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Reston Association reports modest 2024 operating surplus, cash and capital balances
Summary
CFO Ed Vroom told the board that RA ended 2024 with a roughly $123,000 operating surplus, higher interest income and roughly $14.9 million in cash and investments; unrestricted operating cash equated to about 1.19 months of expenses.
Reston Association closed fiscal 2024 with modest positive results, CFO Ed Vroom told the board on March 13, reporting a $123,000 operating surplus and a stronger cash position driven largely by higher interest income and timing of capital projects.
Vroom reported total 2024 revenue of about $22.1 million—roughly $122,000 above budget—led by higher interest earnings after changes to cash management. Assessment revenue rose about $1.2 million versus 2023, while some non‑assessment revenue sources were lower, notably a large stream‑and‑wetlands credit recorded in 2023 that did not recur. Operating expenses finished roughly $1,000 under budget, with aquatics and camps showing higher costs tied to expanded service and free member rec passes; those overruns were largely offset by staffing vacancies and underruns elsewhere.
Capital spending for 2024 totaled approximately $3.5 million (down from $4.7 million in 2023). The association reported restricted cash and investments of roughly $14.9 million at year end, including around $5.3 million in capital‑designated funds. Unrestricted operating cash after accounting for deferred revenues and restrictions was approximately $2.0 million—about 1.19 months of operating expenses and within RA’s 1–2 month target range in the operating cash policy.
Board members asked for follow‑up detail on small variances: why assessment revenue was slightly below budget (CFO explained differences in how equivalent units and tax relief adjustments were applied) and how people‑cost savings were distributed across regular vs. seasonal staffing (CFO to provide further breakdown). Vroom said property and equipment accounting remained in final review and that RA holds no long‑term external debt except for the headquarters building lease arrangements.
Ending: Staff will provide requested follow‑up analysis on assessment revenue variance and the personnel expense detail at a later meeting; no immediate board action was required.
