The balance of unrestricted funds as of February 28, 2010, was $8,763,177, which includes a $2.5 million cash reserve. Restricted funds, otherwise known as the Preservation and Improvement Fund (“PIF”), had a balance of $1,307,670 as of February 28, 2010, an increase of $325,615 from the end of last month.One hundred sixteen new owners were budgeted in February; however, again we had 128 new owners this month, providing us with 256 new owners year-to-date, 56 more than budgeted and 68 more than last year. This is a significant increase from last year and may be providing us with the early signs that real estate sales in Sun City are recovering.
The corporation has operated within its budget year-to-date.