budgeted), workers compensation related to deductible from

accident cla ims($6.2k) were over budget.

Operating Expenses (166,523) (162,175) (4,348) -2.68% (153,838) (12,685) -8.25%

Net Income/(Loss) (1,083,479) (1,063,221) (20,258) -1.91% (1,097,724) 14,245 1.30%

Property Owner Activities

Revenues 67,020 84,100 (17,080) -20.31% 89,344 (22,323) -24.99%

$15.6k-Day trip revenue, $2.0k-knowledge series and $3.4k-directory sa les

were under budget, partia l ly offset by $5.2k pos i tive variance in Oktoberfest

Revenue.

Payrol l Expenses (70,311) (65,009) (5,302) -8.16% (62,090) (8,220) -13.24% Hourly Wages $5.5k over budget related to Oktoberfest


Oktoberfest Expenses over budget, partia l ly offset by pos i tive variance in Day

Trips

Net Income/(Loss) (110,645) (80,689) (29,956) -37.13% (96,586) (14,059) -14.56%

Property Tax, Insurance, Interest

Property Tax and Insurance (400,999) (393,650) (7,349) -1.87% (373,121) (27,877) -7.47%

Interest (211,891) (212,972) 1,081 0.51% (237,886) 25,995 10.93%

Total Expenses (612,889) (606,622) (6,267) -1.03% (611,007) (1,882) -0.31%

Operating Department Expenditures (5,175,058) (5,164,510) (10,548) -0.20% (5,161,932) (13,126) -0.25%

Page | 10

Year-to-Date Amenity Results

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Clubhouse

Revenues 1,874,779 2,311,439 (436,660) -18.89% 1,999,659 (124,880) -6.25%

Venues under budget: BBP-$267k, Duffers -$52.5k, Member Events-$47k, Swim

Club-$16k and Banquets-$117k.

Cost of Sa les (713,995) (894,156) 180,161 20.15% (717,123) 3,128 0.44% Under budget related to lower sa les volume

Cost % of Sa les 38.88% 38.43% -0.45% 36.75% 2.13%

Payrol l Expense (1,416,880) (1,462,559) 45,679 3.12% (1,446,389) 29,510 2.04%

Actual FTE=45.90 vs budgeted FTE=47.73, employee benefi ts over by $23.9k

due to more employees on benefi ts than budgeted.

Payrol l % of Sa les 77.16% 62.86% -14.30% 74.12% 3.04%


Operating % of Sa les 17.84% 13.93% -3.91% 16.95% 0.89%

Net Income/(Loss) (583,732) (369,420) (214,312) -58.01% (494,685) (89,047) -18.00%

Golf

Golf Operations

Revenues 1,995,438 2,017,403 (21,965) -1.09% 1,901,862 93,576 4.92% 18 hole equiva lent rounds were 26,442; 893 less than budget.

Cost of Sa les (210,367) (194,549) (15,818) -8.13% (183,198) (27,169) -14.83% $2.8k-Cost of rental clubs ,$6.9k-cost of cl inics and higher sa les % than budget

Cost % of Sa les 72.64% 71.00% -1.64% 72.92% -0.29%

Payrol l Expense (343,114) (371,249) 28,135 7.58% (322,621) (20,493) -6.35%

Salary expense under budget by $32.1k partia l ly offset by overage of $9.2k in

hourly wages .

Operating Expenses (83,309) (87,564) 4,255 4.86% (80,138) (3,171) -3.96%

Net Income/(Loss) 1,358,647 1,364,041 (5,394) -0.40% 1,315,905 42,743 3.25%

Golf Maintenance

Revenues - - - - -

Payrol l Expenses (778,356) (824,601) 46,245 5.61% (773,050) (5,306) -0.69%

$44.5k-Hourly wages related to open pos i tions (FTE=21.03 vs Budget

FTE=23.47), partia l ly offset by $8.9k overage in employee benefi ts related to

more employees electing coverage


Net Income/(Loss) (1,157,629) (1,194,061) 36,432 3.05% (1,130,500) (27,129) -2.40%

Total Golf Net Income/(Loss) 201,019 169,980 31,039 18.26% 185,405 15,614 8.42%

Page | 11

2019 Budget

Variance to

Budget

Variance %

to Budget 2018

Variance to

Last Year

Variance %


Swim Club

Revenues 245,150 310,948 (65,798) -21.16% 229,709 15,441 6.72%

Dai ly sa les under budget by $48.5k for the year and memberships under by

$17.3k

Cost of Sa les - - - 0.00% - - 0.00%

Payrol l Expense (77,504) (78,153) 649 0.83% (72,472) (5,032) -6.94%


The majori ty of the pos i tive variance i s made up of sand purchases not made

in 2019 ($6.6k), operating suppl ies ($7.0k) and minor tools ($4k)

Net Income/(Loss) (26,687) 27,326 (54,013) -197.66% (40,103) 13,416 -33.45%

Fitness Center

Revenues 674,493 698,100 (23,607) -3.38% 653,065 21,428 3.28% Mostly in annual dues fees

Cost of Sa les (15,200) (15,399) 199 1.29% (15,516) 316 2.04%

Cost % of Sa les 63.01% 60.00% -3.01% 58.26% -4.75%

Payrol l Expense (214,571) (228,126) 13,555 5.94% (199,051) (15,519) -7.80% Hourly wages under budget by $17.8k.


