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The Delegate Assembly meeting had
another Question raised!
Another “one” queried the $
25,000.00 in the minutes claiming the Transportation “alleged
shortfall” was $ 250,000.00.
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The reality is that this was an item discussed between the Treasurer and the former Treasurer to clearly explain that the Transportation shortfall was only $ 3,235.00. The whole process of the “sky is falling” approach citing “Chicken Little” is to alarm everyone.
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In fact, the Treasurer, at the May Delegate Assembly meeting, stated the Transportation shortfall was actually $ 27,500.00 and it too was totally unnecessary, as I tried to explain to the Delegates and the Treasurer.
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To understand budget is to expect certain misunderstandings between “PROPOSED” billing and “ACTUAL” billing which could only be compared after receiving our first bill February 2012, well after the Budget would have been approved. Accordingly, The Finance Committee provided $ 20,950.00 surplus to the Budget for just such a possibility.
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The budget shortfall is one good example of how budgets should be “spot on” in projecting expenses not overwhelmingly OVER BUDGETED creating surplus that UCO takes instead of allowing that money to remain in your budget that YOUR Association may well need.
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Years of UCO's OVER BUDGETING for Surplus should cease. After two Hurricanes in 2004, UCO spent some $ 60,000.00 to recover and had no need for the nearly $ 3,000,000.00 surplus it has held.
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Even the Auditing Firm has recommended that one months surplus (about $ 510,000.00) is sufficient. The financial report shows us with $ 1,576,821.67. Clearly over $ 1,000,000.00 Surplus money on hand!
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The reality is that this was an item discussed between the Treasurer and the former Treasurer to clearly explain that the Transportation shortfall was only $ 3,235.00. The whole process of the “sky is falling” approach citing “Chicken Little” is to alarm everyone.
-
In fact, the Treasurer, at the May Delegate Assembly meeting, stated the Transportation shortfall was actually $ 27,500.00 and it too was totally unnecessary, as I tried to explain to the Delegates and the Treasurer.
-
To understand budget is to expect certain misunderstandings between “PROPOSED” billing and “ACTUAL” billing which could only be compared after receiving our first bill February 2012, well after the Budget would have been approved. Accordingly, The Finance Committee provided $ 20,950.00 surplus to the Budget for just such a possibility.
-
The budget shortfall is one good example of how budgets should be “spot on” in projecting expenses not overwhelmingly OVER BUDGETED creating surplus that UCO takes instead of allowing that money to remain in your budget that YOUR Association may well need.
-
Years of UCO's OVER BUDGETING for Surplus should cease. After two Hurricanes in 2004, UCO spent some $ 60,000.00 to recover and had no need for the nearly $ 3,000,000.00 surplus it has held.
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Even the Auditing Firm has recommended that one months surplus (about $ 510,000.00) is sufficient. The financial report shows us with $ 1,576,821.67. Clearly over $ 1,000,000.00 Surplus money on hand!
Those reports showing year to date
spending reflect:
Revenues to date Budget to date
51.40% 50%
Revenues exceed projections
Expenses to date Budgeted to Date
35.41% 41.66%
Expenses are lower than budgeted
This is “SPOT ON” budgeting as you should expect!
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Thanks Ed, that matches what I have observed. I'm sure the treasurer actually has no concerns at all about our finances, or she would not have taken a 3-week vacation during the audit.
ReplyDeleteHi Elaine, I as a volunteer and elected official find your remark about taking a vacation insulting. I am going on vacation June 12, to see my granddaughter in a recital(not that this is any ones' business)This does not mean I don't care about the village or the job I am trying to do. But Family will always come first. Barbara
ReplyDeleteMy comment had nothing to do with Barbara Cornish or rights to any and all vacations.
ReplyDeleteIt was follow-on logic from the Del Assy. If the treasurer goes away it is because she has no concerns i.e. no worries about the audit. She is confident of a good audit, it is a good thing.