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2014-20 IS Budget Summary & General Information

A Message from Your Board President

Bob Hefner

"7his'post year hos seen our resi- get Committee and approved by dents approve the construction and the Board. The Finance and Bud­equipping of a first class fitness get Committee is only one of over center. This facility is enjoying a twenty committees that routinely doubling of resident participation in research ond make recommenda­the cardio/strength area and also in tions to the staff and the Board that the number of classes and portici- keep improving our community. pants in the new exercise studios. There are over a hundred volunteer Despite spending well over a mil- residents that spend countless of lion dollars from our Capitol and hours serving on these commit­Asset Funds on this project those tees. There is no better testimony funds ore still at a very comfortable to the interest and dedication our level. residents have for our community.

Not only ore our restricted funds in There will be a modest increase in great shape, our Operating budget our annual dues of twenty dollars will see a small surplus at the end this fiscal year which is less than of this fiscal year. This is due to the a 1.25% increase. This wi ll be dedication of our professional staff the third year in a row where dues in managing the budget recam- increases have been less than the mended by our Finance and Bud- government's cost of living index.

General Manager's Update

Bob Mariani AMS. CMCA. MCM, PCAM

A weekly SCOV report wos contin­.;rrs o result of incredible sup- ued and expanded; on extensive

port and participation on the port marketing pion was developed; of Boord Members, committee mem- revenue ot the golf course and bers, residents and staff, 2013-14 cafe were increased through vori­wos yet another very successful year. ous means; o membership survey

was completed; new signoge was As I stated in my report lost year, installed· o new identity manual developmentondopprovolofthefo- was dev~loped; os well os numer­ness center project was the highlight ous other achievements. of the year. Although substantial tasks and actions were completed This past fiscal year was very pro­this year, the premiere accomplish- ductive as briefly outl ined above, ment hos to be considered the which required considerable work completion of the fitness center on by many and an ample budget. I time and within well less that 1 % anticipate next year will bring the of budget. Members of SCOV should some challenges ond o similar, if be very proud of these new faci lities, not higher level of achievement. ond the increased use of the exercise However, with oll the projects, equipment and multipurpose rooms services ond maintenance that ore reflects that attitude. planned plus budgeting for long-

term issues that was included in In addition to the fitness center the 2014-15 Budget, the annual project, also completed were the dues were only increased by $20 Rancho Vistaso Blvd. landscaping to S 1,620. Additionally, consider­installotion; installation of the AV ing that the Asset Reserve alloca­system in the Native American tion wos increased by $50,000 Rooms; redecorating of the Cafe; to assure proper long-term approval of new bocceball and maintenance of the Associations pickleboll courts; approval of .re- capitol items and a new Fund for pairs to Chalk Creek and planning the washes was established that for about 30 projects this summer. includes o $15,000 allocation,

containing the dues ta an increase Physicol projects weren't the only of about 1 % is on occomplish­focus during the year, as many men! that will hopefully please the other areas of the operations were membership. improved. For example, communi-cation was increased by providing Boord pockets on the website; the

Treasurer Looks Ahead 2014-15 Budget Summary

Dick Brammell Treasurer

.9he budget for the 2014-1 5 was approved at the April Boord meeting. The budget preparation originates with odministrotion, then is examined and evaluated by the Finance-Budget Committee and the Board of Directors at public meetings during a four-month peri od prior to final approval. The annual member dues for this fiscal year ore Sl,620, a 1.25% increase from the previous year.

The proportionate use of each household's dues is as follows: Asset Reserve Fund $402 Building Maintenance 284 Administration 313 Golf 201 Common Area Maintenance 196 Activities and Programs 165 Capitol Fund 40 New Capitol Acquisitions 17 Wash Fund 4 Cafe (2) Total Sl,620

Homeowner Dues 2014-2015 New Capital Acquistions,

Capital Fund & Wash Fund 4%

Common Area

Maintenance 12%

Administration 19%

Statement of Financial Position March, 31 2014 (unaudited)

Assets Current Assets:

Cash & Cash Equivalents Investments in Cert. of Deposits Receivables Inventories Prepaids & Deposits

Total Current Assets

Fixed Assets: Land, Buildings & Equipment Accumulated Depreciation

Total Fixed Assets

Total Assets

$ 1,585.316 3,579,283

47,450 48.344

181.802 5,442, 195

27,5 I 5.758 ( 12.676.536)

14,839,222

$ 20,281.417

Liabilities & Funds

Current Liabilities: Accounts Payable & Accruals Deferred Revenues

Total Liabil ities

Fund Balances: Operations Restricted Use Funds

Total Funds Total Liabilities & Funds

$ 307,734 910, 180

1,217,914

273,061 18.790,442 19,063,503

$20.281,417

Photo by Cecilia Pfeiffer

Revenue & Expense Budget For Fiscal Year 2013-2014

Revenues:

Annual Homeowner Fees (65%) Golf Revenues (20%) Cafe Revenues (9%) Activities Programs (2%)

Other Income (4%)

4,030,560 1,238,779

580,000 139,100

232.100 Total Revenues 6.220.539

Expenses:

Payroll & Benefits (44%) Utilities ( 14%)

2,734,510 847,420 148,687 Repair & Maintenance (2%)

Supplies & Expenses (22%) Total Expenses

1.349.464 5.080.081

Excess Revenues 1.140.458 Capital Funding:

Contribution to Asset Reserve ( 16%) I ,000,000 Contribution to Capital Fund (2%) I 00,000 Contribution to Wash Fund (.24%) New Capital Acquisitions (.26%)

Total Capital Funding Results of Operations

15,000 16.300

I I 131.300 9, 158

Projected Balances Restricted Use Funds For Fiscal Year 2014-2015

Asset Reserve Capital Contingency

Projected Balance June 30, 2014

Membership Dues

Capital Contrib. Fees*

AT&T Lease Revenue

Excess Revenues

from Operations

Interest Revenue

Other Revenue

Capital Expenditures

Projected Balance

June 30, 20 14

Fund Fund Fund

$1,484,892 $1,000,000

$445,444 $100,000 $2 10,600 $31,827

$93,484 $14,929 $2 15

$3 19,6 15

$350 $2,000

($984,038) ($250.000) ---

$ 1,5 15,783 $631,570 $32 1,965

* 130 resales @ $1,620

2014-2015 Board of Directors

Steve Knapp President

Don Coleman Vice President

Cathy Hartrich

Secretary

SusanJakosa Treasurer

Richard Babin Director

Jan Fischer D irector

Jon Olson

Director

-.Jd~ ~a& It's More Than Living ... It's A Lifestyle!

1565 E. Rancho Vistoso Blvd., Oro Valley, AZ 85755 520-825-3711

www.scovaz.com