By Cindy Hoffman, Staff Writer

(Dec. 21, 2023) Finances continue to look healthy for the Ocean Pines Association, according to data presented to the Ocean Pines Board of Directors Saturday.

The preliminary “flash” numbers for November have a net revenue of $358,000, $68,000 over budget. The expenses were $1.073 million, $44,000 less than budgeted. For the month of November, the OPA is favorable by $137,000.

Golf and maintenance continue to be economic drivers, General Manager John Viola reported.

Other amenities are also generating more money than projected, including aquatics, the Clubhouse Grill and the Yacht Club.

“It was a good month across the board,” Viola said.

Money saved in police is due to some open positions, although “We are budgeting to get to a full staff,” Viola said.

The department has been pursuing grants for various projects.  Chief Tim Robinson recently received a grant for updating the website.

“While we are in a cash burn situation at this time of year, we are doing very well,” Director Stewart Lakernick said.

“I am coming forward asking for a lot of cash, and you are right, it’s all going to be covered. It will be covered in the next budget and everything,” Viola said.

Director Monica Rakowski delivered the Treasurer’s Report.

As of Nov. 30, 2023, the association had approximately $16.8 million in cash. Cash increased by $800,000 from the same time period last year. Cash decreased $600,000 from October 2023.

Investments include $11.3 million in CDAR’s, $50,000 in interest income recognized for the month and the remaining $5.5 million is in insured cash sweep, Treasury bills, money market and other operating accounts diversified between two local banks.

Viola provided dates for the FY 24-25 budget review. The Budget and Finance Committee will review the proposed budget Jan. 3 and 4; the board will review Jan. 11 and 12 and a town hall has tentatively been scheduled for Feb. 7.

The budget is expected to include robust bulkhead, drainage and road programs. Statutory wage increases, the 401K police enhancement program, medical costs and liability insurance increases will also be reflected in the budget, according to Viola.

“We don’t just budget for this year, we do look forward over the next two, three, four years and have a plan in place,” Viola said.