Fund as it also includes cash in the Operating Fund and other adjustments. Management’s cash flow estimates to December 31, 2024, indicate that this 30% Reserve Ratio should be met.
Statements of Revenues, Expenses and Changes in Fund Balances - Year Ended September 30, 2024 Operating Fund The Operating Fund is comprised of Operating Revenues, Operating Expenses and Non-operating income/(expenses). Total Operating Revenues were $13,743,219 and Total Operating Expenses were $14,493,154 resulting in a Deficiency of operating revenues over expenses of $(749,935). This amount is mainly the result of Food and Beverage operations where the loss in Food and Beverage was $722,000 more than the budgeted loss of $371,000. The main reasons for this difference were the club opening two months later than budgeted, fewer people using the clubhouse than budgeted and the average price per cover much lower than budgeted. Food and beverage, courts, fitness/wellness center and clubhouse operations are all amenities that are supported by monthly social membership dues. Golf operations are supported by monthly golf dues. To the extent that non-golf operating losses are incurred special assessments are charged to homeowners to cover those losses. To the extent that golf operating losses are incurred additional golf dues are charged to Golf members to cover those losses. Non-Operating income net of expenses totaled $1,463,863 including a special assessment of $612,000 and additional golf dues of $325,425 to cover prior years’ operating losses. The total Excess of revenues over expenses in the Operating Fund is $713,928. See the September 30, 2024, Audited Financial Statements of DHOA posted to the homeowners’ website for more detail. Statements of Revenues and Expenses – Four Month Period Ended January 31, 2025 Operating Fund The Deficiency of Operating revenues over expenses is $(215,499) compared to a budgeted deficiency of $(331,884) which is $116,385 better than budget. The first four months of the fiscal year were budgeted to have an operating loss due to significant start-up costs in clubhouse, food and beverage and golf course operations. Non-Operating income net of expenses totalled $663,025 including a special assessment of $885,870 and additional golf dues of $90,774 to cover prior year’s operating losses. The Total Excess of revenues over expenses in the Operating Fund is $447,526. See the Monthly and YTD Financial Statements of DHOA posted to the homeowners’ website for more details. Replacement Fund The Replacement Fund Balance at January 31, 2025 is $6,822,978 which is a decrease of $681,153 from this balance at September 30, 2024. Residential assessments of $663,000; golf dues of $35,450; and social and golf initiation assessments of $248,100 totalling $946,550 are all recorded
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