2018 was a busy year for the Finance Committee. Our long-time Controller, Ivy Hsia, retired in early July. Ivy always led the annual budget and reserve processes that start each July and go through November so this year was more difficult without her experience and expertise. Ivy’s leaving unexpectedly was mitigated by the efforts of a community volunteer, Sue Kichline the Finance Committee Chair, who stepped in to provide continuity. Together with the hard work of the Finance Committee and teamwork from the NSCA staff, we managed to complete these processes.
The financial results for calendar year 2018 were favorable. Income was better than anticipated due to interest income from investments exceeding expectations. Additional expense savings were realized in workers compensation insurance, employee health insurance, association insurance coverage and salaries due to employee position vacancies.
The revetment legal fees were completely covered by the homeowner’s special assessment made a few years ago. This is an ongoing legal issue and there are still remaining special litigation funds which will be used to cover any revetment legal fees in 2019 and future years.
The complete financial statements will be mailed to Association Members in late April after the completion of the independent audit of the 2018 financial statements.
We are very fortunate to be living in a community that has active volunteers and an excellent staff to keep our community well run and a desirable place to live.
—Finance Committee
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