General Manager John Viola provided updates to the board during the Saturday board meeting. From left, Bruce Bright, legal counsel for OPA, Viola and Senior Executive Office Manager Linda Martin.

By Cindy Hoffman, Staff Writer

(Jan. 25, 2024) Ocean Pines Association General Manager John Viola provided an update on the association’s financials at the January board meeting on Saturday.

For the month of December, the budget was favorable by $121,000. Revenue came in at $39,000 more than budgeted and expenses came in favorable by $82,000.

Golf was favorable by $37,000, Public Works by $24,000 and Rec and Parks by $19,000.

Viola reported that the association’s workforce is fully staffed except for positions in the police department. He anticipates being fully staffed with lifeguards for the summer as well.

“The bottom line is we are doing well, and a lot of it is revenue,” Viola said.

Year-to-date numbers showed OPA operating in the black by $833,000, with revenue $732,000 ahead of budget projections and expenses coming in $101,000 less than projected.

“There has been a lot of repurpose and reallocation of expenses and the proof of that is all the things everybody is getting done,” Viola said.

The reserve balance as of Dec. 2023 is $8.7 million. Viola forecasted $7 million in reserves by April 30.

Delivering the treasurer’s report, Director Monica Rakowski said the association had approximately $15.7 million in cash as of Dec. 31, 2023. Cash increased about $600,000 from the same time period last year. Cash decreased about $1.1 million from Nov. 2023.

The association has $11.3 million invested in CDAR’s, with $53,000 in interest income recognized for the month. The remaining $4.4 million is in insured cash sweep, treasury bills, money market and other operating accounts, diversified between two local banks.