As of the end of September 30, 2017, we have completed nine months of our years operations with the following results. All of the amounts below are for the nine months ended September 30, 2018:
On an overall basis, operating expenses at $175,520 are substantially less than budget and less than the comparable amount for the nine months ended September 30, 2017 ($189,148). In both cases this is due to reductions made to common area expenses in 2018. To date in 2018, operating expenses have averaged about $20,000 per month Assuming that continues for the balance of the year, we can anticipate finishing the year with operating expenses less than our full year budget of $274,150.
Capital (Reserve) Expenses
The principal capital expense this year was the resurfacing of Via Velasquez which was accomplished at less than the amount anticipated in the budget. We anticipate additional expenses in the fourth quarter but should still finish the year with capital expenses less than the full year budgeted amount of $173,150. We maintain a cash savings account that we use to pay capital expenses such as road resurfacing and major pool refurbishments. We call this savings account the reserve fund. Each year we contribute a portion of your dues to the fund and withdraw funds to pay for capital projects. As shown above we have withdrawn $117,328 from the fund so far this year. We also have contributed $175,000 of your dues into the reserve fund bringing the total in the fund to $488,815 at September 30, 2018.
Revenue is slightly over budget reflecting additional interest income brought about by rising rates. All dues have been collected for 2018.
The board is currently working on both the operating budget and reserve budget for 2019.