| Old Mill Point – Financial Summary | ||||
| For Fiscal Year: July 1, 2019 to June 30, 2020 | ||||
| OMP OPERATING BUDGET | ||||
| Description | Income | Expenses | Notes | |
| Beginning Balance @ 7/1/2019 | $74,867 | |||
| Late Dues | ||||
| Total | $74,867 | |||
| Beach Cleaning | 10,625.00 | |||
| Landscape (Common Areas) | 6,995.25 | |||
| Road Repair | 6,269.00 | 1 | ||
| Insurance and Professional Fees | 10,532.00 | 2 | ||
| Electricity | 2,045.72 | 3 | ||
| Neighborhood Parties | 1,218.84 | |||
| Signs, Structures & Repairs | 12,523.00 | 4 | ||
| Dock Maintenance & Repair | 850.00 | |||
| Postage & Printing (incl. PO Box) | 212.40 | |||
| Water Testing and Permits | 612.00 | |||
| Trash Pickup/Barrels | 913.00 | |||
| Beach and Erosion Repair | 700.00 | 5 | ||
| Jetty Repair and Maintenance | – | |||
| Hall Rental for annual mtg | – | |||
| Report Filing | – | |||
| Miscellaneous | – | |||
| Transfer to Reserve Account | 20,000.00 | 6 | ||
| Total Operating Expenses: | 73,496.21 | |||
| Income: | ||||
| Annual Dues for coming fiscal year | 51,850.00 | |||
| Money Collected in New Owner fees | ||||
| Total Operating Budget : | 1,370.62 | |||
| Total Checking Account: | 53,220.62 | |||
| OMP EMERGENCY RESERVE ACCOUNT | ||||
| Beginning Balance @ 7/1/19: | $50,682.89 | |||
| Transfers in from Operating Account | $20,000.00 | |||
| Interest earned | $50.79 | |||
| Balance of Reserve Account: | $70,734 | |||
| Total Checking + Savings | $123,954 |
Notes on Financial Report:
Although most of the categories on the financial report should be self-explanatory (e.g. Beach Cleaning is what we pay the beach cleaners to move the seaweed…) I have received questions about some of the costs and bills we pay so have provided footnotes to explain. Feel free to ask any questions if there are other costs that seem out of the usual and I’m happy to explain.
- Road Repair fees for 2019-2020 included the excavation of several of the catch basins to try to help runoff drainage, as well as repairing of potholes. These are private roads, not maintained by the town.
- Insurance and Professional fees includes the annual $1900 fee for liability insurance as well as the outside lawyer costs (not an OMP resident) and filing fees for the title repairs made last spring and presented at last year’s annual meeting.
- Electricity is our monthly Eversource bill for the neighborhood street lighting. These are private roads, so we pay for the street lights, not the town. Also, if you notice a street light in need of repair, let me know as we have a business account and I can call to let them know.
- Signs Structures and Repairs – this catch-all category is Buildings and Grounds costs for maintaining the public stairs, walkways down to the beaches, all signage including the nostalgic handpainted street signs (thank you, Reggie LeBlanc) that sometimes are damaged or stolen. This year’s costs included replacing the beach fencing along Seaway beach and along the jetty, replacing the Seaway beach stairs lost in a winter storm, planting sea grass in the Seaway dune to better preserve the dune from erosion, powerwashing the bricks at the entryway signs, annual repairs to stop signs, private beach and speed limit signs, and replacing one painted street sign that was damaged by a construction vehicle.
- Beach Erosion – while this fee is low this year, it’s specific to the sand brought in to shore up the base of the long staircase on Strandway Beach between Connelly and Baseman after storm erosion.
- Transfer into Reserve account is high this year as we never transferred funds last year. Typically we sweep any remaining funds into reserve to use for extra large expenses such as road or jetty repair, as well as for emergency repairs caused by storm damage should they be more than the regular budget can cover.