Colleagues – this is the REVISED CCHOA FINSUM Report for May 2025, based on the new information learned at the meeting. It has the corrected “Overdue account” information as well as the expected costs of the Stone sealant project.
Through the fifth month of the year the numbers had improved somewhat. The small budget discrepancies in the Administration numbers are minor distortions. The underspending in the Maintenance accounts will mask any “bad” news.
The Reserve Account funded three roofs so far this year, paid in May and forecasts the Stone sealant project. This severely depletes the reserve balance. There is a contingency of $10K in the plan for the remainder of the year. Another roof project will “eat up” reserves.” As we approach the FY 26 budget preparation we need to consider increasing the reserve payments.
We still need to be very prudent in managing the projects, while maintaining the value of the community (an obvious but delicate balance).
Please let me know if you have any question or comments.
Regards,
Joseph R. Barkley
Treasurer
Canterbury Croft Condominium Association joebrkly@aol.com
Cell 215 622 8398