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Monthly Financials

2024-07 Monthly Financials

Michel

FINANCIAL COMMENTS AND DATA AS OF THE END OF JULY 2024

I would like to thank our owners for reading our various reports. With this report we are reverting to the original way of releasing monthly information, all financial information will be on a standalone report, then we will issue two more types of reports that will be properly identified on our new website.

We are forecasting a loss of $ 14,337.00; time is of the essence, we do not believe that over a period of two and a half months before our fiscal year ends at the end of October, we will be able to reverse this situation. This is mainly due to the building maintenance cost with an overrun of $65,000.00 compared to budget, partially offset by a savings of $ 49,500.00 in the salary group of expenses.

Cash flow was an issue during May and June, and we now can reimburse our borrowing from the Working Capital reserve used to pay the insurance premium.

There have been limited changes in the REVENUE section. Total revenue remained stable at $2,421,065.00 inclusive of a total contribution to the reserve accounts of $305,500.00. In addition, interest revenue will generate an extra $42,000.00. We requested a monetary portion of existing CD and Annuities where it was possible without a penalty and invested in a higher interest producing CD, a strategy we do every year. Interest rates have been coming down quickly. At the beginning of the year, it was possible to obtain a CD with an interest of 5.30%, now it is down to 3.90%.

In the UTILITIES section, we increased the total group of utilities expense by $ 2,000.00 resulting from a further increase of $2,000.00 in cable TV, due to a major breakdown of transmission equipment and repair to the coaxial cable.

The ADMINISTRATIVE expenses forecast came down by $6,400.00 due to payroll components forecast reduction compared to last month.

 We incurred an increase in the MAINTENANCE group of expenses, the forecast going up by $ 17,000.00. This was the result of building maintenance, up by $ 25,000.00 on top of the previous month’s increase in the forecast. We now forecast to be over budget by $65,000.00 in this area.  This rise reflects the reality of increased expenses necessary for upkeep and repairs to our aging buildings and infrastructure. There was plus and minus in a variety maintenance account.

 Let’s hope for the best during the hurricane season, so far so good. Thanks for reading.

France Laroche Treasurer,    Andre Mongrain President

August 15, 2024

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2024-06 Monthly Financials

Michel

I would like to thank our owners for reading our various reports. It is greatly appreciated. We have seen a steady increase in the number of readers. The process we introduced a couple of months ago reduces the time it takes to send out our emails.

For the owners that are not at Waterside and that rent their unit, who may have some interest in the recent necessity to you will find info in this report. Most of the residents on site or that have attended last night’s town hall meeting are aware of the situation. Information has been posted at Waterside.

2024-05 Monthly Financials

Michel

First, we would like to thank Monique Dell who after more than 11 years of service to our community decided to retire. We had a small gathering to wish her the best for the future.

Much of the association’s excellent fiscal condition is directly due to Monique’s dedication and skill in handling our various financial transactions. She performed her many responsibilities including cost control and year end audit reports with efficiency and expertise. We hope we will see her from time to time at Waterside.

2024-04 Monthly Financials

Michel

Due to the time required to email different reports with an attachment, this month we are simply sending an email that will indicate the content of the report and a reference where our owners can find the report on www.watersidevillage.com.

Our permanent residents will see, starting the week of May 20, equipment, and personnel of Blue Stream Fiber on site. This is the first phase of the contract. They will take measurements and locate all underground cabling and water pipes and may also be able to install the main control/feed panel near Miner Road. Blue Stream will also conduct a series of meetings either in person or via Zoom. The first meeting will be in English only, for our permanent residents, it will be followed by a mostly French meeting on another day. Please follow up with those announcements and attend.

2024-02 Monthly Financials

Michel

At the end of February, we have the results for the first four months of our fiscal year that runs from November 1st, 2023, to October 31, 2024. The fourth month of the year did experience a series of events that required a lot of attention from management and your Board of Directors.

2024-01 Monthly Financials

Michel

The end of January marks the end of our first quarter of our fiscal year that runs from November 1st, 2023 to October 31, 2024. The first quarter did experience a series of events that require a lot of attention from management and your Board of Directors.

1. GENERAL COMMENTS
The office hours were modified due to the shortage of one employee and these opening hours are under consideration and they may be maintained in the future. There were a lot of exchanges on the pickle ball request to increase the number of courts over the tennis facilities, no solution has been found so far. Written complaints were received from residents about noise and resulting stress. More verbal ones were also expressed. The current situation of two courts over the tennis courts will remain, until an acceptable solution is found. On Wednesday February 21, 2024, we found a way to resolve the insurance issue, still waiting for confirmation from the Town of Hypoluxo legal counsel….

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