Net Income/(Loss) 299,846 311,802 (11,956) -3.83% 298,544 1,302 0.44%

Racquet Club

Revenues 187,001 204,131 (17,130) -8.39% 182,446 4,555 2.50%

Annual fees-$5.5k ($4k i s due to bocce bal l membership was scheduled to

s tart in Apri l ) and merchandise sa les -$6.6k made the majori ty of annual

variance

Cost of Sa les (23,137) (26,819) 3,682 13.73% (25,370) 2,233 8.80% Lower volume in merchandise sa les .

Cost % of Sa les 69.74% 66.50% -3.24% 67.77% -1.96%

Payrol l Expense (139,732) (124,603) (15,129) -12.14% (122,227) (17,505) -14.32%

$10.8k-hourly wages and $2.5k-employee benefi ts were over budget. YTD

FTE=3.90 vs budget of 3.65. The extra labor was for managing bocce bal l

league

Operating Expenses (51,415) (51,788) 373 0.72% (47,246) (4,169) -8.82%

Net Income/(Loss) (27,284) 921 (28,205) -3062.38% (12,397) (14,887) -120.09%

Marina

Revenues 458,437 462,700 (4,263) -0.92% 411,330 47,107 11.45%

Cost of Sa les (18,565) (13,446) (5,119) -38.07% (13,348) (5,217) -39.09% Cost of camps over budget and higher merchandise sa les volume

Cost % of Sa les 59.46% 66.01% 6.54% 63.77% 4.31%

Payrol l Expense (105,045) (96,564) (8,481) -8.78% (93,102) (11,943) -12.83% ($7.3k) overage in hourly wages . FTE 4.30 vs . budget of 3.91

Operating Expenses (52,025) (64,195) 12,170 18.96% (69,639) 17,614 25.29% $5.9k-repair & maintenance and $6.2k-fi shing s tocking were under budget.

Net Income/(Loss) 282,802 288,495 (5,693) -1.97% 235,242 47,560 20.22%

Amenity Management

Revenues 2,093 - 2,093 0.00% - 2,093 0.00% Amenity usage fee

Payrol l Expense (99,256) (105,313) 6,057 5.75% (92,875) (6,381) -6.87% Hourly wages are $7.5k under budget year-to-date

Operating Expenses (21,597) (30,538) 8,941 29.28% (31,812) 10,215 32.11% Operating suppl ies are under budget for the year

Net Income/(Loss) (118,760) (135,851) 17,091 12.58% (124,687) 5,927 4.75%

Amenity Net Income/(Loss) 27,205 293,253 (266,048) -90.72% 47,320 (20,115) -42.51%

Net Inc.(loss) before Depreciation &

Extraordinary Items 4,061,368 4,282,081 (220,713) -5.15% 3,425,381 635,988 18.57%

Page | 12

Other Significant Information: Balance Sheet:

Capital: The POA committed to 61 capital projects totaling $2,587,706 including Road Paving, Club Essential Software/Server, Marina racks,

Public Works mini-excavator, fairway mowers, triplex mowers, food trailer, service vehicle, Course Master Plan and Community Master Plan.

Bocce Ball courts are completed by August 21. Pavilion will be completed in the spring due to the colder temperatures and the inability to get asphalt for the base of the pavilion.

Current

October 31, 2019

Current

September 30, 2019

Prior Year

October 31, 2018

CASH $3,747,442 $3,302,931 $3,088,122

RESTRICTED CASH $2,772,821 $2,768,252 $2,660,972

TOTAL CASH $6,520,263 $6,071,183 $5,749,093

OTHER ASSETS $943,188 $1,066,587 $952,377

FIXED ASSETS (Net of Accum. Depreciation) $36,258,638 $36,473,528 $36,513,891

TOTAL ASSETS $43,722,089 $43,611,297 $43,215,361

TOTAL CURRENT LIABILITIES $1,414,420 $1,428,175 $1,478,262

LONG TERM DEBT $7,214,785 $7,297,870 $8,193,529

PROPERTY OWNER EQUITY $35,092,885 $34,885,252 $33,543,570

TOTAL LIABILITIES AND EQUITY $43,722,089 $43,611,297 $43,215,361

BIG CANOE POA, INC.

ASSETS

LIABILITIES AND PROPERTY OWNERS' EQUITY

Page | 13

Description 2018 Cost

2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects CompletedClubessential Office 16,125 32,661 48,786 16,125 32,661 48,786 32,500 (16,286) Yes

Website 12,272 4,091 16,363 12,272 4,091 16,363 16,363 - Yes

Computer Equipment 41,803 41,803 41,985 41,985 52,180 10,195 Yes

Storage Building 5,316 5,316 5,316 5,316 5,000 (316) Yes

Chimneys attic window 8,100 8,100 8,100 8,100 (8,100) Yes

Rec. Center (lower level

of Village Station 27,515 27,515 27,515 27,515 (27,515)

HVAC - Real Estate Office 15,000 15,000 15,000 15,000 (15,000) Yes

Architect for Clubhouse

Kitchen 7,978 7,978 30,000 30,000 200,000

Community Master Plan 31,107 73,320 104,427 31,107 93,893 125,000 125,000 -

Admin 59,504 215,784 275,288 59,504 258,561 318,065 431,043 (57,022)

