(Aug. 24, 2017) The numbers were bad in June, but they were even worse in July.
Ocean Pines Association released its July monthly financial report Tuesday, showing an overall variance of $225,819 less than what was budgeted.
Revenues for the month missed the budget by $114,102 and expenses were over budget by $81,362. New capital was $30,355 more than what was budgeted.
The June numbers were only slightly better, over budget overall by $185,449.
By comparison, last July the variance was a positive $51,972.
This year, to date, Ocean Pines is over budget by $534,209. Revenues are down $379,734, expenses are $100,783 over budget and new capital is over by $53,692.
At the same time last year, Ocean Pines had a negative year-to-date variance of $22,803.
Two major areas of concern, both of which are traditionally profitable in July, continue to perform poorly. The beach club was off budget by $116,968 in July and the yacht club was off by $52,202.
“General admin” was off $58,777 in July and finance was off $16,037.
To view the full report, visit www.oceanpines.org/wp-content/uploads/2017/08/July-Financials.pdf.