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Year‑end report: Operations surplus of $305,870, 97.9% dues collection; committee reviews reserve balances and special‑assessment limits for barn projects
Summary
Finance staff reported a $305,870 operating surplus for 2024 and a 97.9% dues collection rate; the committee reviewed reserve balances, storm cleanup spending and bylaws limiting non‑emergency special assessments to 15% as the board contemplates barn projects.
Joel (finance staff) presented the year‑end 2024 financial statements, reporting an operating net surplus of $305,870 and a member dues collection rate of 97.9% for the year. Joel highlighted several revenue drivers and reserve balances: increased non‑dues revenue from new home construction and marina fee changes helped the surplus, and the association has seen substantial reserve and capital‑project activity tied to storm cleanup.
Key figures and takeaways presented to the committee:
- Operating net income (2024, year‑end): $305,870 (surplus). - Dues collection rate (2024): 97.9% (budgeted at 95%). - Bomb‑cyclone / hazardous tree removal costs: about $320,000 so far (board approved storm cleanup items in December; invoices continued through February). - SERP (reserve) cash balance: beginning balance reported approximately $3,627,018 (12/31/2023) and the year‑end balance is approximately…
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