By Jack Chavez, Staff Writer
(Dec. 1, 2022) Ocean Pines Association’s cashflow in October increased by $900,000 over last year, Treasurer Monica Rakowski said during her report to the board of directors on Nov. 19.
The cash also represented a $700,000 decrease from September, but that can be chalked up to the conclusion of the summer season.
As of Oct. 31, Rakowski said, the OPA has about $16.7 million in cash. $11.1 of which is invested in bank certificates of deposit and the remaining $5.6 million is committed in an Insured Cash Sweep account, the money market and other operating accounts.
Rakowski also noted that, with interest rates still climbing in the marketplace, there will be an upward trend of interest income realized within the reserve accounts, in the coming months.
In other financial news, General Manager John Viola reported that net revenues for October were $52,000 better than budget. Also favorable against the budget were expenses and net operating costs at $25,000 and $77,000, respectively.
Virtually every department and amenity reported favorably against the budget in October, led by police at $25,000 and Recreation and Parks at $24,000. The only entity to report unfavorably was the Ocean Pines Yacht Club at $18,000.
For the year to date, net revenues and net operating costs are $851,000 and $823,000 favorable against the budget, respectively. However, expenses are $28,000 unfavorable against it.
So far, every entity is favorable, led by golf operations and maintenance ($183,000), aquatics ($126,000) and Public Works, general maintenance and CPI violations ($113,000).
Viola also reported that the unaudited reserves have increased 44 percent — $6.1 million to $8.8 million — over the last six months, ending on Oct. 31.
This includes $1.6 million in spending, mostly between roads, bulkheads and drainage.