Bella Vista Property Owners Association Annual Meeting May 21, - - PowerPoint PPT Presentation

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Bella Vista Property Owners Association Annual Meeting May 21, - - PowerPoint PPT Presentation

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Bella Vista Property Owners Association Annual Meeting May 21, 2019 Call to Order Pledge of Allegiance Introductions Board Members: Chairperson Ruth Hatcher, Vice Chairperson Jim Abrahamson , Mike Abb, David Brandenburg, Jerry Hover, Patrick

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SLIDE 1

Bella Vista Property Owners Association Annual Meeting May 21, 2019

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SLIDE 2

Call to Order

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SLIDE 3

Pledge of Allegiance

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SLIDE 4

Introductions

Board Members: Chairperson Ruth Hatcher, Vice Chairperson Jim Abrahamson , Mike Abb, David Brandenburg, Jerry Hover, Patrick Laury, Bruce Portillo, Mary Sinkus & David Whelchel POA Officers: Tom Judson, COO & President; Dwain Mitchell, Vice President & Treasurer; Tammie Loyd, Corporate Secretary. POA General Counsel: Doug McCash Audit Firm: BKD CPA’s & Advisors

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SLIDE 5

Approval of 2018 Annual Meeting Minutes

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SLIDE 6

40%

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SLIDE 7

Update on Trafalgar Road Fire

  • Fire fighting operations began on Saturday, May

18th

  • We have been working closely with ADEQ, AHD,

and the City of Bella Vista during this project

  • To date, a majority of what has been pulled out of

the site has been hot ash

  • To date, a limited amount of concrete and rebar

has been found at the site, no other inorganic material has been found

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SLIDE 8

Update on Trafalgar Road Fire

  • Air quality monitoring will continue 24/7
  • The weather has slowed our efforts
  • We remain confident the fire will get put out

within the allocated 30 days

  • As of May 21st the fire is 40% contained
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SLIDE 9

Staying informed

www.bellavistapoa.com/trafalgarfire

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SLIDE 10

2019 Board Election

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SLIDE 11

Election Committee Members

Tom Throne, Chairperson Bob Ritschel Ann Dahlke James Miller

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SLIDE 12

Results of the Election

27.2% Participation

Candidate Votes Received

Steve McKee 5,667 WINNER Teah Bidwell 5,256 WINNER Jerre Barron Jr. 4,617 WINNER John Nuttall 4,260 Bruce Portillo 3,403 Pat Laury 2,873

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SLIDE 13

Financial Report

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SLIDE 14

2018 Audited Financial Statements

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SLIDE 15

Notes:

  • Information for today’s presentation is sourced from a

draft copy of the 2018 audited financial statements.

  • The audit has been delayed as a result of the extreme

nature of the Trafalgar Road Fire, and how the fire could have an impact on the audited financial statements.

  • The 2018 Audited Financials should be finalized within a

week or two. Once completed, they will be made available

  • n the POA’s website.
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SLIDE 16

Balance Sheet Assets

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SLIDE 17

Current Assets decreased ($300k) Use of Cash on projects

$4,783 $8,703 $53,006 $66,492 $4,483 $1,262 $58,842 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Assets Investments Property & Equipment (net) Total Assets

Balance Sheet - Assets $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 18

Investments decreased ($7.4 million) Use of Investments - Funding Capital Projects

$4,783 $8,703 $53,006 $66,492 $4,483 $1,262 $58,842 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Assets Investments Property & Equipment (net) Total Assets

Balance Sheet - Assets $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 19

Property and Equipment net of accumulated depreciation Increased $5.8 million

$4,783 $8,703 $53,006 $66,492 $4,483 $1,262 $58,842 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Assets Investments Property & Equipment (net) Total Assets

Balance Sheet - Assets $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 20

Total assets decreased ($1.9 million)

  • Current Assets decreased ($300k)
  • Investments decreased ($7.4 million)
  • Property & Equipment (net) increased $5.8 million
$4,783 $8,703 $53,006 $66,492 $4,483 $1,262 $58,842 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Assets Investments Property & Equipment (net) Total Assets

Balance Sheet - Assets $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 21

Balance Sheet Liabilities & Members’ Equity

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SLIDE 22

Current Liabilities- increased $400k

  • Deferred Revenue – increased $600k – Prepaid assessments and

annual memberships (e.g. golf)

  • Accounts Payable decreased ($200k)
$4,123 $5,430 $56,940 $66,492 $4,502 $4,947 $55,139 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Liabilities Long Term Bonds Payable Members' Equity Total Liabilities & Members' Equity

Balance Sheet - Liabilities & Members Equity $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 23

Long Term Bond Payable decreased ($500k) Principal reduction on the Water Bond

$4,123 $5,430 $56,940 $66,492 $4,502 $4,947 $55,139 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Liabilities Long Term Bonds Payable Members' Equity Total Liabilities & Members' Equity

