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Very healthy financial standpoint
Thursday, September 30, 2021
A message from Finance Director Steve Phillips
The following appeared in the fall 2021 issue of the Ocean Pines Quarterly Report:
Ocean Pines Association continues to remain very healthy from a financial standpoint, coming off an extra- ordinary summer featuring record revenues produced by the amenities. August year-to-date results have OPA tracking $1.127 million favorable versus the budget. OPA amenity locations comprise $857,000 of this favorability, or approximately 76%. The Yacht Club, Golf and Aquatics amenities lead the way, tracking approximately $261,000, $222,000 and $188,000 favorable to budget to date, respectively.
The audit report for fiscal year 2021 was completed and issued by TGM Group in July. OPA received another unmodified audit opinion on our financial statements. There were no proposed auditor adjustments that resulted from the audit.
OPA still continues to work with our vendor, Design Management Associates Inc. (DMA), to refresh/update our reserve study data. We have vetted all of the information in the draft report internally and are in the process of providing the information to the Budget and Finance Committee to review as well. This important information will be available and finalized prior to our “kick-off” of the fiscal year 2023 budget process, which is quickly approaching. As a reminder, this update is important in order to ensure that OPA has adequate reserves (general, bulkheads, drainage and roads) on hand to replace existing assets/infrastructure at the end of their useful life.
With the budget development “kick-off” approaching, I wanted to remind everyone of the improvements that have been made in budget development and monitoring through the Northstar system. This system has given OPA’s budget managers, as well as the Finance team, the ability to drill into all accounting transactions and view real-time numbers by account on a daily basis. This real-time access to information is necessary in the role of a budget manager and will be utilized heavily in the upcoming fiscal year 2023 budget build. Department heads will be expected to produce current year-end budget estimates by account along with their 2023 funding requests.