(April 8, 2021) Ocean Pines Association finances remained relatively steady through February, coming in not quite $17,000 less than break-even for the month, as revenues missed the budget a little more than the savings realized by the continuing dip in expenses.
In their report to the Budget and Finance Committee last Wednesday, General Manager John Viola and Finance Director Steve Phillips listed revenues as off budget by $105,427 and savings on the expense side of $88,701, for a bottom line operating fund loss of $16,726.
Despite that retreat, the year-to-date numbers continue to look good, largely because of last year’s PPP loan and savings on the expense side of the ledger. At the same time, revenues for the year so far have exceeded expectations by roughly $124,500, giving the books a positive balance of $1.1 million.
The greatest savings for the month at $68,800 was in wages and benefits, according to the administration’s financial summary. Total payroll and benefits for February were $462,349 versus the $531,194 budgeted in that category.
For the year so far, the association has spent $772,338 less than budgeted for personnel expenses at $5.7 million against the $6.5 million budgeted amount.
Overall, the association’s assets to date are nearly identical to last year’s figures, with operating cash on hand at $1 million, or about $100,000 less than this time last year.
Investment totals now are slightly better than they were last February, with almost $8.9 million tucked away in short-term instruments and money market accounts. Last year, the investment total was $8.6 million.