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Treasurer's Report

Treasurer’s Report

Figures are for the Fiscal Year-End 2016/2017

We ended the year with a positive Net Operating Income (“NOI”)!  This is the first time in many years that we ended the fiscal year “in the black” (a good thing)! 

However, the amount was less than we anticipated during the first five months of the calendar year 2017.

The good news is that our actual total income was $378,484.  Even though we budgeted total income at $383,130.  Our income represents 98.8% of what was expected.

Other good news was that our expenses were $374,665 against a budgeted $383,662, or 2.3% less than expected. 

So, the NOI for the fiscal year was +$3,819 ($387,484 - $374,665).  While it may be disappointing considering the projections earlier this year, it is important to remember that last year, we ended the year with a deficit of $10,624.  Another way to look at where we are this year versus last year is that we are in a better position by $14,443 ($3,819 + $10,624).  The 2014/2015 year-end was -$18,899 so we are heading in the right direction!

What caused the change to occur is that certain expenses came in higher than expected during the past few months.  There were sixteen line items that were over 105% of their budgeted amounts.  Some of the bigger ticket items include; expense regarding music, capital improvements, general maintenance, and utilities (specifically, electricity consumption).

We have a closely balanced budget for fiscal year 2017/2018.  To end next year in the same (or, hopefully better) position, the Board, the Finance Committee, and the Treasurer will continue to diligently watch all income and expenses monthly.

Lastly, if you have not completed your financial commitment for 2016/2017, please do so as we have budgeted, like every other year, a carry-over for these funds into the next fiscal year.