MVMCC FINANCIAL UPDATE SEPTEMBER 2015 THROUGH APRIL 2016

Transcription

1 STAFF REPORT MEETING DATE: June 13, 2016 TO: FROM: Council Brian Cochran, Finance Manager 922 Machin Avenue Novato, CA (415) FAX (415) SUBJECT: MVMCC FINANCIAL UPDATE SEPTEMBER 2015 THROUGH APRIL 2016 REQUEST Consider receiving the financial report for Marin Valley Mobile Country Club for the periods of September 2015 through April RECOMMENDATION Receive report. DISCUSSION Attached are copies of the latest financial reports for Marin Valley Mobile Country Club, encompassing the periods of September 2015 through April Below is an update for the current reserve balances as of April Reserve Balances at April 30, 2015: $4,023,301 Reserve Balances at August 31, 2015: $4,309,428 Increase / (Decrease) in Reserves: $286,127 The park is required to maintain a 2.00 debt service coverage ratio per the loan agreement with Bank of Marin. The latest report from April 2016 shows a preliminary debt service coverage ratio of 2.94, but staff anticipates that that figure will go down after all year-end expenses and closing adjustments are finalized. Bank of Marin Loan Outstanding: $6,449,901 In the past, some members of the public and the Council expressed interest in knowing the investment returns of the park balances that are being invested. Other than the balances being held at Bank of Marin in the MVMCC Account and the MVMCC Accounts Payable account, all other reserve funds are credited interest at the s general investment portfolio rate. For the most recent quarter, the portfolio performed quite well based on market factors, earning 0.98% (i.e. an annualized rate of 3.99%). Staff does not expect this rate of return will occur every quarter, but overall investment earnings and yields are trending upward. cc16_088 1

2 ATTACHMENTS 1. Monthly Financial Summary Reports for MVMCC September 2015 through April 2016 cc16_088 2

3 L1REI REAL ESTATE SERVICES RECEVEr OCT 1 2O 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA 9561() (916) FAX (916) Management Report for Period Ending September 31, 2015 Date: October 15, 2015 of Novato MVMCC Account Umpqua Bank - Term Reserves Umpqua Bank - Funds 322, , ,478, $4,058, Current Activity Costs Other Costs to Date 255, , , , , , , , $58, $251, Principal Debt Service 37, , , , , , to Date 2.76 Management Notes / Updates None. 3

4 i RET REAL E STATE KLtVJ S ERVICE S %34t) AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) FAX (916) Management Report for Period Ending October 31, 2015 Date: November 13, 2015 of Novato MVMCC Account 282, Umpqua Bank - Term Reserves 2,483, Umpqua Bank - Funds $4,017, Current Activity to Date 259, ,025, Costs 89, , , , Other Costs 16, , ($4,602.96) $246, Principal 38, , , , Debt Service 54, , to Date 2.85 Management Notes jnone. / Updates 4

5 -p JAN rrei REAL ESTATE SERVICES 834t) AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA (916) () FAX (916) Management Report for Period Ending November 30, 2015 Date: December 15, 2015 of Novato MVMCC Account Umpqua Bank - Term Reserves Ump.ua Bank - Umpqua Bank - Reserves Funds 330, ,483, $4,066, Current Activity Costs Other Costs to Date 249, ,274, , , , , , , $96, $343, Principa Debt Service 38, , , , $0, , Debt Se vice Coverage Ratio - to Date 2.87 Management Notes I Updates [None. 5

6 FRET 8340 AUBURN \N REAL ESTATE SERVICES BLVD. SUITE 1t)0 CITRUS HEIGHTS, CA 9561() (916) () FAX (916) Management Report for Period Ending December 31, 2015 Date: January 15, 2016 of Novato Financi&. Information MVMCC Account Umpqua Bank - Term Reserves Umpqua Bank - Funds 330, ,483, $4,065, Current Activity Costs Other Crsts to Date 248, ,523, , , , , , , $40, $383, Principal Debt Service 38, , , , , , to Date 2.80 Management Notes / Updates None. 6

7 FRET REAL ESTATE SERVICES %VED AUBURN BLVI). SUITE 100 CITRUS 1-IEIGIITS, CA (916) FAX(916) Management Report for Period Ending January 31, 2016 Date: February 12, 2016 of Novato MVMCC Account Umpqua Bank - Term Reserves Umpqua Bank - Funds 186, ,648, $4,086, Current Activity Costs Other Costs to Date 266, ,789, , , , , , , $43, $427, Principal Debt Service 38, , , ,727.3$ 112, , to Date 2.79 Management Notes / Updates INone. 7

8 FRET REAL ESTATE SERVICES 34() AUBURN BLVI). SUITE 100 CITRUS HEIGHTS, CA 9561() (916) FAX (916) Date: March 15, 2016 Management Report for Period Ending February 29, 2016 of Novato RECEIVED MAP 16 2(1 ( TC MVMCC Account 279, Umpqua Bank - Term Reserves 2,654, Umpqua Bank - Funds - $4,185, Current Activity to Date 280, ,070, Costs 108, , , , Other Costs 16, , $139, $567, Principal 38, , , , Debt Service 54, , to Date 2.84 Management Notes / Updates INone. 8

9 RECHVt 1DTh r r APR 18 2Oi ITIStd REAL ESTATE SERVICES 834() \UBURN 31 VP SUIII 100 CITRUS HI IGS CA 9561() (916) () lax (916) Management Report for Period Ending March 31, 2016 Date: April 15, 2016 of Novato MVMCC Account Umpqua Bank - Term Reserves Umpqua Bank - Funds 238, ,779, $4,270, Current Activity Costs Other Costs to Date 279, ,349, , , , , , , $123, $690, Principal 39, , , , Debt Service 54, , to Date 2.91 Management Notes / Updates None. 9

10 FRET REAL ESTATE SERVICES 8340 AUBURN BLVD. SUITE 100 CITRUS HEIGHTS, CA 9561t) (916) FAX (916) Date: May 13, 2016 Management Report for Period Ending April 30, 2016 ( of Novato VAY Clf\ I MVMCC Account Umpqua Bank - Term Reserves Umpqua Bank - Funds 277, ,779, $4,309, Current Activity Costs Other Costs to Date 260, ,610, , ,016, , , , , $80, $771, Principal Debt Service 38, , , , , , to Date 2.94 Management Notes I Updates INone. 10