Revenue exceeds budget, last year for association

Revenue is trending upward for the Bella Vista Property Owners Association according to a recent report from Chief Financial Officer Beth Nagel.

Nagel informed the POA Board of Directors on March 28 that as of the end of February, consolidated revenue (including the water department) was only $2,000 shy of $3 million, surpassing the budget by $296,000.

She said consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) outperformed the budget by $359,000 for the month, driven by revenue.

“February more than compensated for January’s wintry weather, resulting in overall revenue year-to-date $217,000 better than budget and $375,000 better than the prior year-to-date,” Nagel stated in her report.

According to the report, February golf fees were $67,000 better than budget, making up for January. Overall, golf fees are now $12,000 better than the budget year-to-date and only $13,000 worse than the prior year-to-date.

A portion of the year-to-date variance is attributed to the closure of the Tanyard Creek Practice Center for renovations, Nagel said.

Cart rentals were $18,000 better than budget; Greens fee (guest 18) were $29,000 better than budget; and Greens fee (member 18) were $21,000 better than budget.

“All golf courses individually were better than their budget in golf fees, with Scotsdale leading the way by being $21,000 better than budget,” Nagel stated. “This was due to uncovering the greens earlier than expected, thanks to warmer temperatures.”

Food & Beverage performed well in February with total revenue of $263,000, which is approximately $39,000 more than last year. According to the report, BV Bar & Grill and Lakepoint both outperformed 2023 while the Highlands’ gross margin was slightly less than the previous year.

Nagel said Recreation is showing growth in facility guest fees. She said the Bella Vista Recreation Center is notable with facility guest fees reaching $4,000 in February, which is $2,600 better than budgeted.

At the marina, boat dock fees surpassed the budget by nearly $8,000, helping to compensate for the slower January. However, dock fees remain $10,000 worse than budget year-to-date.

“Even with the purchase of nearly $7,000 of fitness equipment for Metfield, overall Recreation’s EBITDA for February was $17,000 better than budget,” Nagel said.

Water had revenue of $937,000; this was better than the budget by $62,000 and better than the prior year by $140,000, according to the report.

Nagel pointed out there were no revenue line items that were significantly worse than the budget for February. Other notable revenue variances include assessments at $14,000 better than budget; Pro Shop sales at an increase of $8,000; boat registration fees at a $6,000 increase, along with increases in member transfer fees, member ID cards, income on investments and income from the resale of foreclosed lots.

The full financial report, including operating expenses and loan and cash balances for the POA, can be accessed at bellavistapoa.com/governance/financials/.