Outdoor Resort – Palm Springs Income Statement Comments December 31, 2020
Revenues Budget: $484,272 Actual: $452,729 Variance: $ (31,543)
Administrative revenue was under budget by $1.4k, the contributing factor is laundry income. Laundry income has been down due to COVID. Escrow Demand’s and transfer fees remain steady with 11 closings in the month of December, generating $2k more than budget. Resort Services was under budget by $15.6k, resort fees have been significantly under budget due to the impact of COVID. Oracle advertising is also under budget by $1.1k. Percentage of sale and rentals for the month of December will be paid at the end of January. Leased outlet revenue is also at a halt due to COVID restrictions. Lifestyles received payment from Mike Thompson for $10,000, there is an additional $5,000 that will be allocated over the next couple months. Due to COVID restrictions, the Bar did not operate in the month of December. Golf came close to budget missing budget by $154. Overall revenue missed the mark by $31,543 for the month of December. Expenses Administration, Resort Services, Lifestyles, Bar, Golf, Mailroom, Facilities all came under budget with a $24.2 variance from budget. Grounds & Greens were over budget due to common area expenses such as bee hive removal, raccoon trapping and removal and landscape light fixtures. Security was over budget by $3.3k due to COVID. Shortage of staff caused wages and overtime to be higher than budget. Maintenance was over budget $10.2k, contributing items were the purchase of fire extinguishers, purchase of laundry cards, installation of 13 cameras, replacement of salt cell, servicing of 2 pool heaters, repair of pool tiles, servicing of well pump and the installation of lamp post. There was also a main water line break which caused over time. Budget: $502,189 Actual: $477,982 Variance: $24,207 Vehicle maintenance was slightly over budget due to shop supplies, DMV fees, tires for dump truck and trailer. Utilities was over budget by $4k, electricity and dump fees were the main contributors. Six-yard bins were requested to handle the amount of garbage versus the old dimension of four-yards. In the month of December expenses were $24,207 under budget. Health insurance overage was due to incorrect coding of staff to incorrect department, we have contacted our provider to make the correction. Net Income for the month: $ (25,253) Budget net income for the month: $ (17,917) Variance: $ (7,336) Year to date net income: $ (119,479) Budget year to date net income: $ (67,932) Variance: $(51,547) Rental Administration fee was $28,637, which equals 1,909 rental nights for December 2020
Made with FlippingBook flipbook maker