TELLICO VILLAGE PROPERTY OWNERS ASSOCIATION BOARD MEETING AGENDA - - PowerPoint PPT Presentation

SLIDE 1

TELLICO VILLAGE PROPERTY OWNERS ASSOCIATION BOARD MEETING AGENDA Wednesday, April 22, 2020 1:30 p.m. Tellico Village Yacht Club Outcome Responsible Call to Order Rick Blough I. President Announcements Rick Blough II. Minutes (April 8, 2020) Approve Rick Blough III. COVID-19 Response Update/Inform Winston Blazer

• Current Status
• Phased Restart Planning Process

IV. Advisory Committee/Liaison Reports

• Public Works Projects

Update Clayton Taylor

• Water Tank Project
• Sink Hole Repair
• Finance

Update/Approve Kevin Ellsworth/

• Contingency Planning

Parker Owen V. Asian Carp Committee Update Carla Johnson VI. Other/Discussion

SLIDE 2

Approval of the April 8, 2020 Open Session Board Meeting Minutes

SLIDE 3

COVID-19 UPDATE

Presented by CEO

Winston Blazer

• Current Status
• Phased Restart Plan

SLIDE 4

Public Works Projects

4/22/20 Up-dates

SLIDE 5

COVID-19

As you will see some of the up-dates are minor due to COVID-19 most company's don’t/will not do anything but conference calls

SLIDE 6

Coyatee water storage tank

• Currently we have progressed beyond the 30% design and

are working toward 60%.

• Public Service chair/vise-chair and staff are reviewing plans
• The next steps will include:
• Detailing the process and instrumentation design
• Develop the electrical details and one line diagram
• Sizing concrete pad and electrical components the future

booster station

• Develop a control strategy for control and altitude valves to

ensure the tank is operating as we intend for the model.

• Start developing specifications for Bid (we will include details

for a prestressed concrete tank as well as a glass lined steel tank)

SLIDE 7

Coyatee water storage tank Timeline

SLIDE 8

West Chatuga Drive Sinkhole

• Reported on 4/13/20
• Located all existing utilities 4/13/20
• LUB relocated the elec. feed 4/14/20
• GEOS onsite, located rock at 34’ in depth

4/14/20

• Contractor modelized 4/15/20
• Waiting on AT&T to relocate fiberoptic cable

4/14-17/20

SLIDE 9

SLIDE 10

FINANCE

Presented by

CFO Parker Owen Kevin Ellsworth

SLIDE 11

TVPOA Financial Update – March 2020

Key Non-Financial Indicators – March 31, 2020

Actual Budget Var Actual Budget Var General Assessed Lots 6,293 6,313 (20) 6,293 6,309 (16) POA Lots Sold 6 4 2 28 12 16 Suspended Accounts (169) (181) 12 (169) (181) 12 Collectible Suspended (20%) 34 36 (2) 34 36 (2) Total Paying Lots 6,158 6,168 (10) 6,158 6,164 (6) Headcount 97 107 (10) 97 107 (10) Public Works Property Transfers (4127) 53 25 28 159 75 84 New Home Permits 14 11 3 42 26 16 Misc Permits 31 34 (3) 39 104 (65) Tank Installations 14 11 3 42 26 16 Water - Gallons COS (000s) 11,812 21,683 (9,871) 37,094 60,354 (23,260) Water - Gallons Rev (000s) 11,220 10,285 935 35,699 35,418 281 Sewer - Gallons COS (000s) 16,026 13,493 2,533 45,448 41,961 3,487 Sewer - Gallons Rev (000s) 11,220 10,285 935 35,699 35,418 281 Golf Revenue generating rounds 2,780 2,793 (13) 3,561 4,171 (610) Annual 2,519 1,635 884 4,851 3,269 1,582 Total Rounds 5,299 4,428 871 8,412 7,440 972 Docks Leased Percentage 97.9% 98.6%

