Outdoor Resort – Palm Springs Income Statement Comments October 31, 2020
Revenues Budget: $429,245 Actual: $416,591 Variance: $ (12,654)
In the month of October late fee’s, transfer fees, escrow demands came in over budgeted revenue. Resort Services proximity cards, copies and faxes came in slightly over the budgeted revenue amount. Lifestyles and Golf did not generate revenue in this month as they were not open. Bar was budgeted to have happy hour but due to COVID restrictions, was unable to operate. Expenses
Budget: $497,636 Actual: $466,383 Variance: $(31,252)
Board expenses were slightly over budget due to the Welcome back caterer. Dues and subscriptions, permits, copier service, legal fees, office equipment, 401K, radios, recruitment, training & education, insurance contributed to Administration coming well under budget by $8k. The October mailing contributed to a large overage in printing for the month. Postage was also significantly higher due to certified postage and quarterly postage. Resort Services was under budget by $2.8K due to advertising, safety supplies, uniforms, wages, taxes and insurance. Lifestyles, Golf and Bar expenses were significantly under budget due to many expenses not being used due to COVID closures and limitations. Grounds and greens had a significant overage in budget due to the expense of annual flowers. Mailroom was significantly under budget due to schedule changes and staffing adjustments. Security and Facilities were well within budget. Maintenance was slightly over budgeted expenses due to refinishing floors, final payment, tinting of windows, sink installation and replacement of spa motor. Vehicles maintenance had a slight overage due to battery purchases, gloves, drywall and flat washer. For the month of October overall utilities were within budget. A $559 difference was discovered in the YTD vs. Budget and will be corrected next month, YTD variance should be $12,676 as stated in the forecast.
Net Income for the month: $ (49,793) Budget net income for the month: $ (68,391) Variance: $ (43,906) Year to date net income: $ (108,969) Budget year to date net income: $ (96,852) Variance: $(12.117) Rental Administration fee was $9,915, which equals 661 rental nights for October 2020
Made with FlippingBook Ebook Creator