Through June 30, 2026 · Month 7 of 12
Total cash reached $5.22M, a new all-time high. Reserves eased to $4.25M as June bond maturities settle and reinvest. June posted $4,792 net income — the second straight solid month and the fourth improving month in a row. The YTD shortfall narrowed again, and the year still projects to about a $63,000 surplus on a budget that was set for breakeven.
Total cash is now $5.22M — a new all-time high — with reserves at $4.25M after June bond maturities (reinvestment in progress). June's net income of $4,792 is the second straight solid month and trimmed the YTD shortfall to ($18,799). New insurance saves us about $53K a year, our bond portfolio is paying roughly 49% more interest than budget, and the year still projects to a ~$63,000 surplus versus a breakeven budget.
One item is now urgent: three chronic units owe $129,626 in 90+ day balances, up $21,242 in June alone. Legal escalation needs authorization tonight.
The 2025 audited financial statements were received and adjusting entries posted in May 2026. This affects several May line items including income taxes (reversed $9,245), bad debt allowance (increased to $55,791), prior year expense (reversed $10,669), and fund balance (adjusted down $55,389). These are accounting corrections, not operational changes.
Budget called for breakeven. Insurance savings and reserve interest remain the main positive drivers. Water & sewer running progressively over budget has pulled the projected surplus down from last month's ~$85K view, but the year still finishes comfortably in the black.
$133,849 ÷ 396 units = $338.00 per unit per year. Investment-grade corporate bonds pay semi-annually, so the income arrives in lump sums — full-year run-rate is locked in. The $43,849 above budget is roughly $110.73 per unit of pure surplus the FY2026 budget did not assume.
| Metric | Dec | Jan | Feb | Mar | Apr | May | Jun |
|---|---|---|---|---|---|---|---|
| Net Income / (Loss) | ($26,579) | $870 | ($2,694) | ($556) | $682 | $4,686 | $4,792 |
| Operating Cash | $661,033 | $543,749 | $507,125 | $460,996 | $471,510 | $454,695 | $593,714 |
| Reserve Cash | $3,670,931 | $3,846,872 | $3,956,632 | $4,061,059 | $4,198,222 | $4,331,056 | $4,249,345 |
| Total Cash | $4,704,522 | $4,763,179 | $4,836,314 | $4,894,613 | $5,040,290 | $5,158,309 | $5,215,617 |
| Insurance (mo.) | $63,977 | $85,350 | $62,684 | $70,168 | $65,690 | $42,096 | $39,956 |
| Reserve Interest (mo.) | $7,694 | $6,143 | $1,364 | $151 | $25,298 | $14,699 | $25,780 |
June insurance was $39,956 vs a $56,250 budget — $16,295 favorable and the lowest month of the year. The new property policy ($264K/yr) plus the liability package are fully in effect. Full year projects to $622,003 vs $675,000 budget = $52,997 in savings.
VFD systems on AC equipment and domestic water pumps keep delivering. YTD $143,968 vs $192,500 budget = $48,532 under. Management and Maintenance Supervisor Julio are evaluating garage lighting upgrades as the next efficiency project.
The city confirmed and reversed an earlier 3x PGA overcharge. YTD gas is $84,900 vs $87,500 budget = $2,600 under, with June posting a small ($1,019) credit. Pool and water-heater settings were adjusted to cut summer consumption.
Ending operating cash jumped $139,020 in June to $593,714 — the strongest of FY2026. Adjusted operating cash of $353,413 is also the healthiest all year, giving the association a comfortable working-capital cushion.
June $64,523 vs $44,167 budget — ($20,356) for the month, the third straight elevated month (Apr $81K, May $56K, Jun $64K). YTD $351,060 vs $309,169 = ($41,891) over. No longer a timing issue — management owes a real explanation and corrective plan.
Three chronic units drive the balance. The 90+ day balance rose $21,242 in June (from $108,384); maintenance fees 90+ alone are $103,519. New counsel is engaged and moving — foreclosure is being authorized on the strongest case, with amenity suspension under FL Statute 718.303(4) also available. Unit-level detail is withheld here; see Section 09.
June $10,619 vs $8,333 budget. YTD $74,320 vs $58,331 = ($15,989) over. A confirmed city rate increase was not captured in the budget; at this pace we finish ~$25K over the $100K annual line. To be corrected in the FY2027 budget.
Reserves eased from $4,331,056 to $4,249,345 as the Lennar ($100K) and HCA ($150K) bonds matured in June (~$250K). Reinvestment is in progress — not a concern, but confirm it is completed.
| Line | YTD Actual | YTD Budget | Status |
|---|---|---|---|
| Pooled Reserve Transfer | $560,000 | $560,000 | On budget |
| SIRS Reserve Transfer | $355,833 | $355,831 | On budget |
| Reserve Interest IncomeBooks show $81,129 received YTD. Additional interest accrues daily in Truist but pays semi-annually, so income lands in lump sums — April and June were the big coupon months. Full-year projection: $133,849 vs $90,000 budget = +$43,849 surplus. | $81,129 | $52,500 | +$43,849 FY est. |
| Total Reserve Funding | $996,962 | $968,331 | +$28,631 ahead |
The Association has retained new legal counsel, who has taken over every open collection and foreclosure file and filed substitutions of counsel in the litigated matters. Ten case files across eight delinquent units are now consolidated into a single, actively managed portfolio — and the Board is authorizing foreclosure on the Association's strongest case now.
Unit-level detail — owners, unit numbers, and case numbers — is intentionally withheld from this posting and is available to the Board in the confidential attorney status report dated July 22, 2026.
The Association's strongest case: a recorded lien, no competing bank foreclosure, and no bankruptcy stay — the one matter where the Association fully controls the timing and the outcome. Authorization to foreclose has been transmitted, and the Board is authorizing foreclosure now. New counsel is moving it forward without delay.
Two delinquent accounts were collected in full. One owner wired the entire balance in June and the funds were disbursed to the Association in July; the second cleared its assessment account in April. Both collection files are closed.
Two units are tied to bank mortgage-foreclosure suits in which the Association is defending its lien position. Both have court hearings calendared in August 2026 — one on a motion to strike, one on summary judgment. New counsel has appeared and is actively litigating both.
Two units sit behind senior first mortgages; one is in Chapter 7 bankruptcy under an automatic stay. Recovery is limited by Florida Statute 718.116 to the statutory “safe harbor.” New counsel is re-recording lapsed liens and monitoring the bankruptcy so no collectible dollar is lost.
/finance/2026-06-24/.