Announcement

"New fiscal year starts on positive note"

Tuesday, October 1, 2024

The following appeared in the fall 2024 Ocean Pines Report: https://www.oceanpines.org/web/pages/quarterly-newsletters

Ocean Pines Association has started off the first quarter of the new fiscal year with a very favorable performance to date. Year-to-date through July, OPA has produced $432,000 in favorability when compared to the operating budget.

Approximately $395,000 of the favorable operating results are driven by amenities’ revenues in excess of budget. Golf once again leads the charge, producing net operating revenue results greater than $112,000 over the budget. Golf’s bottom-line operating income was $571,000, which is also approximately $112,000 favorable to the budget.

The remainder of the amenity net revenue favorability can be attributed to the Beach Club, Beach Parking, Aquatics, Clubhouse Grille and the Marinas. Membership revenue in total for all amenities through July exceeded of $1.278 million, which is approximately $55,000 in excess of the full-year membership budget.

As the season turns to fall, this signals the kick-off to OPA’s annual budget process. The Budget and Finance Committee will provide their guidance recommendations to the Board and the GM in advance of the preparation of the upcoming fiscal year 2025-26 budget. Finance will begin preparing requested deliverables, as they begin working closely with the budget managers within each respective department to produce their “bottoms-up” budgets for internal review.

Announcement

"New fiscal year starts on positive note"

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