BYCCA Finance Committee Report – As of May 2022
BYCCA ended the 2021 year with a surplus of almost $14k due to Jeff’s superb financial management.
BYCCA is again debt-free, having paid off the loan to resurface Roy’s Point Blvd last year, and incurring no additional debt in 2021.
A reserve study is a financial plan used to set aside the appropriate amount of money required for capital repairs and replacements for the development’s infrastructure and surrounding assets. Reserve studies are one of the most reliable ways of protecting the value of the property’s infrastructure and marketability.
The reserve study commissioned in 2020 recommended that BYCCA invest reserve funds in a stable, low-risk product. A total of $116,500 has been invested in a 5- year CD ladder that should make reserve funds available when they are needed to improve or replace infrastructure in the association.
Condo Association CD total = $94,000
- 1 x 12 month – $23,000 (matures in Oct. 2022)
- 1 x 24 month – $17,750
- 2 x 36 month – both $17,750 each
- 1 x 60 month – $17,750 Umbrella Association = $22,500
- 1 x 12 month – $4,500
- 2 x 24 month – $4,500
- 1 x 36 month – both $4,500 each
- 1 x 60 month – $4,500
In the past several years, budget management has provided greater than the minimum contribution recommended in the reserve study. This year’s budget includes a contribution of an additional $1000 to the reserve funds.
Jeff’s salary has increased slightly in keeping with scheduled increases mapped out in 2021.
Everything is more expensive this year. After several years with no increase in assessments, this year there is a 7.5% increase to help cover the Director’s salary increase and increases in other expenses.
Below you will find the details of our 2021-2022 BYCCA Financial Overview:
Click Image to Enlarge