• 0.7%

98.8% 98.6% 0.2% RV Leased Percentage 68.6% 95.6%

• 27.0%

73.3% 95.6%

• 22.3%

Recreation Membership - Individual N/A 586 N/A N/A 584 N/A Membership - Family N/A 988 N/A N/A 984 N/A MTD YTD

SLIDE 12

Comparative Financial Analysis – Actual vs. Budget (in thousands)

Year-to-Date thru 3/31/20

Year-to-Date Actual Budget $ Variance % Var Revenue (net) $4,815 $4,703 $112 2% Expenses $4,587 $5,367 $780 15%

Net Income/(loss)

$228 $(664) $892

• 134%

SLIDE 13

Comparative Financial Analysis – Revenue (actual vs budget)

(in thousands) Year-to-Date thru 3/31/20

SLIDE 14

Year-to-Date thru 3/31/20

Comparative Financial Analysis – Revenue (actual vs budget)

(in thousands) CATEGORY Actual Budget $ Var % Var Assessments $2,632 $2,641 $(9) 0% Late Fees $47 $136 $(89)

• 65%

Golf $289 $269 $20 8% Golf Merchandise $23 $40 $(17)

• 42%

Recreation $218 $212 $6 3% Water & Sewer $803 $804 $(1) 0% Installed Tanks $359 $244 $115 47% Dock & RV $146 $153 $(7)

• 4%

ACC Permit $99 $61 $38 63% CAF Fee $29 $21 $8 39% Food Service $65 $35 $30 85% Other $105 $87 $18 20% Total $4,815 $4,703 $112 2%

SLIDE 15

Comparative Financial Analysis – Revenue

Year-to-Date thru 3/31/20

SLIDE 16

Year-to-Date thru 3/31/20

Comparative Financial Analysis – Expenses (actual vs budget)

(in thousands)

CATEGORY Actual Budget $ Var % Var Maintenance $601 $941 $340 36% Salaries/Benefits $1,563 $1,670 $107 6% Personnel $45 $45 $()

• 1%

Bad Debts $98 $169 $71 42% Legal & Prof $68 $68 $ 0% Collections Exp $16 $31 $14 47% Operating Supplies $350 $519 $169 32% Contract Labor $90 $103 $13 13% Utilities Exp $221 $210 $(11)

• 5%

YC Management Fee $5 $3 $(3)

• 114%

Depreciation Exp $398 $438 $40 9% Water & Sewer COS $387 $405 $17 4% Tank Installation COS $291 $164 $(128)

• 78%

Marketing $92 $101 $9 9% Taxes, Licenses & Ins $123 $125 $2 2% TRDA Interest $66 $66 $ 0% Golf Merchandise COS $15 $23 $8 33% Other $157 $287 $130 45% Total $4,587 $5,367 $780 15%

SLIDE 17

Comparative Financial Analysis – Net Income

Year-to-Date thru 3/31/20

SLIDE 18

Income Statement Trend

Year-to-Date thru 3/31/20

Jan Feb Mar Total

Revenue $1,505 $1,627 $1,683 4,815 $ Expenses $1,482 $1,622 $1,483 4,587 $ Net Income 23 $ 5 $ 200 $ $228 Significant Items Revenue

Jan Feb Mar Total

Assessments $840 $913 $879 $2,632 Late Fees $91

• $60

$16 $47 Golf $57 $74 $158 $289 Golf Merchandise $2 $6 $16 $23 Recreation $68 $79 $71 $218 Water & Sewer $229 $306 $268 $803 Installed Tanks $103 $134 $122 $359 Dock & RV $42 $50 $53 $146 ACC Permit $14 $51 $34 $99 CAF Fee $6 $12 $11 $29 Food Service $13 $30 $23 $65 Other $41 $31 $33 $105 $1,505 $1,627 $1,683 $4,815 Expenses Maintenance $163 $257 $180 $601 Salaries/Benefits $492 $562 $509 $1,563 Personnel $12 $21 $12 $45 Bad Debts $131

