Treasurer reports reserves, notes May operating deficit and SIF receipts from property sale

Treasurer Anita Borsky presented the June 26 Treasurer’s Report covering balances as of May 31 and year‑to‑date results. She said the association’s unrestricted funds balance was $11.6 million as of May 31, which included a $2.3 million cash reserve. The Preservation and Improvement Fund (PIF) had a reported balance of $41.5 million and the Capital Reserve a balance of $11.9 million.

The report showed RCFC’s net operating deficit for May totaled negative $532,898, which exceeded the budgeted estimate by $176,492; year-to-date net operating excess was positive. Treasurer Borsky and Director of Finance Kevin McCurdy described the May variance as primarily timing-related, driven by an invoice for Microsoft licensing and higher legal fees; McCurdy said those items were budgeted in different months and the timing caused the May overrun.

When directors asked about the SIF (preservation assessment) account composition, McCurdy said roughly $2.9 million rolled from unrestricted operating reserves earlier in the year and the remainder reflected SIF receipts plus the 3% of assessments directed to capital funds. He also said the association saw a larger inflow than budgeted because of a complex sale earlier in the year.

Board members asked for clearer reporting and additional line items on future reports. Several directors requested additional breakdowns — for example, the number and dollar amount of fee assessments paid by the foundation — and usage numbers for specific activities such as lawn bowling and bowling budget comparisons to plan. Staff said those items would be added in future reports.

The Treasurer—s Report was accepted by the board as presented.