Canoe Racks/Landscaping 62,712 62,712 62,712 62,712 61,500 (1,212) Yes

Marina - 62,712 62,712 - 62,712 62,712 61,500 (1,212)

Playground Fence - 3,040 3,040 7,775 4,735

Bobcat Vehicles 33,483 33,483 33,483 33,483 34,078 595 Yes

Tractor Engine (Grounds

Equip. Annual) 12,097 12,097 12,097 12,097 25,000 Yes

Landscaping - 45,580 45,580 - 48,620 48,620 7,775 5,330

Big Canoe POA

2019 Capital Plan

Page | 14


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects CompletedRoad Paving including

Rejuvenation, Shoulders

and Striping 803,817 803,817 - 972,767 972,767 997,950 25,183

Guardrails 47,535 47,535 - 47,535 47,535 146,256

Deck Structure - Canoe

Lodge 6,400 6,400 6,400 6,400 90,363 83,963 Yes

Clubhouse & Cart Barn

Roof - - 29,600 29,600 - (29,600)

Equipment Allocation 4,066 4,066 - 4,066 4,066 21,274

Excuvator 49,860 49,860 - 49,860 49,860 80,000 30,140 Yes

Vehicle Track System 11,767 11,767 - 11,767 11,767 42,727

Main & North Gate Signs - - - - 28,000 28,000

Replacement for 2005

Chev. 2500 24,069 24,069 - 24,069 24,069 35,289 11,220 Yes

Public Works - 947,514 947,514 - 1,146,064 1,146,064 1,441,859 148,906

Score Boards 4,929 4,929 4,929 4,929 4,117 (812) Yes

Flight Launch Monitor 4,000 4,000 4,000 4,000 - (4,000) Yes

Total Golf Operations - 8,929 8,929 - 8,929 8,929 4,117 (4,812) -

Picnic Tables 2,500 2,500 2,500 2,500 2,500 - Yes

Wildcat Pool Tile - - 4,837 4,837

Wildcat Pool Replaster 27,308 27,308 27,309 27,309 26,520 (789) Yes

Wildcat - 29,808 29,808 - 29,809 29,809 33,857 4,048

Beach Rake 10,710 10,710 10,710 10,710 15,000 4,290 Yes

Swim Club Water

Dispenser/Icemaker 7,246 7,246 7,246 7,246 9,000 1,754 Yes

Rock Slide - 24,458 24,458 24,458 24,458 50,000 25,542 Yes

Inflatables 5,679 5,679 5,679 5,679 5,000 (679) Yes

HVAC 5,398 5,398 5,398 5,398 25,000

Swim Club Picnic Tables 11,976 11,976 11,976 11,976 11,000 (976) Yes

Music & PA System 4,691 4,691 4,691 4,691 5,400 709 Yes

Swim Club - 70,158 70,158 - 70,158 70,158 120,400 30,640 -

Big Canoe POA

2019 Capital Plan

Page | 15


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects Completed

Wellness Center Carpet 27,186 27,186 27,186 27,186 32,889 5,703 Yes

Locker Room Floors 34,697 34,697 34,697 34,697 50,000 15,303

Locker Room Lockers 19,532 19,532 19,532 19,532 20,000 468

Locker Room Countertops

and Cabinets 16,851 16,851 16,851 16,851 20,000 3,149

Locker Room Construction 55,894 55,894 55,894 55,894 60,000 4,106

Natatorium Furniture 2,649 2,649 2,649 2,649 2,648 (1) Yes

Recumbent Bike 2,813 2,813 2,813 2,813 3,000 187 Yes

Boiler 4,409 4,409 4,409 4,409 (4,409) Yes

HVAC 9,820 9,820 9,820 9,820 (9,820) Yes

Pool Tile - - 6,455 6,455

Sand Filter 3,185 3,185 3,185 3,185 (3,185) Yes

Wellness Center Pool

Replaster 30,923 30,923 30,923 30,923 30,000 (923) Yes

Wellness Center - 207,959 207,959 - 207,959 207,959 224,992 17,033

Fire Station EOC 6,875 11,405 18,280 6,875 11,405 11,405 (11,405) Yes

Fire Station EOC -

Volunteer Donation 37,313 37,313 37,313 37,313 - - Yes

Turnout Gear 1,960 1,960 9,300 9,300 9,364 64

Cardiac Monitor 21,624 21,624 21,624 21,624 20,000 (1,624)

Radios per emergency

plan 13,275 13,275 13,275 13,275 7,500 (5,775) Yes

Gate Readers 6,352 7,058 13,410 6,352 7,058 7,058 5,115 (1,943) Yes

Brake System for Ladder

Truck 10,963 10,963 10,963 10,963 (10,963) Yes

Public Safety 13,227 103,598 116,825 13,227 110,938 110,938 41,979 (31,646)

