What does "in good shape" mean?
As of the 9/30/2024 financial statements, the report states "The Summit financials are currently in good shape and operating under by $166,228.87."
The word "currently" could worry some, and "under (what?)" needs clarification. I presume the writer intended to say "under budget".
However, reviewing the variances on Page 1 and adding the over-budget condition of $8,812.14 in Legal and Professional Fees (GL-6500), the picture may not be as rosy.
Assuming the HOA will not "rob Peter to pay Paul", where is the over-budget spending coming out of? The 2024 Budget was stretched, and it even started the year with a $27,000 deficit. There was no "grease" in the Budget. Every category was leaned out just to get it down to a $27,000 deficit.
Over-Budget (YTD 9/30/24)
$ 27,000 Deficit
$ 3,842.67 Electricity/Lighting Repair
$ 1,048.77 Pool Maintenance Contract
$ 35,010.00 Irrigation Contract
$ 17,815.00 On-Site Staff
$ 26,970.00 Pool Monitors
$ 5,929.64 Grounds Maintenance
$ 6,104.97 Tree Maintenance
$ 3,166.90 Office Supplies
$ 3,899.97 Janitorial Services
$ 8,812.14 Legal and Professional Fees
$139,600.06 Total Over-Budget (9 mos.)
Does the $139,600 come out of the $166,228.87?
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