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Board approves Oct. financial report as assessments near full collection; treasurer flags $120,000 operating shortfall
Summary
The Chimney Hill board approved the Oct. 18 financial report noting 98% of assessments collected and total income at 94% of projections. Treasurer-level reporting indicated an approximately $120,000 operating shortfall, though receivables remain outstanding.
The Chimney Hill Owners Association Board approved its Oct. 18 financial report after a presentation showing assessment collection at 98% and total income at 94% of budgeted projections.
Kate Trinklein reviewed the report and noted allocations to reserves and recent income categories. Treasurer-reporting discussions highlighted that rental revenue, miscellaneous maintenance services and other income streams contributed to year-to-date totals. "We are out of income season other than firewood payments and rentals that are pending to come in," President Paul DiPietro said.
Kevin Comeau told the board that, "from an operating standpoint, we are short about $120,000 at this moment," while noting there are outstanding receivables that could reduce the gap. The board approved the financial report on a motion by Dennis Heberlein, seconded by Kristen Wenger; minutes record the approval without a roll-call tally.
The board also reviewed a detailed financial table (bank balances, reserve accounts and CDs) as backup to the report and agreed to enter the updated financial report into the official record.
