July Treasurers Update

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July 27, 2020
July Legal Update
July 27, 2020
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July Treasurers Update

Scott Rockafellow (Treasurer) provided the update below. If you have any questions you can email Scott at bod.srockfellow@ilpoa.org.

Hard to believe that we are only half way through 2020 given everything that has happened in a short 6 months.  Attached is the financial update through the

First 6 months of the year. 

Overall, we are at 55% percent of the operating budget

  • Two areas that we’ll be watching is Roads & Maintenance, and equipment repairs.  These 2 areas are running close to 80% of the annual budgets
    • The team has done a fantastic job in ensuring that equipment is up and running, and we are still able to repair equipment.  However, it

Brings to light that we need to look at investing in new equipment.

  • Maintenance has kept up on Road repairs extremely well, considering the challenges with recent storms.
  • Other areas are under budget and are helping us to stay within our overall budget!

Current anticipated free cash for the year is around $82K, so we don’t have a lot of wiggle room, as the project list grows.  The Board will continue to discuss/review and prioritize

Needs, especially given the recent damage form the Tornado and flooding. 

Currently, we have $112,000 in uncollected funds (back dues, bankruptcies, defaults), which continues to create challenges.