Through September 30, 2026 · Month 10 of 12
September made money. Net income was $2,451, the first positive month since June, and cash and reserves both grew again. The year is still down about $48,000, and the water meter is still the reason. This month the association shut the whole building off at the main and the meter kept counting.
Total cash rose to $5.33M and reserves to $4.42M. September posted +$2,451, with year to date at ($48,197). Insurance has now crossed over to $9,821 under budget for the year, electricity is $42,302 under, and revenue is $34,500 ahead. Against that, water and gas combined are ($103,762) over.
Two things need the Board. The water meter case is now four bills and $67,840 above our own 12-month average, of which $51,825 is already paid. And 90+ day delinquencies reached $172,656, with three accounts owing $156,754 between them.
Gas had been booked inside Water & Sewer all year. Management separated the two in September, so that month carries a one-time catch-up: gas $80,964 and water $1,886. This is a reclass, not a spike. Every water figure on this page is therefore shown as water and gas combined, which is the only basis that compares correctly across the whole year.
The association shut the entire building off at the main and watched the meter. It kept counting. With no water moving through the building, a meter that still registers consumption is not measuring our usage.
The City swapped the meter on May 22, 2026. One bill read both: the old meter at 120 gallons per unit per day, the new one at 258. Every bill since has held at roughly 2.3 times normal.
| Bill period | Extra gallons | Above normal | Status |
|---|---|---|---|
| May 7 to June 5Read on both meters. The first 15 days ran on the old meter, so this bill understates the effect. | 0.92M | $11,149 | Paid |
| June 5 to July 8 | 1.92M | $22,466 | Paid |
| July 8 to August 7 | 1.54M | $18,211 | Paid |
| August 7 to September 4Autopay stopped. Paid at our 12-month average instead, with the excess withheld. | 1.35M | $16,015 | Under review |
| Total · 120 days | 5.73M | $67,840 | $51,825 paid |
| Metric | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income / (Loss) | ($26,579) | $870 | ($2,694) | ($556) | $682 | $4,686 | $4,792 | ($14,162) | ($17,687) | $2,451 |
| Operating Cash | $661,033 | $543,749 | $507,125 | $460,996 | $471,510 | $454,695 | $593,714 | $535,791 | $507,078 | $533,878 |
| Reserve Cash | $3,670,931 | $3,846,872 | $3,956,632 | $4,061,059 | $4,198,222 | $4,331,056 | $4,249,345 | $4,231,778 | $4,347,224 | $4,421,862 |
| Total Cash | $4,704,522 | $4,763,179 | $4,836,314 | $4,894,613 | $5,040,290 | $5,158,309 | $5,215,617 | $5,139,127 | $5,227,860 | $5,330,298 |
| Insurance (mo.) | $63,977 | $85,350 | $62,684 | $70,168 | $65,690 | $42,096 | $39,956 | $41,287 | $41,287 | $40,184 |
| Water + Gas (mo.) | $66,390 | $53,440 | $61,842 | $61,879 | $58,453 | $70,451 | $63,504 | $76,433 | $75,188 | $82,850 |
| A/R 90+ Days | — | — | — | — | — | $108,384 | $129,626 | $143,771 | $160,517 | $172,656 |
Gas moved to its own line in September. Earlier months had gas booked inside water, so water and gas are shown combined throughout to keep the months comparable.
September posted $40,184 against a $56,250 budget, about $16,000 saved in the month. The old high property rate that ran December to April has now fully washed out, and the line has crossed from over budget to $9,821 under for the year.
The variable frequency drives on the AC equipment and domestic water pumps continue to deliver against a $275,000 budget. This remains the association's largest single operating saving.
Owner assessments are exactly on plan. The surplus is late fee interest (+$11,264), administrative fees (+$6,056), late fees (+$5,654) and EV charging (+$2,736). Parking income appeared in September for the first time this year.
The items raised on the August statement were largely resolved in September: contingency recoded, the P-card charges recorded, event staff reclassed, the Social Committee account restored, and the gas and water split corrected. One remains open. See Section 07.
