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Sun City West reports favorable August results; $67,000 Aetna rebate and APF shortfall discussed
Summary
Finance staff reported favorable August operating results and positive reserve fund valuation; committee discussed a $67,000 Aetna rebate recorded in July and noted year-to-date APF (asset preservation fee) receipts were behind prior year.
Cliff Swan presented the Sun City West Budget & Finance Committee with the association’s August operating and capital results on Sept. 16, reporting several favorable variances to budget and a notable insurance rebate that reduced personnel cost lines.
Swan told the committee the month of August finished about $25,000 favorable in revenue (driven in part by the sports pavilion being open longer than the prior-year comparison) and roughly $67,000 favorable in expenses for the month. He reported monthly income from operations was about $92,000 favorable to budget, and year to date the association was about $75,000 favorable to budget. Swan said wages, benefits and taxes showed…
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