• $51

$18 $98 Legal & Prof $16 $28 $25 $68 Collections Exp $19

• $10

$7 $16 Operating Supplies $42 $213 $95 $350 Contract Labor $23 $42 $25 $90 Utilities Exp $96 $42 $82 $221 YC Management Fee $29

• $27

$3 $5 Depreciation Exp $124 $141 $133 $398 Water & Sewer COS $126 $96 $166 $387 Tank Installation COS $73 $125 $93 $291 Marketing $23 $51 $18 $92 Taxes, Licenses & Ins $52 $33 $38 $123 TRDA Interest $22 $21 $22 $66 Golf Merchandise COS $ $5 $10 $15 Other $38 $74 $45 $157 $1,482 $1,622 $1,483 $4,587

Monthly Trend (000's) Year-To-Date (000's)

SLIDE 19

Water & Sewer Rate Volume Analysis Year-to-Date thru 3/31/20

Water & Sewer

Budget YTD Actual VAR Water Revenue Gal 35,417,737 35,699,402 $ 8.05 $ 8.51 $ 40-6-4620 285,035 $ 303,811 $ 18,776 $ Water COS Gal 60,353,977 37,093,862 $ 1.47 $ 1.61 $ 40-6-5424 88,458 $ 59,873 $ (28,585) $ Sewer Revenue Gal 35,417,737 35,699,402 $ 11.45 $ 10.51 $ 40-7-4630 405,706 $ 375,357 $ (30,349) $ Sewer COS Gal 41,960,714 45,447,985 $ 4.93 $ 4.98 $ 40-7-5420 206,705 $ 226,502 $ 19,797 $ Warranty Rev/Exp 105,671 $ 108,240 $ 2,569 $ Rate Vol Total Rev - W 16,509 $ 2,267 18,776 Rev - S (33,575) $ 3,226 $ (30,349) $ COS - W 5,506 $ (34,091) $ (28,585) $ COS - S 2,417 $ 17,380 $ 19,797 $

SLIDE 20

Water & Sewer Rate Volume Analysis Year-to-Date thru 3/31/20

WATER & SEWER Revenue Cost of Sales Gross Profit YTD Budget 804 $ 405 $ 399 $ 50% Rate: Cost of W&S facility (4625 & 5427) 7 $

• $

7 $ Water Rate 17 $ 6 $ 11 $ Sewer Rate (34) $ 2 $ (36) $ Volume: Water Volume 2 $ (34) $ 36 $ Sewer Volume 3 $ 17 $ (14) $ Warranty activity 3 $ 3 $

• $

Other 1 $ (12) $ 13 $ YTD Actual 803 $ 387 $ 416 $ 52% INSTALLED TANKS Revenue Cost of Sales Gross Profit YTD Budget 244 $ 164 $ 80 $ 33% Rate: 2019 rate schedule (4) $ (4) $ Lower Avg. Install Costs (11) $ 19 $ (30) $ Other (1) $ 8 $ (9) $ Volume: 16 additional tanks 112 $ 100 $ 12 $ 26 Budget; 42 Actual Sewer Connections (3) $

• $

(3) $ Water connections 22 $

• $

22 $ YTD Actual 359 $ 291 $ 68 $ 19%

SLIDE 21

Actual Budget Prior Year

Variance

Actual Budget Prior Year Variance

Member Rounds:

Toqua - Daily 18 Hole 94 216 194

• 122

235 342 469

• 107

Toqua - Daily 9 Hole 54 25 Toqua - Daily After 2pm 69 Toqua - Prepaid 18 Hole 317 597 565

• 280

703 1,017 1,254

• 314

Toqua - Prepaid 9 Hole 198 76 Toqua - Prepaid After 2pm 134 Toqua - Annual (Unlimited) 626 637 644

