FILE PHOTO
Golfers enjoy a round on the Ocean Pines Golf Course. Amenities help keep Ocean Pines budget in the black.
Golf, beach and yacht club keep HOA numbers healthy, revenues continue to grow
By Cindy Hoffman, Staff Writer
(Nov. 23, 2023) Revenues increased and expenses decreased last month, Ocean Pines Association General Manager John Viola reported to the board of directors on Saturday.
The golf and yacht clubs both came in favorably, at $13,000 and $19,000 ahead of budget forecast for October.
October revenues were $578,000, favorable by $49,000. Expenses were $1.073 million, or $44,000 less than budgeted.
The unaudited financials, year-to-date for October are $13 million in net revenue, and $8 million in expenses.
Viola said work needs to be done on racquet sports numbers, which were off budget by $11,000. He said he was not sure what happened with the Clubhouse Grill, which was down $9,000.
The marina was hit with 95 small craft advisories, Viola said, which affected both the revenue for the marina and the yacht club. Still the yacht club came in $19,000 over projections.
Year to date, golf is $109,000 over the budget, the beach club is $61,000 over budget, beach parking is $50,000 over budget and aquatics is $24,000 over budget.
OPA continues to increase its reserves, with a balance of $9 million.
Planning has started for next fiscal year. The Budget and Finance Committee will be reviewing the department budgets Jan. 2-3. The board is expected to review the budgets Jan. 11-12 (tentative dates). A town hall is tentatively scheduled for Feb. 7.
As of Oct. 31, the association had about $17.4 million in cash. Cash increased about $700,000 from the same time period last year. Cash decreased about $600,000 from September. The association also currently has $11.2 million invested in CDARs.
In addition, the association had $54,000 in interest income for the month and another $6.2 million in insured cash sweeps, treasury bills, money market and other operating accounts, diversified between two local banks.