Outdoor Resort – Palm Springs Income Statement Comments November 30, 2020
Revenues Budget: $515,998 Actual: $449,832 Variance: $ (66,166)
Administration come under budgeted revenue due to lower than anticipated late fees, permit fees, vendor fees and laundry income. Transfer fees are within budget, the addition of Escrow demand fees has brought in an additional $5K YTD. Resort Services was under budget in all areas except website listing, Oracle advertising and copies. Oracle revenue generated $2.9 over budgeted revenue. Lifestyle, Mike Thompson check was received December 2 nd and will reflect on December Financials. Lifestyles and 19 th hole were significantly affected by COVID closures and restrictions both significantly under budgeted revenue. Golf on the other hand was slightly over budgeted revenue by $157. Expenses Recruitment was over budget due to high turnover caused by COVID. Much turnover is due to COVID related fears and stress. Computers were over budget due to ink/toner expense for board room printer, prepping new laptop and Oct/Nov Dwelling expense. Office supplies are higher than usual with additional purchases of mask, gloves and cleaning products. Mailroom expenses were over budget by $2.3 due to wages. Due to COVID there has been an influx of packages and mailroom staff schedule has been adjusted to meet demand. Lifestyles, 19 th hole and Golf were all significantly under budget due to reduce cost, wages due to COVID closures and restrictions. Security, Facilities, Vehicle maintenance were within budget. Grounds and Greens was over budget due to Vintage contract. Pest Control was over budget due to over payment. Dewey stated they had no received payment, check was cancelled and reissued, upon bank reconciliation it was discovered they did receive and cash check. Payment will not be submitted in December due to over payment. Maintenance department was over budget by $460, factors that contributed to that was replacement of LP freezer, replacement of patio heaters ES and additional tables. Maintenance supplies were over budget due to light bulbs for lots, water line repair tools, water test kits and odor eliminator for pets. Refuse was significantly over budget due to the addition of 4 trash cans and delivery fee. Well water was double in the month of November compare to previous years. Budget: $468,861 Actual: $435.644 Variance: $(33,217)
Net Income for the month: $ 14,188 Budget net income for the month: $ 47,137 Variance: $ (32,950) Year to date net income: $ (94,781) Budget year to date net income: $ (50,015) Variance: $(44,766) Rental Administration fee was $25,770, which equals 1,718 rental nights for November 2020
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