• 12

1,358 1,316 1,341 42 Toqua - Annual (Unlimited) After 2pm 272 272 485 485

Subtotal Toqua 1,763 1,551 1,402

• 142

2,781 2,675 3,064 106

Tanasi - Daily 18 Hole 101 194 232

• 93

219 300 499

• 81

Tanasi - Daily 9 Hole 62 22 Tanasi - Daily After 2pm 72 Tanasi - Prepaid 18 Hole 324 537 694

• 213

670 891 1,407

• 221

Tanasi - Prepaid 9 Hole 167 68 Tanasi - Prepaid After 2pm 95 Tanasi - Annual (Unlimited) 572 573 491

• 2

1,143 1,146 1,133

• 4

Tanasi - Annual (Unlimited) After 2pm 294 294 471 471

Subtotal Tanasi 1,686 1,394 1,417

• 14

2,502 2,337 3,038 165

Kahite - Daily 18 Hole 97 144 102

• 47

189 214 210

• 25

Kahite - Daily 9 Hole 18 17 Kahite - Daily After 2pm 25 Kahite - Prepaid 18 Hole 318 398 418

• 80

555 634 807

• 79

Kahite - Prepaid 9 Hole 77 51 Kahite - Prepaid After 2pm 58 Kahite - Annual (Unlimited) 539 425 410 114 1,032 807 918 225 Kahite - Annual (Unlimited) After 2pm 219 219 363 363

Subtotal Kahite 1,350 1,035 930 205 2,139 1,655 1,935 484 Total Daily Member Rounds 18 Hole 292 554 527

• 262

643 856 1,177

• 213

Total Daily Member Rounds 9 Hole 134 64

70

Total Daily Member Rounds After 2pm 166

166

Total Prepaid Member Rounds 18 Hole 959 1,532 1,677

• 573

1,928 2,542 3,468

• 614

Total Prepaid Member Rounds 9 Hole 442 195

247

Total Prepaid Member Rounds After 2pm 287

287

Total Annual Member Rounds 1,736 1,635 1,545

101

3,533 3,269 3,391

264

Total Annual Member Rounds After 2pm 784

784

1,318

1,318

Total Member Rounds 4,799 3,980 3,748 49 7,422 6,667 8,036 755 March 2020 Year-to-Date

SLIDE 22

Actual Budget Prior Year

Variance

Actual Budget Prior Year Variance

Guest Rounds: Toqua - Rack Rate (Non-Member)

30 22 53 8 59 36 79 23

Toqua - Guest of Member

68 102 104

• 35

141 169 167

• 28

Toqua - Promotional

58 51 21 7 85 85 37

• 1

Subtotal Toqua 155 175 178

• 21

285 290 283

• 6

Tanasi - Rack Rate (Non-Member)

59 23 33 36 103 42 66 61

Tanasi - Guest of Member

73 82 82

• 10

141 150 143

• 10

Tanasi - Promotional

64 43 2 21 81 81 27

• 1

Subtotal Tanasi 195 148 117 47 324 273 236 51 Kahite- Rack Rate (Non-Member)

58 20 38 38 109 33 75 76

Kahite - Guest of Member

73 64 60 9 129 108 104 21

Kahite - Promotional

19 41 3

• 22

145 69 8 76

Subtotal Kahite 150 125 100 25 382 210 187 172 Total Guest Rounds 500 448 395 52 990 773 705 217 March 2020 Year-to-Date

SLIDE 23

Actual Budget Prior Year

Variance

Actual Budget Prior Year Variance

Cart Rounds: Toqua - Leased Daily Fee

168 145 74 23 387 410 184

• 23

Toqua - Prepaid Leased

615 410 99 205 1,284 1,159 171 125

Toqua - Leased Annual

266 27 603 239 550 77 1,295 473

Toqua - Private Daily Fee

31 28 238 3 71 79 459

• 9

Toqua - Prepaid Private

238 194 167 44 478 549 358

• 72

Toqua - Private Annual

165 46 29 119 303 130 66 173

Toqua - Guest Cart Fee

159 175 163

• 17

291 290 260 1

Subtotal Toqua 1,640 1,025 1,371 615 3,362 2,694 2,792 668 Tanasi - Leased Daily Fee