Up from 4.2% in June, on $4.0M invested. The bonds themselves yield 4.98%, and over the last three months the portfolio earned at a 4.8% to 5.4% annual pace. The advisor moved idle cash into higher-yielding bonds in July, which is what lifted the return.
| Month end | Bonds yield | Cash in sweep | Blended yield | Est. annual income |
|---|---|---|---|---|
| May | 4.30% | $297,957 | 4.23% | ~$136,500 |
| June | 4.37% | $660,606 | 4.20% | ~$136,600 |
| August | 4.85% | $64,847 | 4.82% | ~$157,400 |
| September | 4.98% | $924,930 | 4.67% | ~$185,200 |
The $700,000 moved in from US Bank on September 29 is still sitting in cash at 3.63%, which is the only reason the blended figure dips below August. Once invested, expect about 4.9% to 5.0%. Figures are from Truist statements; yield is an estimate of annual income.
Combined YTD $670,432 against a $566,670 budget. Electricity and the rest of the utility block are under plan; this one line carries the whole overage. The cause is the meter, not consumption.
Up again in September, from $160,517. Three accounts owe $156,754 between them, the oldest with no payment since July 2024. Total receivable is $168,611 net of prepaid credits, against a bad-debt allowance of $59,124. See Section 09.
Trash $108,152 against a $100,000 annual budget. Fire alarm $34,625 against $34,000 annual. Elevator repairs $20,883 against $14,000 annual. All three are past their full-year budgets with two months still to run, and all three belong in the FY2027 budget at the real rate.
| Item | What September shows | Status |
|---|---|---|
| Contingency | Parked invoices recoded. Contingency came back ($6,188). | Closed |
| Unrecorded P-Card$5,798 with no budget line, unanswered last month. | Back to $0 year to date. The July 28 to 31 charges were recorded properly. | Closed |
| Event staff in salaries | Reclassed to the social lines, $3,053 in September. | Closed |
| Social Committee accountHad fallen to $109, unanswered last month. | Restored to $1,109 with a $1,000 deposit. | Closed |
| Gas and water split | Gas now has its own clean GL line, with a one-time catch-up posted in September. | Closed |
| Repairs moved to reserves | Boiler ($10,502) and A/C contract ($4,999) credits appeared, with Due From Reserves up $17,890. The invoice list has not been provided. | Open |
| Line | YTD Actual | YTD Budget | Status |
|---|---|---|---|
| Pooled Reserve Transfer | $800,000 | $800,000 | On budget |
| SIRS Reserve Transfer | $508,333 | $508,330 | On budget |
| Reserve Interest Income$103,563 earned against a $90,000 full-year budget, with two months still to run. Balance sheet: SIRS reserves $4,099,144, SIRS interest $94,909, pooled $214,707. | $103,563 | $75,000 | +$28,563 |
| Total Reserve Funding | $1,411,896 | $1,383,330 | +$28,566 ahead |
90+ day balances reached $172,656 in September, up $12,139 in the month and up $64,272 since May. Three accounts account for $156,754 of it, and the oldest has made no payment since July 2024. Those files are with new and more aggressive counsel.
The Board is pursuing every remedy in parallel: foreclosure on the association's strongest case, re-recording of lapsed liens, and amenity suspension under Florida Statute 718.303(4), which is enforceable through the installed access control system. Gross receivable stands at $249,747 with a bad-debt allowance of $59,124.
Unit level detail, including owners, unit numbers and case numbers, is intentionally withheld from this posting and is available to the Board in the confidential attorney status report.
The association is no longer only sending demand letters. Working with new collections counsel, multiple cases have now been filed in court, and the files are being actively litigated rather than left to age. Foreclosure is authorized and proceeding on the association's strongest case. The Board is on this, and intends to keep the pressure on every account in the 90+ column until it clears or is recovered through the courts.
/finance/2026-09-23/.