Financial Report from Treasurer, Gary Miles
Hello fellow Owners, below is a report from our Treasurer, Gary Myles. If you have questions please out to Gary.
Good morning everyone
Starting this month, after the financials are available I will post an overview of the month and try to answer any questions you have on the finances. If I don’t have the answer, I will do my best to find the answer and get back with you.
I am pleased to report that our Year End 2023 financials made a good comeback. As of July 31st, we were at a year to date loss of $230,038….including a $65,826 loss in July alone, one of our busiest months of the year. The Board, Management and Finance Committee worked diligently to review the financials for errors and cut costs and it brought our year end results back to a positive gain of $59,280. Not a large gain, but compared to the year end 2022 LOSS of $412,223, I think we can agree that it is a huge improvement. We are continuing to look for areas where we can increase revenue and save on expenses.
We also saw an improvement in our investment account. As of October 2023, we had an unrealized loss of $11,645 and as of December 31, 2023 it had come back to a positive $4,847 unrealized gain.
The 2024 Budget is available for you to review on the Treasure Lake web site. We worked to set conservative revenue projections and cut expenses and I believe we came up with a workable balanced budget. Because of our current financial condition, there are not a lot of extras in the budget this year. We have to be responsible and begin to build back our reserves to be prepared for unforeseen expenses that may arise. The Finance Committee and the Board will review the budget on a monthly and quarterly basis and unlike the past, we will revise and adjust the budget based on actual numbers. If the Revenue numbers are not coming in as projected, we will make adjustments in expenses, and if the revenue numbers are better than expected, we can make some adjustments and build up our reserves. Our goal is to stay within our budget and not deplete the reserves we have left.
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