Financial & Budget Summary
Budget 2025 Overview As we move forward into 2025, our General Manager, along with the Finance Committee, has worked diligently to organize the Operating Budget to address various operational challenges. Key to our fiscal planning is a robust and well-structured approach that ensures financial health and sustainability. Additionally, the Reserve portion of the budget was organized to fully fund the necessary requirements for the year, in line with our revised Reserve Studies dated July 2024. This ensures we maintain sufficient reserves for future capital expenses and major repairs and replacements. A key update for the year is the total quarterly assessment, which is now set at $680. This is a $30 increase over the 2024 assessment of $650, enabling us to continue addressing operational needs and maintaining long-term stability.
Financial Results – February 2025 YTD As of February 2025, Corte Bella’s financials remain strong and stable, reflecting the effective strategies and fiscal management put in place by the team. Here is a breakdown of our current cash position and results:
Operating Cash: $1,026,573 Reserve Cash: $6,303,197 Total Cash: $7,329,770
We are pleased to report that our cash balances are financially healthy, with ample funds available in both operating and reserve accounts. This provides a solid foundation for ongoing operations and future needs. One of the significant projects completed in 2024 was the renovation of the restaurant. The renovation costs totaled $3,135,258, which have been capitalized to fixed assets and will be depreciated over their useful life. This enhancement ensures our facilities remain up-to-date and serve the needs of the community. As for the operational performance, Corte Bella has achieved a consolidated surplus of $120,221, surpassing the budgeted surplus of $26,592 after the first two months of the year. This positive variance reflects strong performance and effective cost management. Bella Vista Restaurant Financial Overview The Bella Vista restaurant has also shown improving financial performance. After two months, the restaurant has reported an operating surplus of $25,443, which is above the budgeted surplus of $8,394. Furthermore, the restaurant has a consolidated surplus of $6,795, which includes the building maintenance and Kemper fees, and is a notable improvement over the budgeted deficit of ($24,606). Conclusion In summary, the financial outlook for 2025 is promising. The thoughtful planning behind our operating and reserve budgets puts us in a strong position to continue meeting our operational and capital needs. We will continue to monitor and adjust our strategies to ensure long-term financial stability and success.
Our Capital Projects are funded by the transfer fee realized with each resident home sale.
The transfer fee is set at $4,080 for 2025. We budget for 100 home sales each year. Our total budget funding for Capital Projects is $408,000 for 2025.
Our balance in the Capital Projects fund as of February 2025 is a deficit of (251,273).
This deficit is the result of the Restaurant renovation construction project that was finalized in the first quarter of 2024.
We expect the Capital Project fund to recover from this 2024 deficit in the third quarter of 2025.
Written by Jim Druschel, Board Treasurer & Rudy Black, Finance Committee Chair 8
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