OUTDOOR RESORT PALM SPRINGS
CFO Report
Hard to believe that we have reached the end of another season. As many of you read this, you are likely packing and getting ready to leave, already left or have reached your summertime destination. Of course there are the brave
As your newly appointed CFO, I take this responsibility both humbly and seriously, making sure that our monthly HOA dues are being managed the best way possible. February Financials have just been approved, and I am pleased to report a few of the highlights: our Net Variance to Budget on the Revenue side shows an increase of $132,788. This compares to February 2016, a deficit of $21,778. Largest variance to Revenue was a net increase to the Resort fee of around $116,000. Bar Sales also had net variance increase of $12,600. Expenses are also down around $46,000. Our recently approved Budget has kept the increase in HOA dues to $3 for Operations and $3 for Reserves. This is a 1% increase, well under inflation. We continue to build up our Reserve Funding and are now at nearly 60%, on schedule to reach the 70% funded goal by 2020. At our recent meeting with First Foundation, our investment firm, we discussed our current financial position and are currently working with them to get a better return on our investments. They gave us the ultimate compliment that we are among the top HOA's in managing our finances. A Big Thanks goes to Clint, Brenda and her team, along with Dave Mueller and the Finance Committee. We anticipate finishing off the fiscal year well.
APRIL 2017
Board of Directors President B RIAN C ANFIELD Vice President M ARYELLEN M UIR Secretary D EDE L OOP CFO C RAIG W IRCH Members
few that stay with us all summer and deal with the heat! During the spring and summer, the office will still be busy with the business of the HOA and getting projects underway. On the admin side, management will continue to work with the Board during the summer to review and rewrite rules and regulations in the wake of the newly restated CC&Rs. In addition, we will review the data collected from the golf course and look at impact of the newly implemented trials at the golf course which included the Early Morning Nine and the increase of one minute between tee times which allows for a more manageable two hour and 40 minute round of golf. In terms of physical projects, we will be replacing the liners for three lakes on the back 9 which are the only ones that have yet to be replaced. The administration and LP building will also be painted along with many, many other smaller projects. During the summer, please keep an eye out for my Out and About email blasts which will keep you updated on the happenings during the summer. If you are not on the email list and would like to receive the Out and About emails, please email your information to Jennifer Miranda at jmiranda@orps.com . Also in May we will be mailing out our annual disclosure packets that include the new budget and reserve study summary for the 2017-2018 fiscal year along with some additional Association information. I would like to close by thanking the residents, volunteers, committee members and Board members for making it another great season. A special thank you to the Oracle Staff who continued on from our transition from a paper medium to an all-digital version making this and all the other articles available for our residents. Safe travels and we look forward to seeing you upon your return!
B OB M OORE J IM W ALLER T ED W ILSON
General Manager C LINT A THERTON
Oracle Staff Editor Emeritae E LLEN L YNCH C ATHY C HAUNCEY
Editor E VA N ORCROSS
Sports Editor L UANN W ARD
ORPS had over one hundred guests taking tours in January and February! We now have approximately 25 ambassadors volunteering their enthusiasm to our program! We would love more!! That way no one is overburdened. Any interested Ambassador candidates should contact me at 951-206-5752. Terri Nolan Lot 870
Photo Editor S HAREN W OODGRIFT
Production Staff L OUISE K NOBF S USAN M ATTHEW J OANNE N YQUIST M ARY A NN P RIDDY M ARGIE S LEIGHT
ORPS
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