It was such a refreshing season in 2021 to have the majority of our members back in the park and active celebrating 50 years and more of great memories captured at the Pines.
A financial recap of the season activity is provided below.
- • Operation cash is $690k behind the prior year balance, however the fiscal year close-out of financials will provide a true-up of operation cash from the Asset Reserve balance for capital projects completed during the year along with the approx. remaining $1M FEMA receivable to come.
- The FEMA receivable reimbursement is currently being held in OTAR (Other Receivables).
- Total Net Income is approximately $20k lower than prior year in the month August 2021.
- Total Income for SPWT is $290k over prior year and 1.3% over the annual budget for the fiscal year.
- COGS for the year is higher than prior year by $18k and $12k of that is an increase for the Recreational COGS purchased for the 50th Anniversary inventory.
- Total Operating Expenses as of August 2021 YTD is $172k over prior year and 16.8% remaining to reach the budget for fiscal year 2021. Repair and Maintenance expense makes up $49.5k and Utilities $120k of the $172k difference.
- The increase in Utilities for the year is a result of the lake pumps being used earlier in the year and the increase is $ per kw going up nationally.
- Total Other Income is behind budget by 70% and prior year $115k due to cumulative unrealized losses in the investment account. This loss however is made up with dividend income keeping the overall Investment value just above prior year.
- Administration has realized an increase in supplies and newsletter expense. The purchase price of additional supplies and laptops to secure a safer work environment with COVID attributed to most of this increase. Administration is also looking into a year-end true up of supplies purchased for the Inspector that will be reclassed to Inspector Expense.
- Maintenance Income is $30k higher than prior year and 12.6% from meeting its annual budget for the fiscal year with the winterization reservations coming through.
- Public Safety Total Income is $68.6k over prior year and $8k over the fiscal year 2021 budget. This is attributed to additional income with violations submitted and mag card income. Mag Card expense is up equivalent to the increase in Mag Card income and Salaries and Wages is under budget with the staffing changes within the Public Safety department during the year.
- Recreation Net Income is $48k under prior year, yet has $51k more to reach the fiscal year budget. The Inventory Sales of 50th Inventory and 50th sponsorships makes up $40k of the prior year difference and Social Activities expense for the 50th events make up $47k of the difference. More details will come at September 30th with the overall net financial effect of the 50th Anniversary events.
- Resort Services is 25% over the annual Net Income budget as of August 2021, however there are additional Charter Cable expenses with delayed invoicing and additional expense for utilities and true up of Member Electric for the season. This will be reflected on the final FY September 30, 2021 Financial Statements.
- No significant notes for Leases.
- Park and Garden is having a successful season and as of August 31st 27% from meeting the annual FY budget, while $6k over the prior year amount.
- Rentals is also having a successful season as if has reached over the annual FY Net Income budget by $25k. This is attributable to the increase in golf cart rentals and may be slightly impacted with subsequent invoices on the lease of the golf carts.
- The Retail Center is significantly higher than prior year with additional Laundry and Bull Pen Storage, which was quite low in the 2020 with COVID. The department is still 57% away from meeting the 2021 annual budget for Net Income.
- Sales is 60% over the projected Annual Net Income budget with an increase in camping and Member Sales, which offset with reductions in operating expenses through the year.
- Sandy Pines continues to utilize the operational dues to fund just over 40% of the expenses incurred throughout the year in the park. Sandy Pines relies on other revenue sources within the park to fund the other 60% of expenses incurred.
- Operation cash is $20k ahead of the prior year balance, while the fiscal year closeout of financials will provide a true-up of operation cash from the Asset Reserve balance for capital projects completed during the year and payment of any receivables owed to LMGC from SPWT at year end.
- Total Net Income is approximately $16k higher than prior year in the month August 2021 and $59k over the Annual FY Budget for 2021.
- Total Income for SPWT is $25.8k over prior year and 3.2% away from meeting the annual budget for the fiscal year.
- This is attributable to an increase in overall green fees and sales with the club house; Food, Beverages and Merchandise.
- COGS for the year is higher than prior year by $17k attributable to the increase sales.
- Total Operating Expenses as of August 2021 YTD is $8k under prior year and 15% remaining to reach the budget for fiscal year 2021, with additional expense to come in the final month of September.
- In the final financials for the 2021 season, Lake Monterey Golf Course will again initiate a year end payment of $75,000 back to Sandy Pines for payment on the Phase 6 Golf Course Loan.
A full update of the final FY2021 Financial Close for both Sandy Pines and Lake Monterey Golf Course will be provided in the off-season. All other financials statement for both entities are provided on the website under Members and Finance.
Your September 2021 billing will be sent the first week of October and include your final electric, state unit tax as well as any residual ancillary charges from the 2021 summer season. Your September 2021 bill will also include your 2022 Dues, Capital and Special Assessments for the next summer season, for a total amount of $1,938, including an increase of $42, in accordance with the 3% March 2021 CPI index for the year. Payment for the 2022 Dues and Assessments is due in full by October 25th, 2021 to avoid service charges or payable in six installment payments of $335.14 by the 25th of every month, October – March. The payment plan option includes only the dues, capital contributions, cable, special assessments, and related service charges. The payment plan does not include any other fees and charges billed to your account each month.
Thank you to the managers and their employees who successfully continue to run the operations of their departments and provide a great recreational getaway for our members. Thank you to the many volunteers who also stepped forward to help whenever requested during the season and go above and beyond for the best interest of the park. Your support is appreciated more than you know. Thank you also to each of you, the Sandy Pines community, for being here and making everything we do worthwhile. You are the celebration of 50 years and counting!
If at any time through the off-season you do have questions, please do not hesitate to call or message. Thank you all for being a part of the Sandy Pines Community and we wish you many blessings until we see reunite next season in 2022!