TELLICO VILLAGE PROPERTY OWNERS ASSOCIATION BOARD MEETING AGENDA Wednesday, April 22, 2020 1:30 p.m. Tellico Village Yacht Club Outcome Responsible Call to Order Rick Blough I. President Announcements Rick Blough II. Minutes (April 8, 2020) Approve Rick Blough III. COVID-19 Response Update/Inform Winston Blazer • Current Status • Phased Restart Planning Process IV. Advisory Committee/Liaison Reports • Public Works Projects Update Clayton Taylor o Water Tank Project o Sink Hole Repair • Finance Update/Approve Kevin Ellsworth/ o Contingency Planning Parker Owen V. Asian Carp Committee Update Carla Johnson VI. Other/Discussion
Approval of the April 8, 2020 Open Session Board Meeting Minutes
COVID-19 UPDATE Presented by CEO Winston Blazer • Current Status • Phased Restart Plan
Public Works Projects 4/22/20 Up-dates
As you will see some of the up-dates are minor COVID-19 due to COVID-19 most company's don’t/will not do anything but conference calls
• Currently we have progressed beyond the 30% design and are working toward 60%. • Public Service chair/vise-chair and staff are reviewing plans • The next steps will include: • Detailing the process and instrumentation design • Develop the electrical details and one line diagram Coyatee water • Sizing concrete pad and electrical components the future booster station storage tank • Develop a control strategy for control and altitude valves to ensure the tank is operating as we intend for the model. • Start developing specifications for Bid (we will include details for a prestressed concrete tank as well as a glass lined steel tank)
Coyatee water storage tank Timeline
• Reported on 4/13/20 • Located all existing utilities 4/13/20 • LUB relocated the elec. feed 4/14/20 West Chatuga • GEOS onsite, located rock at 34’ in depth 4/14/20 Drive Sinkhole • Contractor modelized 4/15/20 • Waiting on AT&T to relocate fiberoptic cable 4/14-17/20
FINANCE Presented by CFO Parker Owen Kevin Ellsworth
TVPOA Financial Update – March 2020 Key Non-Financial Indicators – March 31, 2020 MTD YTD Actual Budget Var Actual Budget Var General Assessed Lots 6,293 6,313 (20) 6,293 6,309 (16) POA Lots Sold 6 4 2 28 12 16 Suspended Accounts (169) (181) 12 (169) (181) 12 Collectible Suspended (20%) 34 36 (2) 34 36 (2) Total Paying Lots 6,158 6,168 (10) 6,158 6,164 (6) Headcount 97 107 (10) 97 107 (10) Public Works Property Transfers (4127) 53 25 28 159 75 84 New Home Permits 14 11 3 42 26 16 Misc Permits 31 34 (3) 39 104 (65) Tank Installations 14 11 3 42 26 16 Water - Gallons COS (000s) 11,812 21,683 (9,871) 37,094 60,354 (23,260) Water - Gallons Rev (000s) 11,220 10,285 935 35,699 35,418 281 Sewer - Gallons COS (000s) 16,026 13,493 2,533 45,448 41,961 3,487 Sewer - Gallons Rev (000s) 11,220 10,285 935 35,699 35,418 281 Golf Revenue generating rounds 2,780 2,793 (13) 3,561 4,171 (610) Annual 2,519 1,635 884 4,851 3,269 1,582 Total Rounds 5,299 4,428 871 8,412 7,440 972 Docks Leased Percentage 97.9% 98.6% -0.7% 98.8% 98.6% 0.2% RV Leased Percentage 68.6% 95.6% -27.0% 73.3% 95.6% -22.3% Recreation Membership - Individual N/A 586 N/A N/A 584 N/A Membership - Family N/A 988 N/A N/A 984 N/A
Comparative Financial Analysis – Actual vs. Budget (in thousands) Year-to-Date thru 3/31/20 Year-to-Date Actual Budget $ Variance % Var Revenue (net) $4,815 $4,703 $112 2% Expenses $4,587 $5,367 $780 15% $228 $(664) $892 -134% Net Income/(loss)
Comparative Financial Analysis – Revenue ( actual vs budget ) (in thousands) Year-to-Date thru 3/31/20
Comparative Financial Analysis – Revenue ( actual vs budget ) (in thousands) Year-to-Date thru 3/31/20 CATEGORY Actual Budget $ Var % Var Assessments $2,632 $2,641 $(9) 0% Late Fees $47 $136 $(89) -65% Golf $289 $269 $20 8% Golf Merchandise $23 $40 $(17) -42% Recreation $218 $212 $6 3% Water & Sewer $803 $804 $(1) 0% Installed Tanks $359 $244 $115 47% Dock & RV $146 $153 $(7) -4% ACC Permit $99 $61 $38 63% CAF Fee $29 $21 $8 39% Food Service $65 $35 $30 85% Other $105 $87 $18 20% Total $4,815 $4,703 $112 2%
