Mid-Year Financial Report

The Association continues to maintain a strong financial position.  The balance sheet, mostly supported by reserves, continues to grow, and the Income Statement through the first half of the year is favorable. Reserves have grown 19% in the first six months of the year.  This is primarily due to the annual contribution to the R&R Fund, the Community Enhancement Fee (CEF) collections and return on investment.

Through June 2021, operating revenue is trending above budget, and operating expenses are under budget.  Below are some financial highlights through June.

• Operating revenue is approximately $390k greater than budget.
• The Pass Office year-to-date revenue is approximately $323k greater than budget.  All three pass categories (daily commercial, annual commercial and short-term rental passes) have exceeded budget.
• Operating expenses are roughly $24k under budget.
• Significant reinvestment in the community continues.  The ARB has processed over 450 applications totaling $70,000 in fees.
• 99% of the owners have paid their annual assessment. ……thank you!

Non-operating revenue includes CEF fees.  The real estate market remains strong in Palmetto Dunes.

Through June, we have collected roughly $770k in CEF fees compared to a budget of $300k.  One-hundred fifty-five (155) closings have occurred through June 2021 compared to seventy-one (71) through June 2020.

Projections for the balance of the year remain optimistic given the results of the first half of the year.