no, that GRF pays a ….
no, that GRF pays a third party CPA firm to evaluate financials, and there was no evidence of any wrongdoing or impropriety. If people have questions about financials, they are invited to ask GRF staff about them. Residents are also welcome to review GRF financials through the resident portal at lwsb.com.
• Measuring viability of Leisure World’s aging infrastructure: The GRF Reserve study is biggest tool for that and adhering to the reserve study is the best way to ensure success. Delay will usually be more expensive; inflation will drive costs higher and recent fires in Pacific Palisades will like trigger higher costs for construction materials. Potter emphasized the importance of sticking with reserve study projections to maintain amenities.
• Overbudgeted amenity improvements: Sometimes overruns are impossible to foresee and, thus, inevitable, Potter said. But he agreed that there are instances where better foresight could provide improved outcomes, saying staff and vendors have been instructed to have a closer focus when scoping out projects.
• Department overruns and how they relate to overall budget performance: Potter acknowledged that having a budget line item in the red is not good, but every deficit needs to be evaluated in light of total budget performance. The GRF budget is currently in the black with four months remaining in the fiscal year, so GRF is well positioned to absorb some deficit. He also agreed that accurately gauging known expenses will help mitigate the inevitable unknowns that crop up, especially where Information Technology is concerned. That department, which is critical to GRF’s functionality and cybersecurity, manages constantly evolving technology and business demands, making it challenging to forecast exact expenses.
