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3/7/2012 10:11:11 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823932
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unless you are saying the lower profit would have required an increase in assessments to cover the shortfall.
OPA is supposed to have a zero-based operational budget. Thus when the budget is prepared if the estimated profit from Beach Club parking is eliminated or reduced it would require a corresponding increase in the assessment, a reduction in expenses someplace else, or an increase in profit someplace else. |
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For reference, the above message is a reply to a message where: My thought was that the taxes would have been paid annually out of the revenue from the passes which would have reduced the profit from the beach club but it would still have been in the black. I don't see why assessments would have had to been increased to cover the annual taxes due on the passes unless you are saying the lower profit would have required an increase in assessments to cover the shortfall. |
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