'Favorable financial outlook' - A msg. from the Dir. of Finance and Operational Logistics

OPA once again produced favorable operating results in August, primarily due to the PPP recognized income and labor savings in various departments and amenity operations. If we examine amenity revenues to date without consideration of the PPP income, net revenues fall short of budget by just over ($1M) dollars. However, these unfavorable revenue results were more than offset by total expenses to date being under budget by $879K and the recognition of approximately $1.1M in PPP funding revenue.

The largest favorable variances to date for fiscal 2020/2021 can be found in Public Works ($154,826), General Maintenance ($77,143), and the Yacht Club ($119,108). As anticipated, COVID-19 had the most negative effect on Aquatics ($223,937), Beach Parking ($186,345) and Recreation and Parks ($62,593). Finance will continue to track and account for the negative impact the pandemic-related closures/limitations will have on the operating budget, capital expenditures and cash flows for the remainder of the fiscal year.

As the year-end audit is now behind us and the summer season concluded, Finance will continue to focus on finalizing Northstar implementation for the remaining department/amenities. Attention will also switch over to early budget preparation with the assistance of the department heads and guidance provided by the Budget & Finance Committee.