There May Be "More" to the Sun City Anthem "Numbers"

Former Sun City Anthem Finance Committee

Seeks Clarification of Recent Financial Disclosures

by

 Barry Goldstein
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.

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.

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.

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.

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.

1. 
   September 11, 2017 at 9:19 AM

   From Marty Winger...to...Anthem Opinions
   
   Figures never lie, and liars never figure. 
2. 
   September 11, 2017 at 9:23 AM

   From Tonito...to...Anthem Opinions
   
   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.