Mid-Year Financial Update

Palmetto Dunes POA started the year by receiving an unqualified audit report for the eighteenth year in a row!  An unqualified audit report indicates the financial statements have been prepared using the Generally Accepted Accounting Principles and the financial statements comply with relevant statutory requirements and regulations.

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.

Through June 2024, income before other income/expenses is trending above budget, and expenses before other income/expenses are under budget.

Below are some financial highlights through June.

• Income before other income/expenses is approximately $187k greater than budget.
• Expenses before other income/expenses are roughly $129k under budget.
• 99% of the owners have paid their annual assessment.

Other income includes CEF fees.  Through June, the Association has collected about $419k in CEF fees and the average sales price of a property, including both multi- family and single family, is approximately $1,147,900.  Other expenses mostly consist of depreciation expense, consulting fees, IT equipment upgrades, and enhancements to the gatehouses.