TREASURER’S REPORT OCT 2009 BOARD MEETING
THROUGH SEPTEMBER WE ARE SHOWING A DEFICIT OF $38.4 VS A BUDGETED DEFICIT OF$47.8. THIS POSITIVE VARIANCE WAS GENERATED IN THE LAST TWO MONTHS AS LEGAL FEES HAVE WOUND DOWN AT THE CONCLUSION OF THE SEMLAK LAWSUIT. THERE ARE STILL SOME FEES REMAINING FOR THE CREATION OF THE FINAL SETTLEMENT CONTRACT AS WELL AS SOME YEAR END RESERVE FOR BAD DEBT RECORDINGS . THESE TWO ITEMS WILL LIKELY EAT INTO THE POSITIVE VARIANCE AND LEAVE US AT VERY CLOSE TO BUDGET BY YEAR END.
WE HAVE BEEN CLOSELY FOLLOWING THE FORECLOSURE SITUATION AND ARE PLEASED TO REPORT THE CLOSING OF ONE OF THE OUTSTANDING RECEIVABLES WITH OUR ABILITY TO COLLECT ALL PAST DUE ASSESSMENTS PLUS ATTORNEY FEES AND INTEREST. WE CONTINUE TO FOLLOW THE REMAINING PAST DUE PROPERTIES BUT HAVE LIMITED ABILITY TO FORCE ANY ACTION UNTIL THE BANKS ACTUALLY AUCTION THE HOUSE.
NEXT MONTH WILL BE THE 2010 BUDGET APPROVAL MEETING. YOU WILL RECEIVE A FULL SET OF FINANCIAL STATEMENTS REPRESENTING THE PROPOSED ASSESSMENT RATE TWO WEEKS PRIOR TO THE MEETING. THE MEETING IS SCHEDULED FOR NOV 9TH. PLEASE PLAN TO ATTEND.
RESPECTFULLY SUBMITTED
NICK COLE
TREASURER