Bella Vista Property Owners Association November 2020 Financials
Financial performance dashboard, revenue analysis, loan balance projection, accounts receivable aging, and cash collections details for Bella Vista POA in November 2020.
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Bella Vista Property Owners Association November 2020 Financials The financial reports included in this presentation will be posted to the POA s website: https://bellavistapoa.com/governance/financials
POA November 2020 The financial reports included in this presentation will be posted to the POA s website: https://bellavistapoa.com/governance/financials
November Financial Performance KPI Dashboard - POA Thanksgiving Day Meals: Prepaid Assessments: Income Statement- Actual Vs. Budget LP Preorder: 189 Meals Lakepoint Restaurant: 163 Meals Lakepoint Revenue: $7.5K vs LY $6.8K BV Bar and Grill 190 Meals $4.4K vs LY $2.4K 2020 14,656 accounts $459K Revenue Actual $1.6M vs. Budget of $1.4M 2019 14,805 accounts Cost of Good Sold Actual $82K vs. Budget of $87K $390K Gross Profit Actual $1.48M vs. Budget of $1.28M EBITDA by Month (Actual, Budget, LY) Operating Expenses Actual $1.6M vs Budget of $1.3M $800 Dollars in (000 s) $550 EBITDA Actual ($112K) vs. Budget ($6K) $300 $50 -$200 -$450 Operating Expenses Month-Month YTD (000 s) -$700 $2,000 -$950 -$1,200 $1,800 2020 Actual 2020 Budget 2019 Actual $1,600 Revenue Golf +$99K Cart Rentals +24K and Green Fees +$66K RV Park +$15K Sold out Thanksgiving Lot Sales +$59K Judicial Sales - $8K Online Sales Legal Fees +$20K Multi lot Judgment F/B Lakepoint (-$18K) and Bar and Grill (-$11K) Covid Restrictions Expenses Salaries/Employee Benefits +$43K Hourly Wages +$21K, Health +$18K Equipment and Tools ($84K) $34K Cisco Routers and firewalls Maintenance and Repairs ($58K) -- $10K Water heaters Supplies ($35K) --$15K Fishery, $5K Proshop fixtures and Easypicker Discs Professional Services ($67K) $52K Stump Dump $1,400 $1,200 $1,000 YTD Actual YTD Budget Prior Year Actual
November 2020 Balance of $2.4M Intercompany Water-POA Loan (000 s) $3,700 Beginning Loan Balance 2020 $3.5M $3,600 $280K Total loan Repayment forecasted for 2020 12/31/2020 projected balance of $3.2M $3,500 $3,400 $3,300 $3,200 $3,100 $3,000 $2,900 $2,800 $2,700 $2,600 $2,500 $2,400 $2,300 Borrowed $456K Projected Year-end loan balance $2.75M $2,200 $2,100 $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 Beg. Balance Jan Feb March April May June July Aug Sept Oct Nov Dec Beg. Balance Jan Feb March April May June July Aug Sept Oct Nov Dec
November Receivables and Cash Dashboard (000s) Collections Project: Over 365 2,644 Member Accounts in the over 365 days aging with 325 contacted in November. 6% return rate for insufficient address 12 payments approximately $9,500 17 interested in relinquishing title to POA Consolidated Month-end Bank Cash (000 s) POA = $127,353 (POA Reserve= $126,800) Water = 3,784,179 $7,000 $6,000 $5,000 Accounts Receivable - Assessments $4,000 $3,000 Extra Bond Payment Allowance for Doubtful accounts has doubled YOY Trend in 2021 Aging will continue due to Covid $2,000 Trafalgar Fire $1,000 January Feb March April May June July August Sept Oct Nov 2020 1,830 2,130 2,538 2,990 3,491 3,837 3,778 4,415 4,818 5,082 3,800 Accounts Receivable Aging Assessments (000 s) 2019 2,114 3,158 4,339 4,608 3,926 1,292 1,117 1,882 1,884 1,791 1,012 $750 Bad Debt Expense Assessments 2019 vs 2020 365 2020 = $2.3M 365 2019 = $2.4M $700 $650 $600 $50 $550 $500 $40 $450 $400 $350 $30 $300 $250 $20 $200 $150 $10 $100 $50 $- $- 61-180 Days 181-365 Days 365+ Days Current $(10) 2020 2019 78 80 81 45 135 77 2343 2417 2020 2019 2020 2019
