The Rancho Santa Fe Association board reflected on a positive fiscal year at its Aug. 6 meeting, a year in which the accounting and financial departments and Association banking relationships underwent a complete overhaul.
According to Don May, Association controller/CPA, the Association’s total revenue for 2014-15 was $17.6 million, up $572,000 over the prior year. Overall expenses only increased $33,000 to $14 million, leaving a $3.4 million surplus. The surplus does include the one-time rebate of $1.6 million from the Metropolitan Water District for the golf club turf replacement project.
“This is a good indication of the solid ground the Association is on in terms of financing,” said board member Fred Wasserman.
Assessment revenue increased $296,000 or 5.4 percent, which May said is a reflection of increased property values and sales.
One resident in attendance inquired about the status of the Community Enhancement Fund. As a member, the contribution to fund is 18 percent of the total assessment bill. Two cents of the 14-cents-per-$100 assessed valuation goes into the fund, which comes to close to $1 million a year.
This year, $1.1 million went into the fund, which has a balance of $6,850,000. Two projects drawing from the fund are the Covenant Club feasibility study and the broadband consultant contract to find solutions for a fiber-optic network in Rancho Santa Fe.