179 253 87

• 75

375 506 176

• 132

Tanasi - Prepaid Leased

561 608 46

• 48

1,114 1,216 102

• 102

Tanasi - Leased Annual

312 42 664 270 557 84 1,406 473

Tanasi - Private Daily Fee

22 43 244

• 21

42 87 472

• 45

Tanasi - Prepaid Private

231 299 168

• 68

418 598 354

• 180

Tanasi - Private Annual

126 71 13 55 195 142 37 53

Tanasi - Guest Cart Fee

184 148 120 36 306 273 206 33

Subtotal Tanasi 1,614 1,464 1,340 150 3,005 2,906 2,751 99 Kahite - Leased Daily Fee

110 187 33

• 77

207 356 45

• 150

Kahite - Prepaid Leased

345 451 87

• 107

575 856 223

• 281

Kahite - Leased Annual

168 31 361 137 278 59 641 219

Kahite - Private Daily Fee

25 32 223

• 7

50 61 500

• 12

Kahite - Prepaid Private

350 222 81 128 652 322 175 330

Kahite - Private Annual

225 53 14 172 431 100 32 331

Kahite - Guest Cart Fee

184 125 145 59 335 210 250 125

Subtotal Kahite 1,406 1,101 942 305 2,526 1,964 1,864 562 Total Cart Rounds 4,659 3,590 3,653 1,069 8,893 7,564 7,407 1,329 Total Leased Cart Rounds 456 585 194

• 129

968 1,272 404

• 304

Total Daily Fee Cart Rounds 1,200 1,050 367 150 2,448 2,436 772 12 Total Private Cart Rounds 1,335 885 470 450 2,475 1,841 1,020 634 Total Rounds - Toqua 1,917 1,726 1,580 191 3,066 2,965 3,346 101 Total Rounds - Tanasi 1,881 1,542 1,534 339 2,826 2,610 3,274 216 Total Rounds - Kahite 1,500 1,160 1,030 340 2,521 1,865 2,121 656 Total Rounds - Consolidated 5,298 4,428 4,143 870 8,412 7,440 8,741 972 Riding Percentage 87.9% 81.1% 88.2% 6.9% 105.7% 101.7% 84.7% 4.1% March 2020 Year-to-Date

SLIDE 24

CFO’s Report on Current Activities

• The Finance and Accounting Organization have adapted to the CDC guidelines for

working under social distancing, minimizing person to person contact, and working

• remotely. The Lobby of the Administration Building is closed; frequently requested

forms are available on a table between the Lobby front doors; meetings are being minimized and conducted remotely where possible; and staff are working on-site to attend to essential business, then working from home as possible.

• Insurance renewals for TVPOA were bound for the April 1, 2020 to April 1, 2021 policy
• year. The Board voted to add additional coverage for Commercial Excess Liability and for

Directors and Officers Liability. These moves were driven by unprecedented increases in costs and reduction of coverage for umbrella policies and D&O policies.

• We have applied for Small Business Administration loans under the Paycheck Protection

Program through United Community Bank. This program is designed to provide a direct incentive to small businesses to keep workers on their payrolls. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.