Page | 16


2019 Cost to

Date

Total Cost

to Date 2018 Cost

2019

Approved/

Committed

Cost

2018 - 2019

Approved/

Committed

Cost Budgeted Cost

Projected

Savings from

Projects Completed

Golf Course Rock Walls 15,000 15,000 15,000 15,000 15,000 - Yes

Choctaw Paving 16,440 16,440 16,440 16,440 35,000 18,560 Yes

Choctaw Rejuvenation 18,242 18,242 18,242 18,242 25,500 7,258 Yes

Golf Course Master Plan 27,000 9,000 36,000 27,000 9,000 9,000 36,000 - Yes

Greens Fan 7,317 7,317 7,317 7,317 6,500 (817) Yes

John Deer Trailer 4,658 4,658 4,658 4,658 5,000 342 Yes

John Deer Walk Mowers

(2) 20,084 20,084 20,084 20,084 23,000 2,916 Yes

John Deer Fairway

Mowers (2) 105,526 105,526 105,526 105,526 134,000 28,474 Yes

Triplex Mowers (2) 87,374 87,374 87,374 87,374 92,000 4,626 Yes

Golf Course 27,000 283,641 310,641 27,000 283,641 283,641 372,000 61,359

Courts 7 & 8 Asphalt Color 9,000 9,000 9,467 9,467 8,551 (916) Yes

Bocce Courts 102,572 102,572 - 115,000 115,000 70,000 (45,000)

Pickleball Court Asphalt

Color 4,000 4,000 3,533 3,533 3,191 (342) Yes

Racquet Club - 115,572 115,572 - 128,000 128,000 81,742 (46,258)

Tables and Chairs 6,300 6,300 6,300 6,300 35,000 Yes

Banquet Chairs 5,134 5,134 5,134 5,134 7,500 2,366 Yes

Wine Room 8,748 4,867 13,615 8,748 4,867 4,867 12,000 (1,615) Yes

Refrigerator 3,519 3,519 - 3,519 3,519 12,472

Gooseneck microphones 4,306 4,306 4,306 4,306 20,200

A/C unit for downstairs

kitchen 13,461 13,461 13,461 13,461 (13,461) Yes

Pizza Oven & Convection

Oven 13,584 13,584 13,584 13,584 29,584 Yes

Catering Van 39,111 39,111 39,111 39,111 36,866 (2,245) Yes

Food Trailer 69,584 69,584 69,584 69,584 35,000 (34,584) Yes

Clubhouse 8,748 159,866 168,614 8,748 159,866 159,866 188,622 (49,539)

Totals 108,479 2,251,121 2,359,600 108,479 2,515,257 2,574,761 3,009,886 76,827

Page | 17

Full-Time Equivalent Employees totaled 164.54 compared to a budget of 171.24 year-to-date. The FTE calculation excluding Food & Beverage

was 118.63 compared to the budget of 123.51.

Property Sales: Year-to-date total property sales were 243. In comparison, property sales for 2018 and 2017 were 269 and 319 respectively.

The graph below depicts sales by month/year.

Description Actual Budget Annual Budget

New Lots 0 0 0

New Homes 23 23 28

Current

October 31, 2019

Current

September 30, 2019

Prior Year

October 31, 2018

CASH 3,747,442$ 3,302,931$ 3,088,122$

RESTRICTED CASH 2,772,821 2,768,252 2,660,972

ACCOUNTS RECEIVABLE - Net 290,936 338,290 293,702

INVENTORY 387,868 350,468 332,779

OTHER CURRENT ASSETS 264,384 377,829 325,896

TOTAL CURRENT ASSETS 7,463,451 7,137,770 6,701,470

FIXED ASSETS 64,490,539 64,450,785 62,352,503

ACCUMULATED DEPRECIATION (28,231,901) (27,977,258) (25,838,612)

NET FIXED ASSETS 36,258,638 36,473,528 36,513,891

TOTAL ASSETS 43,722,089$ 43,611,297$ 43,215,361$

Current

October 31, 2019

Current

September 30, 2019

Prior Year

October 31, 2018

TRADE ACCOUNTS PAYABLE 303,560$ 381,163$ 446,954$

SALARY & WAGES PAYABLE 310,810 336,013 276,520

TAXES PAYABLE 192,914 192,034 10,035

OTHER PAYABLES & ACCRUED LIABILITIES 564,090 459,421 720,880

NOTES PAYABLE -CURRENT PORTION 1,011,297 1,008,532 978,785

DEFERRED INCOME 43,045 59,545 23,873

TOTAL LIABILITIES 2,425,716 2,436,707 2,457,047

LONG TERM DEBT 6,203,488 6,289,339 7,214,744

EQUITY AT END OF FISCAL YEAR 33,485,191 33,485,191 32,543,349

CURRENT YEAR PROFIT (LOSS) 1,607,694 1,400,061 1,000,222

TOTAL LIABILITIES AND EQUITY 43,722,089$ 43,611,297$ 43,215,361$

-$ -$ -$

Debt to Equity Ratio 0.25 0.25 0.29

Cash Ratio 1.54 1.36 1.26

LIABILITIES AND PROPERTY OWNERS' EQUITY

BIG CANOE POA, INC.

