(March 31, 2016) The Ocean Pines Association Budget and Finance Committee discussed the following items during its March 23 meeting in the administration building:
‘No’ on reserve study
The committee requested a copy of the in-development reserve study, which Thompson said was still in draft form. The decision to distribute it would be up to the board, he said.
He said the board would meet in April with the study’s authors, Design Management Associates Inc. Director Jack Collins asked if that meeting would be open. Thompson said that was also board decision, but said he considered it a contractual matter, and that he would recommend it be closed.
Feb. financials
Filling in for Controller Art Carmine, General Manager Bob Thompson went over the association’s February statement, its most recent financial report.
Thompson said police and public works were slightly behind budgeted numbers, with the former having been driven by higher-than-expected overtime costs.
The general manager said he was pleased, overall, with major amenities, especially aquatics, which was still “operating in the black,” and more than $150,000 better than previous year’s numbers.
Golf fared worse, posting a $50,000 loss for the month. Thompson said he was concerned that new management, Landscapes Unlimited, seemed to be focused on lowering expenses, rather than generating new revenue.
The yacht club also had a down month, finishing with a $36,000 loss. Overall, however, the amenity was still positive by $18,000.
Thompson said the three primary amenities were all performing close to budget, but cautioned that final numbers on golf, with two months remaining during the fiscal-year period, would be largely dependent on weather.
C-03 pulled
Chairwoman Pat Supik said several of the other finance committees she sits on are much more involved with the audit process, while the Ocean Pines committee has virtually no involvement.
In particular, committee member Dennis Hudson said he would like to play a role in the engagement letter, which instructs the auditor.
Director Tom Terry, the committee liaison to the board, said that could have been a part of resolution C-03, which was scheduled to come up for a vote during a public meeting on the following day. C-03, essentially, defines the responsibilities of the budget and finance committee.
Hudson moved that Terry remove C-03 from the agenda, and the committee unanimously agreed. Collins, for his part, said it was “logical” that the committee would be more active with the auditor.
A revised resolution will likely be resubmitted to the directors during the next few months. C-03 received a first reading by the directors in February.
‘No’ on reserve study
The committee requested a copy of the in-development reserve study, which Thompson said was still in draft form. The decision to distribute it would be up to the board, he said.
He said the board would meet in April with the study’s authors, Design Management Associates Inc. Director Jack Collins asked if that meeting would be open. Thompson said that was also board decision, but said he considered it a contractual matter, and that he would recommend it be closed.
Feb. financials
Filling in for Controller Art Carmine, General Manager Bob Thompson went over the association’s February statement, its most recent financial report.
Thompson said police and public works were slightly behind budgeted numbers, with the former having been driven by higher-than-expected overtime costs.
The general manager said he was pleased, overall, with major amenities, especially aquatics, which was still “operating in the black,” and more than $150,000 better than previous year’s numbers.
Golf fared worse, posting a $50,000 loss for the month. Thompson said he was concerned that new management, Landscapes Unlimited, seemed to be focused on lowering expenses, rather than generating new revenue.
The yacht club also had a down month, finishing with a $36,000 loss. Overall, however, the amenity was still positive by $18,000.
Thompson said the three primary amenities were all performing close to budget, but cautioned that final numbers on golf, with two months remaining during the fiscal-year period, would be largely dependent on weather.
C-03 pulled
Chairwoman Pat Supik said several of the other finance committees she sits on are much more involved with the audit process, while the Ocean Pines committee has virtually no involvement.
In particular, committee member Dennis Hudson said he would like to play a role in the engagement letter, which instructs the auditor.
Director Tom Terry, the committee liaison to the board, said that could have been a part of resolution C-03, which was scheduled to come up for a vote during a public meeting on the following day. C-03, essentially, defines the responsibilities of the budget and finance committee.
Hudson moved that Terry remove C-03 from the agenda, and the committee unanimously agreed. Collins, for his part, said it was “logical” that the committee would be more active with the auditor.
A revised resolution will likely be resubmitted to the directors during the next few months. C-03 received a first reading by the directors in February.