BUDGET REPORT
ALIDA LORIO, GENERAL MANAGER
JUNE 30, 2006

We are operating well within our 2006 Budget, as evidenced by the Budget Variance reports on this site.

Where Revenues are not meeting projections, we have successfully managed our expenses to remain 6% below projections, giving us a net effect of being 5% overall below budget projections.

The proposed Budget for 2007 is being presented to the Board of Directors at the July, 2006 quarterly meeting for discussion, revisions and approval per the Strategic Plan.

2006 BUDGET REPORT

The 2006 Draft Budget approved by the Board of Directors at the July, 2005 quarterly meeting has been revised as follows:

• Revised estimates of collection expenses and auction proceeds based on actual 2005 experience.
• Adjustments to Resort income and cost of goods based on revised resort strategic plan.
• Adjustments to Resort expenses in the areas of payroll, supplies, repairs and maintenance and advertising based on revised resort strategic plan and actual 2005 experience
• Inclusion of more complete debt service cash flow reductions based on actual 2005 experience.

The new 2006 budget has been expanded to give detail regarding the two Association operations.

Alida Lorio

General Manager

January 29, 2006

Strategic Plan Reports Summary

Strategic Plan Steering Committee Reports

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