OCTOBER 18, 2018 - BOARD BOOK
Frenchman’s Creek Financial Overview as of September 2018
5th Month of the Fiscal Year Fiscal Year End April 30, 2019
Home sales remain active with one additional new member home closing in September, with an additional four pending new member sales. The community has a negative variance compared to budget of $84k; the club income being under budget by $285k with the POA favorable to budget by $201k. The Go Green Initiative is projected to increase the club’s costs by approximately $150k per year. The member requested shift to organic food products is estimated to increase the cost of food and amenities by about $20k.
Fiscal Year 18/19 Actual
Fiscal Year 18/19 Budget
Variance
$1,000s
Club Income/(Loss) POA Income/(Loss) Total Income/(Loss)
$607
$891
($285)
($179)
($379)
$201 ($84)
$428
$512
Department Amounts rounded to nearest thousand
Actual
Budget Last Year Var to Budget (Unfavorable)
Explanation
Higher labor costs in Golf Operations as well as housing costs for trainees added to the variance. Sports Bar revenue has been effected by the wet weather early in the year. Higher contract labor costs related to special cleaning and refurbishment projects. The cost of some operating supplies and paper products has risen due to the shift to environmentally friendly products. $45K was spent on multiple air quality tests in September. Variance was due in part to price increases of fruit, lemonade and coffee as well as the higher cost of organic produce. An increased summer Clubhouse usage also contributed to the increase in consumed amenities.
GOLF
$ (1,882) $(1,824)
$(1,818)
($58)
MAIN CLUB F&B
$ (758) $ (721)
$ (772)
($37)
HOUSEKEEPING
$ (542)
$ (433)
$ (434)
($109)
MEMBER SERVICES
$ (513)
$ (467)
$(433)
($46)
7/100
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