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Initial Capital fees from new construction closings continue to come in way above expectations - $23,643 YTD vs $5,000 budgeted for entire year. The best we could get when renewing the reserves CD was at CIT 0.45% - $100,828. The Board approved $2,500 legal retainer went out - COA Admin Contingency 8340 - to land use lawyer regarding issue of public pier reverting to private use. Envirotech installation of gabian wall erosion control on either side of the pier should begin around Aug 9th. The balance due will be payable out of reserve funds. Jamie Kinsel GG HOA Board Treasurer 
Some notes: Cumulative deficit (spent more than took in) for all years of operation was cut from (86,273) to (43,685). Income 15K higher than anticipated - so much new construction. A one-time gift - No snow helped as well. A/P is high (96,900) even after 62K due reserves is taken into consideration - many significant bills didn't come in until late Jan/Feb but had to be accounted for in 2020 expenses. February A/P will show 32,800 - much better. The 62K due reserves drops to 29,900 at end of February - also much better. We continue to chip away when cash allows. The $2,500 developer contribution showing in A/R did come in in February. No subsidy in 2021. Developer still hasn't reimbursed GG (as promised) for correcting clubhouse thermostats and the kayak launch material.
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