Comparative Financial Analysis – Revenue Year-to-Date thru 3/31/20
Comparative Financial Analysis – Expenses ( actual vs budget ) (in thousands) Year-to-Date thru 3/31/20 CATEGORY Actual Budget $ Var % Var Maintenance $601 $941 $340 36% Salaries/Benefits $1,563 $1,670 $107 6% Personnel $45 $45 $() -1% Bad Debts $98 $169 $71 42% Legal & Prof $68 $68 $ 0% Collections Exp $16 $31 $14 47% Operating Supplies $350 $519 $169 32% Contract Labor $90 $103 $13 13% Utilities Exp $221 $210 $(11) -5% YC Management Fee $5 $3 $(3) -114% Depreciation Exp $398 $438 $40 9% Water & Sewer COS $387 $405 $17 4% Tank Installation COS $291 $164 $(128) -78% Marketing $92 $101 $9 9% Taxes, Licenses & Ins $123 $125 $2 2% TRDA Interest $66 $66 $ 0% Golf Merchandise COS $15 $23 $8 33% Other $157 $287 $130 45% Total $4,587 $5,367 $780 15%
Comparative Financial Analysis – Net Income Year-to-Date thru 3/31/20
Income Statement Trend Year-to-Date thru 3/31/20 Monthly Trend (000's) Jan Feb Mar Total Revenue $1,505 $1,627 $1,683 $ 4,815 Expenses $1,482 $1,622 $1,483 $ 4,587 Net Income $ 23 $ 5 $ 200 $228 Significant Items Year-To-Date (000's) Revenue Jan Feb Mar Total Assessments $840 $913 $879 $2,632 Late Fees $91 -$60 $16 $47 Golf $57 $74 $158 $289 Golf Merchandise $2 $6 $16 $23 Recreation $68 $79 $71 $218 Water & Sewer $229 $306 $268 $803 Installed Tanks $103 $134 $122 $359 Dock & RV $42 $50 $53 $146 ACC Permit $14 $51 $34 $99 CAF Fee $6 $12 $11 $29 Food Service $13 $30 $23 $65 Other $41 $31 $33 $105 $1,505 $1,627 $1,683 $4,815 Expenses Maintenance $163 $257 $180 $601 Salaries/Benefits $492 $562 $509 $1,563 Personnel $12 $21 $12 $45 Bad Debts $131 -$51 $18 $98 Legal & Prof $16 $28 $25 $68 Collections Exp $19 -$10 $7 $16 Operating Supplies $42 $213 $95 $350 Contract Labor $23 $42 $25 $90 Utilities Exp $96 $42 $82 $221 YC Management Fee $29 -$27 $3 $5 Depreciation Exp $124 $141 $133 $398 Water & Sewer COS $126 $96 $166 $387 Tank Installation COS $73 $125 $93 $291 Marketing $23 $51 $18 $92 Taxes, Licenses & Ins $52 $33 $38 $123 TRDA Interest $22 $21 $22 $66 Golf Merchandise COS $ $5 $10 $15 Other $38 $74 $45 $157 $1,482 $1,622 $1,483 $4,587
Water & Sewer Water & Sewer Rate Volume Analysis Year-to-Date thru 3/31/20 Budget YTD Actual VAR Water Revenue Gal 35,417,737 35,699,402 $ $ 8.05 $ 8.51 40-6-4620 $ 285,035 $ 303,811 $ 18,776 Water COS Gal 60,353,977 37,093,862 $ $ 1.47 $ 1.61 40-6-5424 $ 88,458 $ 59,873 $ (28,585) Sewer Revenue Gal 35,417,737 35,699,402 $ $ 11.45 $ 10.51 40-7-4630 $ 405,706 $ 375,357 $ (30,349) Sewer COS Gal 41,960,714 45,447,985 $ $ 4.93 $ 4.98 40-7-5420 $ 206,705 $ 226,502 $ 19,797 Warranty Rev/Exp $ 105,671 $ 108,240 $ 2,569 Rate Vol Total Rev - W $ 16,509 2,267 18,776 Rev - S $ (33,575) $ 3,226 $ (30,349) COS - W $ 5,506 $ (34,091) $ (28,585) COS - S $ 2,417 $ 17,380 $ 19,797
Water & Sewer Rate Volume Analysis Year-to-Date thru 3/31/20 WATER & SEWER Revenue Cost of Sales Gross Profit YTD Budget $ 804 $ 405 $ 399 50% Rate: Cost of W&S facility (4625 & 5427) $ 7 $ - $ 7 Water Rate $ 17 $ 6 $ 11 Sewer Rate $ (34) $ 2 $ (36) Volume: Water Volume $ 2 $ (34) $ 36 Sewer Volume $ 3 $ 17 $ (14) Warranty activity $ 3 $ 3 $ - Other $ 1 $ (12) $ 13 YTD Actual $ 803 $ 387 $ 416 52% INSTALLED TANKS Revenue Cost of Sales Gross Profit YTD Budget $ 244 $ 164 $ 80 33% Rate: 2019 rate schedule $ (4) $ (4) Lower Avg. Install Costs $ (11) $ 19 $ (30) Other $ (1) $ 8 $ (9) Volume: 16 additional tanks $ 112 $ 100 $ 12 26 Budget; 42 Actual Sewer Connections $ (3) $ - $ (3) Water connections $ 22 $ - $ 22 YTD Actual $ 359 $ 291 $ 68 19%
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