Finance Committee
Update on the 16-Year Rule. As earlier reported, over the summer the General Manager will be completing an inventory of RV’s in the Resort that are 16 years old so that, next season, the A&A Committee can implement a systematic inspection schedule. In the meantime, the Committee inspected a handful of older rigs using the inspection criteria recently adopted. Owners will be notified of the results of the inspection and given an opportunity to bring their RV’s up to standards. The Committee also responded to owner requests to amend the rule that does not allow an RV that is 16 years old to be sold within the Resort. The amendment will provide an exception for well-maintained RV’s that have been inspected and approved to stay within the Resort. This proposed amendment will be considered at the March 7 Board Meeting. With my second term on the Board ending in March, this will be my last A&A Committee update. I wanted to express my grateful thanks to current and past members of the A&A Committee who have served during my six years as Chair. They have spent countless hours working to ensure this Resort is maintained and improved in compliance with our governing documents. Thank you to current members K ARL L ORENZ , M ANFRED B AUR , D ON W OOGRIFT , R ICHARD G IUSTI , T OM C OSTA , G RANT B URLEIGH and past members T ED W ILSON , C RAIG S INCLAIR , D AVE M UELLER , J OHN F RASER and S AMMY J ENKINS . Your service is appreciated.
Financials: Financial reports for December continue to show the Resort’s fiscal year finances are ahead of plan. Planned revenues minus planned expenses is a positive number, a little over $35,000. Revenues are down due to decreased occupancy that affects income from front office, store, activities, and laundry. It is believed that some of the difference in occupancy volume is due to the the US-Canadian currency imbalance. While revenues are significantly below last year’s, management has worked diligently to match these with expense reductions, keeping us on track. Actual revenues for the month were $404,832, expenses $426,081, for a deficit of $21,249. Note revenue and expense differences are expected from month-to-month, which makes the planned number a good one to watch, along with year-over-year comparisons. 2016-2017 Budget: With management and the Board, we are working on next year’s budget. We began with a review of the draft budget on February 3. We continued on February 17, leading to a joint meet- ing with the Board on February 26 to make final recommendations. Challenges in the new year include minimum wage and health insurance increases; these have been mitigated by management’s reduction of planned COLA increases to be closer to 1%. To address possible HOA fee increases, several operating policies and assumptions are being considered. Working Together: There’s more awareness of the interdependency of Committee work, and Finance members are getting involved with other Committees, exchanging meeting visits, and understanding others’ objectives and needs. This spending of time between committees helps ensure we are all on the same page, not to mention becoming better acquainted with great people. New Members: We are actively interviewing potential new Finance Committee members. Most have experience in finance, auditing, insurance, IT, management, or several other relevant backgrounds. The Board, Committees, management, staff and the ORPS community are all cooperating to keep Outdoor Resort Palm Springs a premier, Five-Star RV resort and with the best lifestyle in the Coachella Valley! D AVID M UELLER Chair
S KIP P ISOR , Chair
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