POA CFO Higgins reports good quarter
It’s been a good first quarter, Chief Financial Officer Stacie Higgins told the Property Owners Association Board during its meeting on Thursday, April 28.
She reminded the board that all financial reports are available on the POA web site, https://bellavistapoa.com/governance/ financials/.
“The restaurants are doing absolutely amazing,” she said. The pro shops and recreational amenities are also doing well.
Golf has been affected by the weather and some flooding, she said, and that has impacted their numbers. Rounds and income are down for the first part of the year.
The quarterly reports represent 25 percent of the year, but show 30 percent of the annual revenue already realized, she said.
General Manager Tom Judson said the new “tiny cabins” at Blowing Springs are now finished and ready for short term rental. Blowing Springs also has an RV park and primitive camping which have been popular.
The Gear Garden in Blowing Springs Park, which opened last summer, is expanding its area. Beer and soft drinks are served out of a remodeled shipping crate and seating is all outside. Even early in the season, there is often a line of customers waiting to buy a beverage. Patrons often want to bring their beverage outside the area that was approved by the state’s Alcoholic Control Board for consumption of alcohol. That area has been expanded and the original picnic tables, which are probably 50 years old, are being upgraded, Judson said.
Judson also had a report on non-performing lots — lots that are not paying membership dues. He said the industry standard for non-performing lots is about 20%, but now Bella Vista is at 5.7%. He credited the legal department and the accounting department for the good numbers.
Board Member Teah Bidwell said some members don’t understand the need for an assessment increase when they hear about an increase in paying lots. They should think about the past few years when the POA wasn’t able to spend money on maintenance or improvements, she suggested.
“We’re like no other business,” Judson said. The organization is growing and expenses grow with it.
A new software system that will cover the entire POA won’t be installed until November, Judson told the board. It may be ready sooner, but installing it during the busy summer season would be difficult. He reminded the board that the payments won’t begin until the system is installed so delay will not cost the POA any money.
However, doing the software installation in November will impact the budget process. He proposed moving it forward, so the 2023 budget calendar begins at the committee level in May. By August, the committees should have their recommendations for capital projects ready for the administration. In October, department heads will work on their board presentations.
The board will see a draft of three proposed budgets — operating, capital and financial — in October. At an open meeting in November, the budget will be presented and then finalized a week later.