Tresurer’s Report – Scott Rockafellow

Important Update Regarding Exit / Entrance Road
July 17, 2019
Roads & Maintenance Update – 7/23/19
July 24, 2019

As promised after the last quarterly meeting, below are is the quarterly budget report.  At mid-year, we have spent 42% of the operating budget, putting us on a good path for the year.  We are also ahead of estimates on revenue collected, due to lower uncollectable accounts.

In addition to the annual operating funds, we have three restricted funds, listed below.  Previous boards were very forward thinking in establishing the “Dam Reserve”, to protect our lake in case the Dam were to ever need extensive large repairs, or have a failure.  Beyond that, our community currently has no Reserve Funds.  Creation of the “Community Reserves” is one of the initiatives we promised to begin in 2019.  A best practice for HOA’s is to have at least 1 year’s operating needs in a reserve account.   We will continue to slowly add to this fund over the coming years, while balancing the current and short-term needs.

The Available Cash” line item is what can be used to fund expenses, beyond the operating budget.  We have available cash to continue to make incremental improvements, but not to fund the larger infrastructure projects.   We continue to look for options for those. 

Scott Rockafellow, ILPOA Treasurer (