The half year accounts, full year cash projections and analysis of outstanding community debtors were reviewed at the Level 1 board meeting on 20th July. A summary of the Urban Entity, Level 1 and each of the 5 level 2 communities (i.e. Jardines 1 & 2, Naranjos 1 & 2 and La Isla) will be sent to owners this month. This is intended to give owners a better insight to the financial status of their level 2 community rather than only sharing the accounts annually within the AGM papers.
We have agreed with a firm of accountants the audit of accounts for the years 2016, 2017 and 2018 which will be progressing once they restart after their August summer break. During this time the Finance committee intends to complete the analysis of prior years accounts since inception of the resort by Level 2 which will then be audited by the same firm. This is intended to complete the work suggested and approved by owners at the 2018 AGMs. This is an increase in scope from the proposal approved at the AGM however it is considered to be the best way to validate the accounts and reserves by level 2.