By Cindy Hoffman, Staff Writer

(May 25, 2023) April is the end of the fiscal year for the Ocean Pines Association and once again the results are good.

“The bottom line is this, we are favorable for the year, and in March we were favorable by about $1.1 million,” association General Manager John Viola told the board of directors Saturday.

Year to date in March, net revenues were $14.5 million and expenses were $12.7 million, Viola reported.

“People saying all this favorability is because we did not hire people, but you have all the results of the initiatives and accomplishments there. Positions were not filled and that is favorable to the budget. But we constantly look at that. I am utilizing contractors filling in for that.  I have gotta be honest with you, maybe in next year’s budget there might be more money in there for contractors, if we can’t continue to fill these positions.

Viola pointed out, however, that March’s numbers showed that at least 90 percent of that favorability is “organic and its revenue.” He also reported that the association’s unaudited reserves now total $7.1 million.

Viola expects to have the final numbers for April by this week and will post them. He anticipates the results for that month will be favorable as well.

The comptroller’s report will be unaudited and the annual audit will come in a few weeks.

Director Monica Rakowski delivered the treasurer’s report. As of April 30, the association had approximately $17.7 million in cash, an increase of about $330,000 over the same time period last year. Cash increased by about $3.3 million from March.

Rakowski said the association has $9.1 million invested in CDAR’s. The remaining $8.6 million is in insured cash sweep accounts, money market and other operating accounts, diversified between two local banks.