Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Saddlebrooke board reviews audit, consolidated finances and reserve plans
Summary
Board members heard a consolidated financial report showing roughly $41.7 million in assets, a strong reserve fund with about $5.2 million in cash, consolidated net excess of about $2 million for 2023, and a special assessment intended to retire a golf loan; staff outlined budget and reserve study timelines ahead of a November budget vote.
The Saddlebrooke board received a detailed consolidated financial briefing showing an improved balance sheet and several near‑term budget actions.
Presenters said consolidated assets at the end of 2023 were about $41.7 million, with liabilities of roughly $10.6 million versus $5.1 million in 2022; the reserve fund was described as holding about $8 million, of which approximately $5.2 million was in cash. A presenter noted that long‑term debt tied to the Mountain View golf loan (about $4 million) is expected to be eliminated by the third quarter after the special assessment passed earlier this year.
In the May monthly update, Terry Dempsey reported operating cash of $4.1 million, reserve cash of $4.5 million and CIF cash of $1.645 million; combined cash was stated as about $10.347 million. "May had a subsidy of $177,000," Dempsey said, adding year‑to‑date net income of about $248,000. Dempsey also said restaurants and food & beverage were performing better than last year, while golf revenue remained behind due to Mountain View reopening timing.
Staff described ongoing budgeting work: a rolling five‑year forecast, a living reserve study updated monthly, and a facilities master plan that will feed the 2025 budget. CAPEX requests were due to the Director of Finance by June 28 and the board set a target for final budget approval on Nov. 20. Staff said a credit‑card fee program introduced in March is estimated to have saved about $155,000 in March–April.
The board discussed monitoring KPIs and the need to present clearer dashboards to residents. No formal budget decisions were made; the discussion served to inform the fall budget and reserve planning process.
