DESERT HORIZONS OWNERS ASSOCIATION BOARD OF DIRECTORS COMMITTEE REPORT ANNUAL MEETING 2025
Committee Name: Finance Committee Committee Members: Dave Taylor, Dale Hurd, Don Costa, Bob Lemon Submitted by: Tom Robinson (Chair)
I would like to thank the members of the Finance Committee (FC) for their insight, financial acumen and support in providing oversight to the financial affairs of Desert Horizons Owners Association (DHOA). Thank you to Dave Taylor, Dale Hurd, Don Costa and Bob Lemon. In addition thanks to Al Castro, John Sotomonte, Crysten Hanson and their finance team for providing timely accurate monthly financial information to the FC, the Board and to Homeowners. Draft preliminary monthly financials are prepared usually two weeks after month end. These draft preliminary monthly financials for the Year Ended September 30, 2024 were reviewed and approved by the FC and the Board. The Audited September 30, 2024 Year End Financial Statements were completed in December 2024 and were reviewed and approved by the FC and the Board. All monthly and Year End Audited Financial Statements are posted on the Homeowners website under My Home, Financial Documents. Management started the process of preparing operating and capital budgets in May 2024 for fiscal year ending September 30, 2025. This is an iterative process where draft budgets are provided by Management to the FC who performed detailed reviews before recommending that a budget be approved by the Board. After numerous discussions and further budget iterations the Board approved the final Fiscal 2025 Operating and Capital Budgets in August 2024. The Board engaged an outside consultant to update the previous year’s reserve study. This updated reserve study was completed in August 2024 to estimate the remaining useful lives and the replacement costs of the components of common property of the DHOA. Management, the FC and the Board reviewed and approved this reserve study in August 2024. The Annual Budget Report, Annual Policy Statement and Other Disclosures for the Fiscal Year October 1, 2024 through September 30, 2025 was reviewed and approved by the FC and the Board in August 2024 and sent to the Homeowners on August 28, 2024. This document is also posted on the Homeowners website. Copies of the Desert Horizons Owners Association Audited Financial Statements for the Year Ended September 30, 2024 as well as the Management prepared Unaudited Financial Statements for the Four Month Period Ended January 31, 2025 (approved by the Board and posted to the website) will be available at the March 9, 2025 Annual Meeting of Members.
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