The association’s Fiscal Year 2020 (FY20) operating budget, for the period May 1, 2019 – April 30, 2020, was approved in May and is presented in the table at right. FY19 operating budget and actual income and expense data are also shown. The association ended FY19 with an increase in unrestricted net assets of $33,726 and $93,422 in cash reserves. FY19 revenue was greater than budget. This difference is largely due due to the distribution of approximately $10,000 from the Village Contingency Fund by the Columbia Association which was not included in the FY19 budget. Additionally, in FY19 total expenses were under budget. A part-time position remained unfilled for several months during the year, resulting in staff salaries and related expenses being less than budgeted. Special event expenses were also significantly less than anticipated in FY19. Most special events offered by the association cost less to hold than budgeted. Also, $5,083 in grant funds from the Chesapeake Bay Trust awarded to the association’s Watershed Committee were not spent and will be carried over into FY20.
In the FY20 budget, CA’s next distribution from the Village Contingency Fund has been included as revenue. Moderate increases in lease, rent, and newsletter revenue have also been budgeted. While on the expense side, the conversion of a part-time position to full-time and salary increases will result in higher staffing related expenditures in FY20. The association is planning capital improvements at the Meeting Room and Claret Hall in FY20 to enhance operations and user experiences. As always, the association will continue to strive to provide residents with quality services and programs while operating within budget.
To view the FY20 Operating Budget, please click on the link below: