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CFO reports favorable August YTD finances; association records $67,000 insurance refund and reserve fund above policy target
Summary
At its Sept. 18 meeting, Sun City West CFO Cliff Swan reported year‑to‑date operating results favorable to budget, a $67,000 Aetna refund booked in July, and a reserve fund balance above the association's policy minimum. The board filed July and August financials; no budget changes were approved.
Sun City West Chief Financial Officer Cliff Swan told the governing board Sept. 18 that year‑to‑date financial results through August were favorable to the adopted budget, driven by higher activity at golf and the Sports Pavilion and an unexpected health‑insurance refund from Aetna. Swan said the association operates two primary funds — an operating fund for day‑to‑day activities and a reserve fund for capital improvements — and that the ARC capital request would be recorded as an operating‑fund loan if approved. He reported that August was favorable to budget by roughly $92,000 and that year‑to‑date revenues were about $75,000 favorable, with expenses also favorable in several categories. Swan told the board the association received a $67,000 refund from its 2024 Aetna health‑insurance premiums…
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