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QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED

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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:

revenue shortfalls
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
2009 additional expense controls
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
2009 additional expense controls cont d
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
actions planned for remainder of the year
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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