SLIDE 25

2020 C 2020 Cap apit ital P al Projec ject F Fundin ing R Req eques est Sp Spray Rig ig for Kah ahit ite Go Golf lf Main aintenan ance

• Project Description: Replace the Current Spray Rig Which Has Exceeded Its Useful Life
• Manager: Chris Sykes
• Budget Amount: $ 45,000
• Request Amount: $ 54,422
• Source of Funds: Unrestricted Operating Cash
• Finance Advisory Committee Approval?
• Yes. Golf Advisory Committee Approval? Yes.
• Project Justification: This project will replace the current spray rig unit that is over 20 years old and has

reached the end of its useful life. The $45,000 budget figure proved to be inadequate to acquire the recommended equipment. This equipment is very versatile and is used for multiple applications, from bulk spraying and spot applications, to green aeration and bunker renovations. The recommended low bid of $54,422 exceeds budget by $9,422. Kahite Golf Maintenance had previously been authorized $35,000 for bunker removals and renovations, which is $10,000 below budget, offsetting this overrun for the spray rig.

• Bid #1 Greenville Turf & Tractor (John Deere)

$54,422

• Bid #2 Smith Turf & Irrigation (Toro)

$61,464

• Bid #3 Jacobsen

Did not bid

• Requested Board of Directors Action: Capital approval of $54,422 with funding from Unrestricted Operating

Cash.

SLIDE 26

2020 C 2020 Cap apit ital P al Projec ject F Fundin ing R Req eques est Ve Ventrac Mu Multi-Pu Purpose Mower All Three Courses

• Project Description: Purchase a Ventrac 4500Z Tractor and Accessories for Use at All Three Courses
• Manager: Chris Sykes
• Budget Amount: $ 48,000
• Request Amount: $ 48,012
• Source of Funds: Unrestricted Operating Cash
• Finance Advisory Committee Approval?

Not Required. Golf Advisory Committee Approval? Yes

• Project Justification: This mower allows the safe and efficient mowing of tall grass, lake and creek banks,

steep slopes, course perimeters and other high-risk maintenance work that would otherwise have to be performed by hand. It also has the capability of being outfitted with multiple attachments to perform jobs such as stump grinding. It will be shared by all three courses and was budgeted as such.

• This is a sole source provider, and this demo machine is currently available at a reduced price.
• Bid #1 Ladd’s (including single item sales taxes)

$48,012

• Requested Board of Directors Action: None. Project is within budget and within the CEO’s approval
• authority. No Further Board action is required.

SLIDE 27

2020 2020 Cap apit ital al Project Fu Fundin ing Request Bu Buffalo Turbine Cy Cyclone KB5 KB5 Bl Blower for To Toqua Go Golf M Maintenance

• Project Description: Replace the Old KB3 Blower at Toqua Golf Maintenance that has Exceeded Its Useful Life
• Manager: Chris Sykes
• Budget Amount: $ 9,500
• Request Amount: $ 9,500
• Source of Funds: Unrestricted Operating Cash
• Finance Advisory Committee Approval? Not Required. Golf Advisory Committee Approval? Yes.
• Project Justification: This blower will replace the old KB3 Blower which is over 13 years old and no longer

performs up to standards.

• This is a sole source provider, as Greenville Turf & Tractor is the only supplier of this model equipment in the

region.

• Bid #1 Greenville Turf & Tractor (includes taxes)

$ 9,500

• Requested Board of Directors Action: None. Project is within budget and within the CEO’s approval
• authority. No Further Board action is required.

SLIDE 28

2020 2020 Cap apit ital al Project Fu Fundin ing Request Eq Equipment Storage Pods for To Toqua Go Golf M Maintenance

• Project Description: Purchase 2 Weather-Tight Secure Storage Pods for Equipment Storage at Toqua Golf

Maintenance

• Manager: Chris Sykes
• Budget Amount: $ 9,000
• Request Amount: $ 7,041
• Source of Funds: Unrestricted Operating Cash
• Finance Advisory Committee Approval? Not Required. Golf Advisory Committee Approval? Yes.
• Project Justification: These two Pods, a 20-foot and a 40-foot length, will provide weather-tight secure

storage of equipment at Toqua Golf Maintenance, freeing up space in the work areas.

