Giving his first full report to the Reston Association Board of Directors (video), treasurer and At-Large director Sridhar Ganesan broke down the figures for the first half of 2017.
Among the figures shared by Ganesan was $16.7 million in year-to-date revenue, 86 percent of which ($14.4 million) is from assessments. That number is up from $16.0 million at the same time last year, a change Ganesan attributed to an increased assessment rate from 2016.
One budget item that isn’t bringing in as much money as expected, Ganesan reported, is the Lake House. The facility has brought in about $80,000 as of the end of June, only slightly more than half of what was projected ($150,000).
“As I understand, it’s really because of scheduling conflicts, in terms of programs versus corporate and other rentals,” Ganesan said. “They’re still working through the scheduling issues, but you are going to see this difference flowing throughout the year.”
The Lake House, purchased by RA in 2015 for $2.65 million, is rented out for activities including weddings, corporate functions, retreats, workshops and conferences.
Lake House expenses as of the end of June have been about $126,000, Ganesan said.
“Part of the reason is going to be that a lot of those costs are on a fixed basis, so you really can’t pull them back even if you’re having some revenue challenges,” he said.
RA CEO Cate Fulkerson said programming changes are being considered for next year.
“The current programming hasn’t changed yet [but] we are reflecting some different programming as we go into 2018,” she said. “So there will be some decision points for the Board there, but we’ve adjusted based on our experience in the first six months.”
Later in Thursday’s meeting, a pair of capital projects advanced.
The Board approved the release $1.35 million in remaining project funds for the Central Services Facility renovation, which had been put on hold last year until the controversial Lake House purchase was independently reviewed. In addition, the Board voted to form a Hook Road Recreation Area working group, which will explore ways to enhance the facility within budget constraints set by the Board.