COMPARATIVE BALANCE SHEET

as of October 31, 2019

ASSETS

Operating Activities October

Excess of Revenues over Expenses 1,558,788$

Restricted Fund Income -$

Adjusted Excess Rev. over Expense 1,558,788$

Adjustments to reconcile Excess Revenue over Expenses

to net cash provided by operating activities:

Depreciation 2,467,318$

Changes in Assets and Liabilities

Decrease in Accounts Receivable 415,548$

Increase in Inventory (68,830)$

Increase in Prepaids (18,683)$

Increase in Accounts Payable (57,943)$

Decrease in Salaries & Wages Payable (63,753)$

Increase in Taxes Payable 713$

Decrease in Accrued Liabilities (181,589)$

Decrease in Deferred Income (190,230)$

Total Adjustments 2,302,551$

Investing Activities

FMV of Brokerage Accounts 48,906$

Equipment Disposals 20,229$

Clubhouse and Cart Barn Roof (422,947)$

Acquisition of Property & Equipment (2,251,120)$

Net cash used in investing activities (2,604,932)$

Financing Activities

Principal payments on Purchase/Amenity Loan (817,999)$

Net cash used in financing activities (817,999)$

Change in cash and cash equivalents 438,408$

Beginning Cash Balance 6,081,855$

Cash Balance 6,520,263$

Less: Restricted Cash- Capital Reserves (2,772,821)

Architectural Control Accounts (491,438)

Operating Cash at 9/30/2019 3,256,004$

Statement of Cash Flows

October 31, 2019

Actual

October 2019

Budget

October 2019

Variance

to Budget

Variance %

to Budget

Prior Year

October 2018

Variance to

Prior Year

Variance %

to Prior

year

Actual

October 2019

Budget

October 2019

Variance

to Budget

Variance %

to Budget

Prior Year

October 2018

Variance to

Prior Year

Variance %

to Prior

year

General Operating Revenue

886,246$ 886,196$ 50$ 0.0% 820,789$ 65,457$ 8.0% Monthly POA Assessments 8,858,004$ 8,853,548$ 4,456$ 0.1% 8,202,353$ 655,651$ 8.0%

32,292 28,811 3,481 12.1% 36,897 (4,605)$ -12.5% Other General Revenue 351,217 299,790 51,427 17.2% 337,640 13,577$ 4.0%

918,538$ 915,007$ 3,531$ 0.4% 857,686$ 60,852$ 7.1% Total General Operating Revenue 9,209,222$ 9,153,338$ 55,884$ 0.6% 8,539,993$ 669,229$ 7.8%

Utilization of General Operating Revenue

Operating Department Net Expense

(172,773) (161,378) (11,395) -7.1% (177,681) 4,908$ 2.8% Administration (1,562,376) (1,557,365) (5,011) -0.3% (1,536,730) (25,647)$ -1.7%

(11,818) (14,734) 2,916 24.7% - (11,818)$ 0.0% Marketing (114,151) (141,108) 26,957 23.6% - (114,151)$ 0.0%

54,049 2,080 51,969 2498.5% 816 53,233$ 6523.3% Architectural Environmental Control 36,553 19,322 17,231 89.2% (16,411) 52,964$ 322.7%

(36,951) (39,634) 2,683 6.8% (66,347) 29,396$ 44.3%

Grounds, Landscaping and Environmental

Protection (437,595) (459,049) 21,454 4.7% (474,901) 37,306$ 7.9%

(115,687) (114,271) (1,416) -1.2% (146,607) 30,920$ 21.1% Public Works including Housekeeping (1,290,474) (1,275,778) (14,696) -1.2% (1,328,572) 38,098$ 2.9%

(105,248) (107,809) 2,561 2.4% (115,249) 10,001$ 8.7% Public Safety (1,083,479) (1,063,221) (20,258) -1.9% (1,097,724) 14,245$ 1.3%

(32,713) (11,227) (21,486) -191.4% (16,516) (16,197)$ -98.1% Property Owners' Activities (110,645) (80,689) (29,956) -37.1% (96,586) (14,059)$ -14.6%

(60,395) (59,373) (1,022) -1.7% (59,332) (1,063)$ -1.8% Property Tax, Insurance, Interest, Taxes (612,889) (606,622) (6,267) -1.0% (611,007) (1,882)$ -0.3%

(481,535) (506,346) 24,811 4.9% (580,917) 99,382$ 17.1% Operating Department Expenditures (5,175,058) (5,164,510) (10,548) -0.2% (5,161,932) (13,125)$ -0.3%

Amenities Operations

(26,847) (24,295) (2,552) -10.5% (11,151) (15,696)$ -140.8% Clubhouse (583,732) (369,420) (214,312) -58.0% (494,685) (89,047)$ -18.0%

52,615 59,758 (7,143) -12.0% 50,849 1,766$ 3.5% Golf Operations, incl. Maintenance 201,019 169,980 31,039 18.3% 185,405 15,614$ 8.4%

19,681 31,275 (11,594) -37.1% 30,201 (10,520)$ -34.8% Fitness Center 299,846 311,802 (11,956) -3.8% 298,544 1,302$ 0.4%

(1,718) 1,930 (3,648) -189.0% (194) (1,524)$ 785.9% Tennis (27,284) 921 (28,205) 3062.4% (12,397) (14,887)$ -120.1%

(27,473) (24,843) (2,630) -10.6% (2,059) (25,414)$ -1234.5% Swim (26,687) 27,326 (54,013) -197.7% (40,103) 13,416$ 33.5%

20,829 19,217 1,612 8.4% 18,107 2,721$ 15.0% Lakes and Marina 282,802 288,495 (5,693) -2.0% 235,242 47,560$ 20.2%

(12,695) (12,939) 244 1.9% (12,884) 189$ 1.5% Amenity Management (118,760) (135,851) 17,091 12.6% (124,687) 5,927$ 4.8%

