(Sept. 24, 2015) The monthly financial report released last week, covering August, showed a positive operating fund variance of $15,486 in Ocean Pines, marking the fourth consecutive month the community ended in the black and the second-highest total of the year.
Across all departments, revenues were under budget by $50,343, but total expenses, under budget by $74,686, offset those numbers.
To date, the OPA has a positive operating fund variance of $49,682. Total revenues are under budget by $140,395, while total expenses are $198,352 under budget.
Wages and benefits finished $64,694 below budgeted numbers, while total expenses finished $74,686 below budget.
Aquatics did better than expected, finishing $8,830 above projections and continuing a positive trend with $571,879 in revenue to date, up $52,361 over budgeted estimates.
Golf, on the other hand, finished $15,180 below budget, with year-to-date total revenues of $709,613, more than $88,000 under budget.
The beach club enjoyed a positive variance of $1,465 for the month, totaling more than $400,000 year-to-date and $38,803 above budget overall.
Beach Club Parking fell just shy of budget estimates, by $340, although the amenity is still ahead of budget overall by $10,399.
The yacht club has earned $278,577 below budget after finishing the month $75,804 in the red.
Expenses and costs, however, were also below estimates. Year to date, the yacht club is on the positive side of net operating costs by $70,579, an improvement over the previous year when costs were negative by $6,911.
“I think the numbers look good,” General Manager Bob Thompson said. “I think the overall performance of the association was strong as we ended August. I think the revenues were favorable and the expense management side of the house was very strong, and that combination led to a strong financial performance not just for August, but as the summer winds down and comes to an end we’re looking forward to the fall.”
Thompson credited his management team in Ocean Pines for continuing several positive trends.
“Obviously, it’s taken a few years to get everything moving in the direction I had hoped it would be in and I think we’re there now – we’re seeing those types of consistent results,” he said. “That’s not to say we won’t have some bumps in the future, but it’s nice to know I have a team in place that can handle the changes as they occur and make the right decisions to keep moving the association forward.”
The lower-than-expected numbers at the yacht club and golf, according to Thompson, were partially because of poor weather during the previous month. Still, he pointed out that net operations for both amenities were up over the previous year.
“You have weather impact on the outside amenities obviously,” he said. He said the yacht club’s performance versus projections normally would have been a concern, but the expense management side was lower as well.
“It meant that our forecasting was slightly off, however our management was very strong, which has led to a very positive year-over-year variance,” Thompson continued. “If you look year over year to previous years in the same time period to where we are today, we’re much further ahead in at least the yacht club and aquatics, and slightly ahead in golf.”
At aquatics, Thompson said management, as well as the increase in programs, was the reason for the drastic improvement, with year-to-date net operations up more than $40,000 over the previous year.
“We’re offering more swim lessons and more programing choices for folks, and we’re doing it with a smile basically,” he said.
Across all departments, revenues were under budget by $50,343, but total expenses, under budget by $74,686, offset those numbers.
To date, the OPA has a positive operating fund variance of $49,682. Total revenues are under budget by $140,395, while total expenses are $198,352 under budget.
Wages and benefits finished $64,694 below budgeted numbers, while total expenses finished $74,686 below budget.
Aquatics did better than expected, finishing $8,830 above projections and continuing a positive trend with $571,879 in revenue to date, up $52,361 over budgeted estimates.
Golf, on the other hand, finished $15,180 below budget, with year-to-date total revenues of $709,613, more than $88,000 under budget.
The beach club enjoyed a positive variance of $1,465 for the month, totaling more than $400,000 year-to-date and $38,803 above budget overall.
Beach Club Parking fell just shy of budget estimates, by $340, although the amenity is still ahead of budget overall by $10,399.
The yacht club has earned $278,577 below budget after finishing the month $75,804 in the red.
Expenses and costs, however, were also below estimates. Year to date, the yacht club is on the positive side of net operating costs by $70,579, an improvement over the previous year when costs were negative by $6,911.
“I think the numbers look good,” General Manager Bob Thompson said. “I think the overall performance of the association was strong as we ended August. I think the revenues were favorable and the expense management side of the house was very strong, and that combination led to a strong financial performance not just for August, but as the summer winds down and comes to an end we’re looking forward to the fall.”
Thompson credited his management team in Ocean Pines for continuing several positive trends.
“Obviously, it’s taken a few years to get everything moving in the direction I had hoped it would be in and I think we’re there now – we’re seeing those types of consistent results,” he said. “That’s not to say we won’t have some bumps in the future, but it’s nice to know I have a team in place that can handle the changes as they occur and make the right decisions to keep moving the association forward.”
The lower-than-expected numbers at the yacht club and golf, according to Thompson, were partially because of poor weather during the previous month. Still, he pointed out that net operations for both amenities were up over the previous year.
“You have weather impact on the outside amenities obviously,” he said. He said the yacht club’s performance versus projections normally would have been a concern, but the expense management side was lower as well.
“It meant that our forecasting was slightly off, however our management was very strong, which has led to a very positive year-over-year variance,” Thompson continued. “If you look year over year to previous years in the same time period to where we are today, we’re much further ahead in at least the yacht club and aquatics, and slightly ahead in golf.”
At aquatics, Thompson said management, as well as the increase in programs, was the reason for the drastic improvement, with year-to-date net operations up more than $40,000 over the previous year.
“We’re offering more swim lessons and more programing choices for folks, and we’re doing it with a smile basically,” he said.