Dear PGA WEST Residential Association, Inc. Homeowner,

In accordance with Civil Code §5305, the 2024 Audited Financial Statement is complete. The 2024-year end audit was prepared by the Association’s CPA, Wayne Carlsen, of Carlsen and Ferris. 

The Association’s Board of Directors and Management prepare the Association’s Operating and Reserve budgets annually. The budgets are based upon the anticipated expenses for the given year and the income source is primarily homeowner assessments. 

Overall, the 2024 Operating expenses were .50% under budget. Utilities, including natural gas, electricity, water, cable, and internet were 4.9% under budget primarily because of slightly decreased natural gas costs in 2024 and a new and improved cable and internet contract with Spectrum. Landscape was 4% under budget, partly attributed to a well negotiated landscape contract, and unfortunately a shortage in irrigation staffing for a portion of 2024. Common Area Maintenance was 22.54% over budget due to a significant number of storm related roof repairs. Insurance cost was 9.5% over budget as a result of an exorbitant increase in the Association’s property insurance premium. 

The Reserve Fund retains the funds necessary to perform future repair, restoration and/or replacement of major components of the Association. Annually the Association’s reserve analyst performs a review of the reserve study and adjustments in funding are made to confirm that money will be available for the Association’s future reserve expenses. The 2024-year end Reserve Fund balance was $14,836,774.

To view the 2024 Audited PGA WEST Residential Association Financial Statements, please click here.

If you have any questions regarding the audit, please contact Kelly McGalliard at PGA WEST Residential Association (760) 771-1234 extension 15.

Kelly McGalliard CCAM AMS PCAM

General Manager

For the Board of Directors