POA YTD Financials thru November 2020 YTD Financial Comparison (000 s) Revenue Impact: Golf Green Fees +$343K, Golf Overall +$285K, KFSM ($32K) Boat Registration Fees +$57K Motorboat rentals +$56K RV Storage Fees +$29K RV Park Full Service +23K overall RV Income +$49K Food and Beverage Overall ($352K) Facility Use ($74K) (Areas that are under budget have been impacted by Covid restrictions) 2020 Actual 2020 Budget Variance Revenue $18,245 $18,082 $163K COGS $1,023 $1,152 $128K Labor $7,846 $8,359 $513K Expense Impact: Total Salaries and Wages +$513K Employee Benefits +$244K Membership Training/Travel +$50K Utilities +107K Professional Services (-237K) Stump Dump ($229K) Equipment and Tools ($110K) - $34K Cisco Routers and firewalls Maint and Repairs ($47K)- Irrigation and pump replacement ($46K) Anticipate additional expenses in December on items deferred Expenses $16,699 $17,285 $586K EBITDA $523 ($355) $878K 2020 YTD Gross Profit by Revenue Stream ($000 s) 145 9862 581444 General Inc. 838 2020 Capital Updates: Pickleball Courts -- The fencing has been removed and all design, planning and court lay out has begun. Contractor and Weather delays. Country Club Roof Complete waiting on insurance to finalize Metfield Parking Lot Complete finalizing Paperwork GP Upgrade Delayed until after year-end close Golf Ops 924 Food and Bev Recreation Legal Key Notes: 3811 Lakes and Parks 10314 Advertising 2020 Other Projects: Dog Park Clearing being completed this week and fencing next week. Miniature Golf Carpet Received, Bridge painted, features will be delivered by YE Collections Main and Const
Highlands Clubhouse Deck Project The financial reports included in this presentation will be posted to the POA s website: https://bellavistapoa.com/governance/financials
Scotsdale Deck Expansion
Water November 2020 The financial reports included in this presentation will be posted to the POA s website: https://bellavistapoa.com/governance/financials
November Financial Performance KPI Dashboard - Water Leaks Repaired New Water Services Income Statement Actual vs Budget Through Nov. 2019 328 Through Nov. 2019 191 Revenue Actual $759K vs. Budget of $715K Through Nov. 2020 381 Through Nov. 2020 365 Cost of Good Sold Actual $187K vs. Budget of $200K EBITDA by Month (Actual, Budget, LY) Gross Profit Actual $572K vs. Budget of $515K $500 $450 Dollars in (000 s) Operating Expenses Actual $362K vs Budget of $234K $400 $350 $300 EBITDA Actual $210K vs. Budget $280K $250 $200 $150 Operating Expenses Month-Month YTD (000 s) $100 $500 $50 2020 Actual 2020 Budget 2019 Actual $450 $400 Revenue Water Sales $23K Water Capital Buy In Fees $37K $350 $300 $250 $200 Expenses Fuel and Oil $1.3K Employee Benefits $4K Supplies ($102K) Water Meters and parts Equipment and tools ($8K) -- Chop Saws and needed Supplies ($5K) Maintenance and Repairs ($8K) Needed Pump/repair parts $150 $100 Jan Feb Mar April May June July Aug Sept Oct Nov Gallons Sold (Through November) 2020 381 2020 Actual 2020 Budget 2019 Actual 2019 -- 328
Water YTD Financials thru November 2020 YTD Financial Comparison (000 s) Revenue Impact: Water Sales +537K New Connections +348K Water Capital Buy-in Fees $408K Gain/Loss on Surplus Assets +41K 2020 Actual 2020 Budget Variance $9,331 $8,121 $1.21M Revenue Intercompany Sales ($-70K) Water Late Fees ($-35K) Miscellaneous ($-99K) $2.253 $2.303 $50K COGS $939 $954 $15K Labor Expense Impact: Total Salaries and Wages - +$15K Employee Benefits - +$46K Membership Training/Travel - +$8K Fuel and Oil - $15K $3,151 $2,873 ($279K) Expenses $3,927 $2,945 $981K EBITDA WATER GROSS PROFIT % Supplies ($231K) Water Installation Equipment Equipment and Tools ($35K) Power tools & chop saws Maint. and Repairs ($56K) Large pump and added repair parts 80.00% 75.00% 2020 Capital Updates: 70.00% Hwy 340/Sugar Creek Relocation Construction started and completion date pending 65.00% Key Notes: 60.00% Hwy 340 BPS Electrical Renovation Not Started 55.00% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC GP % 2019 74.80 69.36 64.82 70.06 64.86 68.29 69.12 66.90 77.77 68.49 66.66 64.93 GP % 2020 70.97 71.08 72.71 73.68 70.68 72.03 71.31 74.22 74.13 71.64 71.34
November YTD EBITDA Variances to Budget by Division (000s) GENERAL INCOME -$229 FOOD AND BEVERAGE -$171 INFORMATION TECHNOLOGY -$48 Total Consolidated EBITDA Variance to Budget = $1.9M Water $982K POA $878K CLUB HOUSES -$25 MEMBER SERVICES -$13 ACCOUNTING -$5 COMMUNICATION AND MARKETING -$4 CENTRAL ADMIN $2 $45 HUMAN RESOURCES $85 LAKES AND PARKS $174 MAINTENANCE & CONSTRUCTION $205 GOLF MAINTENANCE $242 LEGAL $251 RECREATION $371 GOLF PROSHOPS $982 WATER $0 $100 $200 $300 $400 $500 Thousands $600 EBITDA Variances by Department
Consolidated November 2020 The financial reports included in this presentation will be posted to the POA s website: https://bellavistapoa.com/governance/financials