Balance Sheet - Liabilities & Members Equity $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 24

Members’ Equity – decreased ($1.8 million) Net loss

$4,123 $5,430 $56,940 $66,492 $4,502 $4,947 $55,139 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Liabilities Long Term Bonds Payable Members' Equity Total Liabilities & Members' Equity

Balance Sheet - Liabilities & Members Equity $000's

2017 2018 Based upon the Draft Version of the audit.
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Total Liabilities and Members’ Equity decreased ($1.9 million)

  • Current Liabilities increased $400k
  • Long-term Bonds Payable decreased ($500k)
  • Members Equity decreased ($1.8 million)
$4,123 $5,430 $56,940 $66,492 $4,502 $4,947 $55,139 $64,588 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Current Liabilities Long Term Bonds Payable Members' Equity Total Liabilities & Members' Equity

Balance Sheet - Liabilities & Members Equity $000's

2017 2018 Based upon the Draft Version of the audit.
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SLIDE 26

Income Statement

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SLIDE 27

2018 Revenue $26 million Compared with $25.3 in 2017

$25,324 $24,892 $432 $26,037 $27,838
  • $1,800
  • $3,000
$2,000 $7,000 $12,000 $17,000 $22,000 $27,000 $32,000 Total Revenue Total Expenses Excess of Revenue Over Expenses

Income Statement - $000's

2017 2018 Based upon the Draft Version of the audit.
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Reven enue e Year ar Ov Over er Y Year ear

  • Food & Beverage Sales $1.1 million – $802k - BV Bar & Grill opened late March 2018

balance Lakepoint full year operation

  • Water $802k – Usage & Growth
  • Assessments $76k – Collection efforts
  • Rebates ($87k) – Carrol Electric rebate in 2017
  • Golf Fees ($134k) – Greens fees and cart rentals
  • Past Due Collections ($175k) – Large windfall 2017
  • Donations ($180k) – Walton Family Foundation Skills Park & Fly Tyers in 2017
  • Investments ($652k) – Fewer investments due to spending on renovation projects
Based upon the Draft Version of the audit.
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SLIDE 29 $25,324 $24,892 $432 $26,037 $27,838
  • $1,800
  • $3,000
$2,000 $7,000 $12,000 $17,000 $22,000 $27,000 $32,000 Total Revenue Total Expenses Excess of Revenue Over Expenses

Income Statement - $000's

2017 2018

2018 Expenses $27.8 million Compared with $24.8 in 2017

Based upon the Draft Version of the audit.
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Expen enses es Year ar Ov Over er Y Year ear

  • Salaries & Wages $887k – Food & Beverage 57%
  • Lakepoint – Full year operation
  • BV Bar & Grill opened March 2018
  • Other budgeted changes across divisions
  • Employee Benefits $562k – Self Funded Health Insurance & Payroll Taxes
  • Cost of Goods Sold $520k – Food & Beverage 70%
  • Small Equipment & Tools $186k – Purchases across the divisions
  • Utilities $112k – Food & Beverage 66%
  • Bad Debts $106k – Legal multi lot foreclosure efforts
  • Leases $77k – Golf maintenance equipment & cart leases
  • Liability & Casualty Insurance $69k – Credits in 2017
Based upon the Draft Version of the audit.
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SLIDE 31 $25,324 $24,892 $432 $26,037 $27,838 ($1,800)
  • $3,000
$2,000 $7,000 $12,000 $17,000 $22,000 $27,000 $32,000 Total Revenue Total Expenses Excess of Revenue Over Expenses

Income Statement - $000's

2017 2018

2018 Net Loss ($1.8 million)

Based upon the Draft Version of the audit.
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SLIDE 32

2018 Capital Projects

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“Key” C ” Capital P Proj

  • jec

ects

  • Country Club Renovation (ADA compliant)
  • Branchwood Renovation (ADA compliant)
  • Metfield Bar Renovation (ADA compliant)
  • Lake Avalon Beach (ADA compliant)
  • Blowing Springs Bathroom & Shower House (ADA compliant)
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SLIDE 34

“Key” C ” Capital P Proj

  • jec

ects

  • Playground Equipment
  • Lake Avalon (ADA compliant)
  • Branchwood (ADA compliant)
  • Metfield (ADA compliant)
  • Metfield Park Restroom (ADA compliant)
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SLIDE 35

Notice of the 54th Annual Meeting

May 19, 2020

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Thank you

The Board of Directors would like to acknowledge the time and commitment of our committee members and community volunteers which help make Bella Vista so special.

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Thank you

Mike Abb, Bruce Portillo, and Pat Laury for their dedicated service while on the Board.

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Special Recognition

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SLIDE 39

David Whelchel

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Open Forum

Comments limited to three minutes

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SLIDE 41

Adjournment