24,393 50,103 (25,710) -51.3% 72,869 (48,476) 66.5% Amenity Gain (Loss) Before Depreciation 27,205 293,253 (266,048) -90.7% 47,320 (20,115) 42.5%

461,396 458,764 2,632 0.6% 349,638 111,758 32.0%

Net Inc. (Loss) Before Extraordinary Items &

Depreciation 4,061,369 4,282,081 (220,712) -5.2% 3,425,380 635,988 18.6%

254,644$ 260,814$ 6,170 2.4% 232,764$ 21,879$ -9.4% Depreciation 2,467,317$ 2,501,358$ 34,041 1.4% 2,340,911 126,406$ -5.4%

206,752 197,950 8,802 4.4% 116,873 89,879$ 76.9%

Net Inc.(Loss) Before Extraordinary Items and

Asset Disposal Gain/(Loss) 1,594,051 1,780,723 (186,672) -10.5% 1,084,469 509,582$ 47.0%

- (1,750) 1,750 - -$ Extraordinary Items/Storm Damage (30,655) (33,975) 3,320 (2,230) (28,425)$

- - - - -$ Extraordinary Items/Legal Fees-BCU - - - (79,968) 79,968$

852 - 852 (28,710) 29,562$ Asset Disposal Gain/(Loss) (4,609) - (4,609) (35,684) 31,076$

207,604$ 196,200$ 11,404$ 5.8% 88,163$ 119,441$ 135.5% Net Income (Loss) 1,558,788$ 1,746,748$ (187,960)$ -10.8% 966,587$ 592,201$ 61.3%

Month Year-to-Date

BIG CANOE POA, INC.

INCOME FROM OPERATIONS OCTOBER 31, 2019

Actual

October 2019

Budget

October 2019

Variance

to Budget

Prior Year

October 2018

Actual

October 2019

Budget

October 2019

Variance

to Budget

Prior Year

October 2018

207,604 196,200 11,404 88,163 Net Income/(Loss) From Operations 1,558,788 1,746,748 (187,960) 966,587

Other Comprehensive Gain/(Loss)

- - - 1,974 Change in FMV of Swap Instrument - - - 33,635.18

28 - 28 - Change in FMV of Brokerage Accts (CR & DR) 48,906 - 48,906 -

- - - - Termination of Swap Agreement - - - -

207,633 196,200 11,433 90,137 Total Comprehensive Income (Loss) 1,607,694 1,746,748 (139,054) 1,000,222

Month Month and Year-to-Date

BIG CANOE POA, INC.

COMPREHENSIVE INCOME

FOR THE MONTH ENDED OCTOBER 31, 2019

2019 Budget

Variance %

to Budget 2018

Variance %


Variance %

to Budget 2018

Variance %

to Last Yr.General Operating Revenues:

886,246 886,196 50 820,789 65,457 General Assessments 8,858,004 8,853,548 4,456 8,202,353 655,651

32,292 28,811 3,481 36,897 (4,605) Other Operating Revenue 351,217 299,790 51,427 337,640 13,577

918,538 915,007 3,531 857,686 60,852 Total General Operating Revenues 9,209,222 9,153,338 55,884 8,539,993 669,229



461,396 458,764 2,632 349,638 111,758 Net Income/(Loss) Before Depreciation 4,061,368 4,282,081 (220,713) 3,425,381 635,988

- (1,750) 1,750 - -

Extraordinary Items/Storm Damage/Legal-

BCU (30,655) (33,975) 3,320 (82,198) 51,543

253,792 260,814 (7,022) 261,474 (7,683) Depreciation & Asset Gain/Loss-Disposal 2,471,926 2,501,358 (29,432) 2,376,596 95,330

207,604 196,200 11,404 88,163 119,441 Net Income/(Loss) 1,558,788 1,746,748 (187,960) 966,587 592,201

Operating Departments Results

(172,773) (161,378) (11,395) (177,681) 4,908 Administration (1,562,376) (1,557,365) (5,011) (1,536,730) (25,647)

(11,818) (14,734) 2,916 - (11,818) Marketing (114,151) (141,108) 26,957 - (114,151)

54,049 2,080 51,969 816 53,233 Architectural Environmental Control 36,553 19,322 17,231 (16,411) 52,964

(14,929) (15,301) 372 (14,905) (23) Housekeeping (138,282) (149,000) 10,718 (127,999) (10,283)

(925) (1,250) 325 (24,123) 23,198 Environmental Protection (29,662) (34,200) 4,538 (56,354) 26,692

(36,025) (38,384) 2,359 (42,224) 6,199 Grounds & Landscaping (407,933) (424,849) 16,916 (418,547) 10,614

(100,759) (98,970) (1,789) (131,702) 30,943 Public Works (1,152,192) (1,126,778) (25,414) (1,200,573) 48,381

(105,248) (107,809) 2,561 (115,249) 10,001 Public Safety (1,083,479) (1,063,221) (20,258) (1,097,724) 14,245

(32,713) (11,227) (21,486) (16,516) (16,197) POA Activities (110,645) (80,689) (29,956) (96,586) (14,059)

(60,395) (59,373) (1,022) (59,332) (1,063) Property Tax, Insurance, Interest (612,889) (606,622) (6,267) (611,007) (1,882)


