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QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED

QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED The Association has completed the first quarter with a negative variance from budget of ($14,579). The major highlights are as follows:. Revenue Shortfalls. County funding cut $450,000 (Roads & Police)

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QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED

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  1. QUARTERLY REVIEW PERIOD ENDED 7/31/2009 OPERATING RESULTS UNAUDITED The Association has completed the first quarter with a negative variance from budget of ($14,579). The major highlights are as follows:

  2. Revenue Shortfalls • County funding cut $450,000 (Roads & Police) • Additional road fund cuts $75K + (Notice in August) • Golf membership shortfall $48K • Aquatics shortfall $52K • Yacht Club shortfall $19K

  3. 2009 Additional Expense Controls • 2009 Road paving deferred $450,000 • All salaries frozen effective May 1st $56K • Pool chemical purchase system changed $5K • One full-time position reduced to part- time $34K • Replaced grass cutting equipment cutting labor in half! $7K

  4. 2009 Additional Expense Controls Cont’d • Reduced pesticide applications and other supplies $4,000 • Scheduled seasonal layoffs 1 month early $5,000 • Modified health care benefit plan at a reduced premium $50,000

  5. Actions Planned for Remainder of the Year • Reduced overtime in all departments • Further restrict golf pesticide applications • Continue promotion of memberships and daily sales at all amenities • Management team investigate additional expense reduction opportunities

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