Dec. 31, 2024 Financial Result Now Posted

The December 31, 2024 Financial Overview Report has now been posted on the HOA's website.

The first thing to look at is the Variances. These are the categories which were over-spent in 2024.

The Variances are listed on Page 2 of the Report. There are 11 categories listed. Look at the Year-to Date (YTD) results. The "YTD Variance" column is the dollar amount which was over-spent for the year. The "YTD %" column is the percentage by which the budget for that Line Item was over-spent.

Note the omission of one important Line Item. Line 6500 is Legal / Professional Fees. That Variance (over-spending) is not reported! And it hasn't been reported all year.

Why not?

The 2024 Budget for Legal Fees (Line Item 6500) was $15,000. The Report for December indicates that $23,356.81 was spent in 2024, including only $490.00 paid in December. The YTD Variance (over-spending) for Legal is $8,356.81, which is 55.7%.

The HOA over-spent the Legal Budget by 55.7%! The cost of the legal work in December to sue Gus Philpott is not included. That will be a whopper. Suing someone is not cheap.

The billing statement for December legal fees will probably be paid in January. The bill has already come in. How much is it?

The "U" in the final right-hand column means Unsatisfactory.

Every month the Board of Directors should have reviewed and discussed the Variances in public - at open, monthly, board meetings. They should have taken steps to curb their spending. They did not do so in even one month in 2024.

What is the Total of those 11 Line Items? $123,124.17.

Add Legal, and what is the Total of those 12 Line Items? $131,480.98.

Now add the $27,799.97 deficit with which 2024 started.

Where did the HOA get the $159,280.95 that wasn't in the Budget on 1/1/2024?

Should the Board have voted for a $50.00 increase in the 2025 Annual Assessment last November? Even $50 from 2,480 properties ($124,000) won't cover that over-spending, and we all know that the HOA does not collect dues from every property owner.

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