Outdoor Resort – Palm Springs Income Statement Comments February 28, 2021
Revenues Budget: $572,064 Actual: $482,846 Variance: $ (89,218)
For the month of February Administration income missed budgeted revenue by $5K. Factors contributing to the shortage were late fees, vendor fees and laundry being the most significant. Transfer fees and Escrow demand fees continue to perform better than budget. Resort Services also missed budgeted revenue by $31K. Resort fees are the largest contributing factor falling short of budget by $32K due to COVID. Lifestyles was under budgeted revenue by $31K due to COVID restrictions. The most significantly impacted revenue stream was ORPS events which missed budget by $26.5 and sponsorship of $3K. Due to a backend coding error Happy Hour was posted to Bar ORPS events, which has been corrected and reclassed to the correct line item. Despite COVID Golf continues to perform as budgeted.
Expenses Budget: $487,470 Actual: $385,394 Variance: $102,076
In the month of February, it was discovered that COVID, Vacation and Sick time had been accrued incorrectly over the past couple months. With the auditor’s approval the accrual correction has been made, therefore reducing the stated salary and wages line items, for multiple departments. Administration expense was under budget by $10K, mostly due to the payroll accrual reversal. Board expense was over budget due to ballot count, McMahon travel expense and board election. Computers, legal and printing of February Oracle were also over budget by $1K. Resort Services was also under budget by $13K due to payroll accrual reversal. Lifestyle expense was under budget by $24K due to payroll accrual reversal and all other line items falling under budgeted expense (ice cream social, linen, copier, movie rental, uniforms, health insurance). Bar was also under budget by $6.5K, all expenses falling short of budget (bar consumable, bar food, wages, liquor) Golf also performed under budgeted expense by $4.6K. All line items were below budget, except for Golf Merchandise for the purchase of golf bags and golf balls. Grounds and Greens, Security, Mailroom were all under budget. Facilities was under budget by $8.9K due to payroll accrual reversal. Pool supplies was over budget due to Whisp flow pump and chlorine/Acid. Maintenance and repair was under budget by $24.5 due to payroll reversal. Maintenance overages were club houses which included repair of ice condenser, freezer repair, entry door repair, power washing and installation of LED bulbs. Supplies were over budget due to doggie bags and electrical wires. Vehicle maintenance exceeded budget due to multiple batteries being purchased, gasoline, pressure washer, vacuums, brake and drum assembly. Utilities also exceeded budget by $5.6K, due to electricity, gas, telephone and refuse. Dump fees, water and sewer for the month of February were all within budget. Net Income for the month: $ 97,452 Budget net income for the month: $ 84,594 Variance: $ 12,858 Year to date net income: $ (31,027) Budget year to date net income: $ 65,079 Variance: $(96,106) Rental Administration fee was $48,385, which equals 3,226 rental nights for February 2021
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