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CFO outlines inflation, wage pressures and reserve projections as Sun City West budget review continues
Summary
CFO Cliff Swan warned inflation and state minimum-wage changes are major drivers of the budget, outlined membership revenue and reserve-study details, and presented a 4% wage pool estimate and reserve-fund projections.
Cliff Swan, the association’s finance lead, told the governing board on April 11 that “two of the biggest things that impact our expense structure are inflation and what happens at the state in terms of minimum wage.”
Swan walked the board through several budget drivers: industry-specific inflation for recreation and leisure, market wage competition and the association’s reserve-study mechanics. He said Sun City West’s fully funded reserve-balance projection at the end of the year is approximately $63,000,000 against total asset costs the presentation listed at about $115,000,000.
Key figures presented: Swan said membership revenue totals about $16.4 million in the budget packet (the presenter noted that a separate $1.2 million item was already excluded from that roll-up), owner members number approximately 26,000…
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