Hello Treasure Lake Owners

Sorry for the delay is posting the February financial reports.

When the draft copy was received and reviewed by the Finance Committee, several errors were found which required some time and research by our accounting firm. I received the corrected copy Friday night and I am still looking at the corrected copy for any additional corrections.

I immediately noticed a decrease in Annual Dues revenue and submitted that to the accountants. They verified the 2024 amount is correct but the 2023 number was misstated and not corrected in 2023. You will also see that rental and guest rental revenue is down year over year (YOY).

In spite of this, the 2024 revenue YTD is almost exactly the same as 2023. Cost of sales is down $12,713 YOY and Operating Expenses are down $44,189 YOY. This means we have seen a $66,588 improvement to our bottom line for the first two months.

We have received our new Golf Cart rental contract and will save approximately $13,200.00 per year. We identified a savings with our cell phones. We have had and been paying for 33 cell numbers, most not being used. We have cut those back to 10 lines saving approximately $8,400 per year.

Please know that we are diligently looking for savings and ways to improve the financial condition of Treasure Lake, and we are making progress. If you have any questions, please feel free to contact me or another Board member.

Respectfully,
Gary Myles
Board Treasurer
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