• Mobile Mini Storage Solutions is the local supplier for this product. High shipping costs from out-of-area

suppliers are uneconomical, making this a sole-source provider.

• Bid #1 Mobile Mini Storage Solutions (includes taxes)

$ 7,041

• Requested Board of Directors Action: None. Project is within budget and within the CEO’s approval
• authority. No Further Board action is required.

SLIDE 29

2020 Capital Plan Project Variances through April 2020 Board Meeting

Authorized Actual Actual Versus Budget Authorized Versus Budget __Cost Authorized

• Tanasi Replace 8 Bunkers, SP55 Sand and Capillary Liners

$ 30,000 $ 32,262 ($ 2,262)

• Ford F-350 Truck for Public Works

70,000 69,365 635

• Ford F-350 Truck for Building Maintenance

70,000 69,365 635

• Ford F-150 4x4 Truck for Water Department

42,448 38,908 3,540

• High Flow Skid Steer Loader for Public Works

80,200 81,575 ( 1,375) 75,992 5,583

• Replace 10 Older Jet Ski Lifts

25,000 19,892 5,108

• Replace Walk-In Freezer at Tanasi Clubhouse

12,000 14,342 ( 2,342) 15,493 ( 1,151)

• Replace Two Mowers; Add Blower for Building Maintenance

36,500 26,657 9,843 23,693 2,964

• Replace Public Works Truck with Ford Ranger 4x4

30,000 29,740 260

• Add New Ford Transit Van for Housekeeping

26,000 25,415 585

• Replace Gas Convection Oven at the Yacht Club

7,718 7,718 8,015 ( 297)

• Kahite Bunker Removal and Renovations

45,000 35,000 10,000

• Aloha POS System for Kahite Clubhouse Restaurant

12,064 12,450 ( 386)

• Spray Rig for Kahite Golf Maintenance

45,000 54,422 ( 9,422)

• Ventrac 4500Z Tractor and Accessories – All 3 Courses

48,000 48,012 ( 12)

• KB5 Blower at Toqua Golf Maintenance

9,500 9,500

• 2 Storage Pods for Toqua Golf Maintenance

9,000 7,041 1,959 _________

• Projects Approved to Date

598,430 581,664 16,766 7,099

• Capital Remaining to be Authorized

2,253,143 2,253,143

• Total 2020 Budget

$ 2,851,573 $ 2,834,807 $ 16,766 7,099

• Net Variance Authorized vs. Budget, Plus/(Minus) Actual Vs. Authorized

$ 23,865

• At this point in the year we have approved 21% of the 2020 Capital Plan and are 4% under budget for projects approved to date.

SLIDE 30

Cash Flow Check – April 2020 Board Meeting

• The 2020 Budget is funded mostly from the current year’s cash flows and a modest

drawdown of Reserves.

• Following are Tellico Village POA budget figures for the full year 2020, and year-to-

date variances from budget through March 2020 operations. Net cash flow excludes changes in working capital.

• We have approved approximately 21% of the 2020 Capital Plan, and for those

projects approved through the April Board meeting, we are 4% under budget. Cash Flow Component Budget YTD Variance Projection

• Net Income

$ 668,900 $ 892,008 $1,560,908

• Depreciation

$ 1,815,033 ($ 40,311) $1,774,722

• Capital Expenditures

($2,851,573) $ 23,865 ($ 2,827,708)

• Net Cash Flow (Ex. WorkCap) ($ 367,640)

$ 875,562 $ 507,922

• Drawdown of Reserves

$ 343,045

• New Bank Financing

$ 0

• Debt Payments to Principal

($ 426,935)

• Cash Timing Adjustments

($ 10,400)

• Changes in Working Capital
• Change in Operating Cash Balance ($ 461,930)

SLIDE 31

ASIAN CARP COMMITTEE

Presented by

Vice-President Carla Johnson

SLIDE 32

OTHER/DISCUSSION