Former Sun City Anthem
Finance Committee
Seeks Clarification of
Recent Financial Disclosures
by
Barry
Goldstein
Sun City Anthem Resident
Sun City Anthem Resident
The following are my comments as to the
August 24, 2017 Sun City Anthem Board of Directors meeting regarding the
financial report.
After reviewing July's financial report, I decided to compare it to June's report.
After reviewing July's financial report, I decided to compare it to June's report.
In July, a
reserve contribution of $179,000 was made.
Yet at the end
of July, we have $155 less in the account.
So I looked at the locker room
project:
End of June spent $288,800.
End of July spent $468,000. This explains the lower reserve balance.
Almost a half million dollars to
date.
I hope in her report, the General
Manager will provide the estimated total cost of this project.
Add that to the $517,000 negative
variance of the reserve account, and you have a total $985,000 over budget for reserve
spending.
Then I reviewed page 17 for year end
projections, and saw $1.5 million of budgeted reserve projects delayed or deferred.
I hope in his report, the CFO will
provide the reasons for the project delays.
Remember, one of the biggest
complaints of the prior management company, was falling behind on maintenance
and repair projects.
So, on one hand we have a $473,000
positive variance from the operating
account.
On the other hand, we have a $985,000 negative variance from the reserve account, and $1.5 million of deferred or delayed reserve projects.
On the other hand, we have a $985,000 negative variance from the reserve account, and $1.5 million of deferred or delayed reserve projects.
In my world of common sense finance, this report does not represent the rosy financial picture reported to
association members recently.
Update:
In giving her report, the GM ignored my request.
She did not even say whether or not they have a final estimate for the project.
Update:
In giving her report, the GM ignored my request.
She did not even say whether or not they have a final estimate for the project.
In giving his report, the CFO, acknowledged that he would answer my
question, if I email him directly, as I had done in the past.
I believe all members have the right to hear the answer regarding delayed projects. I do not expect any special treatment, nor do I have any rights different from other members.
I believe all members have the right to hear the answer regarding delayed projects. I do not expect any special treatment, nor do I have any rights different from other members.
It is important for all homeowners to attend the
Finance Committee budget meeting Friday, September 15,
2017, at 9:00am in The Bristol & Concord Rooms at Anthem
Center.
Please attend and bring questions you think should
be answered, especially regarding reserves and deferred
projects.
The Finance Committee
will review the proposed draft budget for 2018 during its regularly scheduled
monthly meeting.
Figures never lie, and liars never figure.
Barry,
This is something that right up your alley.
As you have already received this notice directly, maybe you can enlighten us all?
A dues paying homeowner.