QUARTERLY REVIEW
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QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED The Association has completed the first quarter with a negative variance from budget of ($14,579). The major highlights are as follows:. Revenue Shortfalls. County funding cut $450,000 (Roads & Police)

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QUARTERLY REVIEW

PERIOD ENDED 7/31/2009

OPERATING RESULTS

UNAUDITED

The Association has completed the first quarter with a negative variance from budget of ($14,579). The major highlights are as follows:


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Revenue Shortfalls

  • County funding cut $450,000 (Roads & Police)

  • Additional road fund cuts $75K + (Notice in August)

  • Golf membership shortfall $48K

  • Aquatics shortfall $52K

  • Yacht Club shortfall $19K


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2009 Additional Expense Controls

  • 2009 Road paving deferred $450,000

  • All salaries frozen effective May 1st $56K

  • Pool chemical purchase system changed $5K

  • One full-time position reduced to part- time $34K

  • Replaced grass cutting equipment cutting labor in half! $7K


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2009 Additional Expense Controls Cont’d

  • Reduced pesticide applications and other supplies $4,000

  • Scheduled seasonal layoffs 1 month early $5,000

  • Modified health care benefit plan at a reduced premium $50,000


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Actions Planned for Remainder of the Year

  • Reduced overtime in all departments

  • Further restrict golf pesticide applications

  • Continue promotion of memberships and daily sales at all amenities

  • Management team investigate additional expense reduction opportunities


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