Operating Departments P&L

Revenues:

(852) 1,875 (2,727) - (852) Marketing 15,925 18,750 (2,825) - 15,925

64,763 12,808 51,955 12,940 51,823 Architectural Environmental Control 150,695 125,280 25,415 91,679 59,017

- - - - - Environmental Protection - - - - -

- - - 827 (827) Grounds & Landscaping 675 - 675 827 (152)

20,261 19,956 305 15,696 4,565 Public Works 201,738 199,568 2,170 172,313 29,425

3,163 2,670 493 2,811 352 Public Safety 71,765 51,700 20,065 44,844 26,922

29,877 25,605 4,272 26,375 3,502 POA Activities 67,020 84,100 (17,080) 89,344 (22,323)

117,211 62,914 54,297 58,648 58,562 Total Revenues 507,819 479,398 28,421 399,006 108,813

Cost of Sales:

1,482 2,100 618 1,640 158 Public Works 28,764 21,000 (7,764) 20,181 (8,583)

1,482 2,100 29.42% 1,640 9.65% Total Cost of Sales 28,764 21,000 -36.97% 20,181 -42.53%

Payroll Expenses:

105,371 106,147 776 107,615 2,244 Administration 1,030,661 1,039,187 8,526 852,135 (178,526)

8,480 8,514 34 - (8,480) Marketing 82,179 82,223 44 - (82,179)

9,985 10,048 63 8,026 (1,959) Architectural Environmental Control 101,038 94,987 (6,051) 75,060 (25,978)

11,986 12,142 156 9,793 (2,192) Housekeeping 107,276 117,260 9,984 94,436 (12,840)

- - - 2,842 2,842 Environmental Protection - - - 27,051 27,051

29,285 31,054 1,769 30,363 1,078 Grounds & Landscaping 293,238 297,239 4,001 297,711 4,473

70,137 66,176 (3,961) 70,838 700 Public Works 659,991 635,656 (24,335) 666,235 6,244

96,901 96,829 (72) 99,599 2,698 Public Safety 988,722 952,746 (35,976) 988,731 8

11,417 8,237 (3,180) 10,305 (1,112) POA Activities 70,311 65,009 (5,302) 62,090 (8,220)

343,561 339,147 (4,414) 339,381 (4,180) Total Payroll Expenses 3,333,416 3,284,307 (49,109) 3,063,449 (269,967)

Operating Expenses:

67,402 55,231 (12,171) 70,066 2,664 Administration 531,715 518,178 (13,537) 684,595 152,880

2,486 8,095 5,609 - (2,486) Marketing 47,897 77,635 29,738 - (47,897)

728 680 (48) 4,098 3,370 Architectural Environmental Control 13,104 10,971 (2,133) 33,030 19,926

2,943 3,159 216 5,112 2,169 Housekeeping 31,006 31,740 734 33,563 2,557

925 1,250 325 21,281 20,356 Environmental Protection 29,662 34,200 4,538 29,303 (359)

6,740 7,330 590 12,688 5,947 Grounds & Landscaping 115,370 127,610 12,240 121,663 6,293

49,400 50,650 1,250 74,919 25,519 Public Works 665,176 669,690 4,514 686,471 21,295

11,509 13,650 2,141 18,461 6,952 Public Safety 166,523 162,175 (4,348) 153,838 (12,685)

51,173 28,595 (22,578) 32,587 (18,586) POA Activities 107,355 99,780 (7,575) 123,839 16,485

60,395 59,373 (1,022) 59,332 (1,063) Property Tax, Insurance, Interest 612,889 606,622 (6,267) 611,007 (1,882)

253,702 228,013 (25,689) 298,544 44,842 Total Operating Expenses 2,320,697 2,338,601 17,904 2,477,309 156,611


Big Canoe POAFinancial Summary of Income from Operations

For the Month Ended October 31, 2019October Year-to-Date

2019 Budget

Variance %

to Budget 2018

Variance %


Variance %

to Budget 2018

Variance %

to Last Yr.Amenity Operating Results

(26,847) (24,295) (2,552) (11,151) (15,696) Clubhouse (583,732) (369,420) (214,312) (494,685) (89,047)

165,338 166,500 (1,162) 161,292 4,046 Golf Operations 1,358,647 1,364,041 (5,394) 1,315,905 42,743

(112,723) (106,742) (5,981) (110,443) (2,280) Golf Maintenance (1,157,629) (1,194,061) 36,432 (1,130,500) (27,129)

19,681 31,275 (11,594) 30,201 (10,520) Fitness Center 299,846 311,802 (11,956) 298,544 1,302

(1,718) 1,930 (3,648) (194) (1,524) Tennis (27,284) 921 (28,205) (12,397) (14,887)

(27,473) (24,843) (2,630) (2,059) (25,414) Swim (26,687) 27,326 (54,013) (40,103) 13,416

20,829 19,217 1,612 18,107 2,721 Lakes & Marina 282,802 288,495 (5,693) 235,242 47,560

(12,695) (12,939) 244 (12,884) 189 Amenity Management (118,760) (135,851) 17,091 (124,687) 5,927


Amenity P&L

Revenues:

240,460 255,681 (15,221) 256,865 (16,405) Clubhouse 1,874,779 2,311,439 (436,660) 1,999,659 (124,880)

