08-25-2019, 12:03 PM
The bond was very irresponsible, and I was told after the election by the board member who wrote the ballot proposal that it was written to imply that all the roads would be paved. I knew it was too good to be true and didn't vote for it, but I stuck with paying like everybody else.
As for Obie's numbers, the most recent published financial statement is here:
http://www.hppoa.net/newsite/wp-content/...0-2018.pdf
If I'm reading it correctly, the cash flow report says the total bond cost paid out that year was $1,365,000. With revenue of $2,793,000, that should leave $1,430,000 for operations. FWIW, an expense of $417,000 was incurred in January, 2018 for refinancing the bond at a lower interest rate. It seems like a lot to pay, but it was a smart move because it will lower the overall cost of the bond by a lot more. Somebody in authority at that time did something right.
Disclaimer: I am not an accountant, and will gladly correct my assumptions about all this if someone can show them to be wrong.
Edited for typos.
As for Obie's numbers, the most recent published financial statement is here:
http://www.hppoa.net/newsite/wp-content/...0-2018.pdf
If I'm reading it correctly, the cash flow report says the total bond cost paid out that year was $1,365,000. With revenue of $2,793,000, that should leave $1,430,000 for operations. FWIW, an expense of $417,000 was incurred in January, 2018 for refinancing the bond at a lower interest rate. It seems like a lot to pay, but it was a smart move because it will lower the overall cost of the bond by a lot more. Somebody in authority at that time did something right.
Disclaimer: I am not an accountant, and will gladly correct my assumptions about all this if someone can show them to be wrong.
Edited for typos.