by Jan Ek
Financial Report:
We have completed the first quarter of 2016 well within our operating and capital budget. Every division has operated better than budget year-to-date.
Bowling:
Starting this weekend (April 30), the Annual Sun City Open Senior Bowling Tournament will run for two weekends at both Bell and Lakeview Lanes. The tournament has always been successful, producing income of $5k to $6k. The tournament is open to all senior bowlers in Arizona.
Lane two at Bell Lanes had a cracked approach panel which was becoming a hazard. The panel has been replaced and the cost was approximately $1,800 including labor. The work was performed by Western Pacific Bowling Supply.
Bell Lanes will begin the monthly summer No-Tap bowling tournaments which are held the last Sunday of each month. The first tournament will be held on May 29th. All bowlers are welcome whether USBC certified or not.
Cardholder Services:
Payments on past due assessments increased by over 50% in March and were the greatest for the past 18 months. Overall accounts receivables did increase by almost 4% in March. While overall past due balances decreased in March the high volume of current assessments due in March resulted in the net increase in receivables. Payments from our third party collections firm continued in March and year to date payments total $42,107.
The total past due assessments increased at the start of the year and have since gone back down. The past due assessment balance now stands at approximately the same level as in 2012.
In March property transfer related balances increased by 2% and lender owned related balances decreased by 9%. Outstanding balances related to property transfers continues to represent approximately 52% of all receivables due and 54% of past due balances.
Payments made by Cardholders through the online RCSC Web Portal in March totaled $102,878. This is the highest monthly payment total for online payments and the first time payments exceeded the $100,000 threshold. Year to date web portal payments total $257,585.
Trustee sale notices on Sun City properties increased for the first time in several months to 46 properties at the end of March. The number of properties owned by lending institutions remained unchanged this month at 32 properties.
Preservation and Improvement Fees collected in March were $809,000, which is $266,500, or 49%, over the amount budgeted. Year to date PIF fees are $1,883,600, which is $536,100, or 40%, over budget for the year. Similar to last month, year to date this is up 14% from 2015. Again a reminder that we intentionally budget PIF income very conservatively to assure that we have the cash on hand for any planned project as we remain debt free.
In March we saw the first closings within the new Four Seasons at the Manor development. Five properties were closed in March which attributed to the increased PIF fees collected. Interest in this new development is high with another seven sales pending. Due to the uncertainties of a new development outside the control of RCSC the closings for this development were not included in the 2016 budget.
Human Resources:
RCSC is providing voluntary training classes in CPR, AED, and First Aid for employees of the Corporation. Several morning and afternoon classes are scheduled on Fridays and Saturdays over the next few months. Employees are encouraged to attend a class of their choice and upon satisfactory completion, will receive a two year certification. A lead instructor certified through American Health & Safety Institute will present the training coordinated by RCSC’s Human Resources Department.
Member Services:
On Sunday, April 3 Sun City AZ’s own “The 8 Tracks” amazed us all. This band was so lively and full of energy we couldn’t help but move and fill up the dance floor. Due to rain on the following Sunday, “The Coral Paradise Band,” a Jimmy Buffet tribute was moved to Sundial. That didn’t put a damper on things as everyone danced the night away and enjoyed all the hits. On April 17, the Sun Bowl was full and the crowd sang along to every song with “Harmony,” a Three Dog Night tribute. We closed out the month with “The Neil Deal” a tribute to Crosby, Stills, Nash and Young on April 24 as we sang, danced and reminisced about the good ole days.
Be sure to join us in May for our last two shows of the 2016 Spring Sun Bowl series. Back by request is “Johnny K & Kompany” on Sunday May 1, followed by “Yesterday Once More,” an oldies dance band on May 8.
General:
For those who may not be aware, the monthly management reports are available on our website www.sunaz.com under the corporate tab. Also, if you have not done so already, please sign up on the RCSC email list where you can designate topics of interest and stay in the loop with RCSC news alert emails!