230,846 241,036 (10,190) 232,700 (1,853) Golf Operations 1,995,438 2,017,403 (21,965) 1,901,862 93,576

- - - - - Golf Maintenance - - - - -

63,229 70,560 (7,331) 67,298 (4,069) Fitness Center 674,493 698,100 (23,607) 653,065 21,428

18,632 18,836 (204) 17,185 1,447 Racquet Club 187,001 204,131 (17,130) 182,446 4,555

- - - - - Swim 245,150 310,948 (65,798) 229,709 15,441

38,160 37,416 744 36,242 1,918 Lakes & Marina 458,437 462,700 (4,263) 411,330 47,107

- - - - - Amenity Management 2,093 - 2,093 - 2,093

591,328 623,529 (32,201) 610,289 (18,962) Total Revenues 5,437,391 6,004,721 (567,330) 5,378,071 59,320

Cost of Sales:

85,011 97,307 12,296 82,420 (2,591) Clubhouse 713,995 894,156 180,161 717,123 3,128

36.85% 38.53% 1.68% 34.15% -2.69% Clubhouse % of Sales 38.88% 38.43% -0.45% 36.75% -2.13%

23,323 24,850 1,527 25,873 2,550 Golf Operations 210,367 194,549 (15,818) 183,198 (27,169)

72.78% 71.00% -143.78% 71.45% -1.33% Golf Operations % of Sales 72.64% 71.00% -143.64% 72.92% 0.29%

- - 0.00% - 0.00% Swim Club - - 0.00% - 0.00%

1,376 1,644 268 1,975 599 Fitness Center 15,200 15,399 199 15,516 316

58.76% 60.00% -118.76% 59.70% 0.93% Fitness Center % of Sales 63.01% 60.00% -123.01% 58.26% -4.75%

1,423 1,995 572 2,000 577 Racquet Club 23,137 26,819 3,682 25,370 2,233

73.52% 66.50% -7.02% 71.06% -2.46% Racquet Club % of Sales 69.74% 66.50% -3.24% 67.77% -1.96%

985 1,370 385 759 (226) Lakes & Marina 18,565 13,446 (5,119) 13,348 (5,217)

69.02% 66.02% -2.99% 56.69% -12.33% Lakes & Marina % of Sales 59.46% 66.01% 6.54% 63.77% 4.31%

112,119 127,166 15,047 113,028 909 Total Cost of Sales 981,265 1,144,369 163,104 954,556 (26,709)

479,209 496,363 (17,154) 497,261 (18,052) Gross Margin 4,456,126 4,860,352 (404,226) 4,423,515 32,610

Payroll Expenses:

137,126 145,790 8,664 149,540 12,414 Clubhouse 1,416,880 1,462,559 45,679 1,446,389 29,510

59.44% 57.72% -1.71% 61.97% 2.53% Clubhouse % of Sales 77.16% 62.86% -14.30% 74.12% -3.04%

34,484 41,050 6,566 34,676 191 Golf Operations 343,114 371,249 28,135 322,621 (20,493)

81,972 83,817 1,845 79,490 (2,482) Golf Maintenance 778,356 824,601 46,245 773,050 (5,306)

24,668 23,837 (831) 23,403 (1,265) Fitness Center 214,571 228,126 13,555 199,051 (15,519)

15,402 11,765 (3,637) 12,531 (2,871) Racquet Club 139,732 124,603 (15,129) 122,227 (17,505)

68 - (68) 84 17 Swim 77,504 78,153 649 72,472 (5,032)

9,286 9,757 471 9,173 (112) Lakes & Marina 105,045 96,564 (8,481) 93,102 (11,943)

11,105 10,919 (186) 10,144 (961) Amenity Management 99,256 105,313 6,057 92,875 (6,381)

314,111 326,935 12,824 319,041 4,930 Total Payroll Expenses 3,174,458 3,291,168 116,710 3,121,786 (52,672)

Operating Expenses:

45,169 36,879 (8,290) 36,055 (9,114) Clubhouse 327,636 324,144 (3,492) 330,831 3,195

7,701 8,636 935 10,859 3,158 Golf Operations 83,309 87,564 4,255 80,138 (3,171)

30,751 22,925 (7,826) 30,953 202 Golf Maintenance 379,273 369,460 (9,813) 357,450 (21,822)

17,503 13,804 (3,699) 11,719 (5,784) Fitness Center 144,876 142,773 (2,103) 139,954 (4,922)

3,525 3,146 (379) 2,848 (678) Racquet Club 51,415 51,788 373 47,246 (4,169)

27,405 24,843 (2,562) 1,974 (25,431) Swim 194,333 205,469 11,136 197,340 3,007

7,061 7,072 11 8,202 1,141 Lakes & Marina 52,025 64,195 12,170 69,639 17,614

1,590 2,020 430 2,740 1,151 Amenity Management 21,597 30,538 8,941 31,812 10,215

140,705 119,325 (21,380) 105,351 (35,354) Total Operating Expenses 1,254,463 1,275,931 21,468 1,254,409 (54)


Big Canoe POAFinancial Summary of Income from Operations

For the Month Ended October 31, 2019October Year-to-Date

461,396 458,764 2,632 349,638 111,758 big canoe property … 2019 financials.pdf · financial...

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