Presidents Report_Diane Exter_Issue 07_211222

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Additional paving projects left to be com pleted are 1) Rivoli Drive from Tournament Drive through Rivoli Circle which will be required to be completed and 2) if the Board approves, the re maining portion of Frenchman ’ s Creek Drive for an estimated cost of $500,000. The Board will conclude this discussion at the January Board meeting, with the work to be postponed until June 2022 when it will be the least disruptive to residents. The community finished the month of November with a year - to - date negative variance to budget of ($50k), comprised of the following components: Club operating income was favora ble to budget by $17K, POA operating income favorable to budget by $163k, relocated club house facility expenses totaled ($174k) and ex penses for the maintenance of the church build ings were ($56). Additional expenditures for the relocated clubhouse facilities totaling $110k will be reclassified at year end to Capital. The total of all forecasted operating expenses are expected to break even by the fiscal year end. Total cash balances exceeded $18.5M at month - end. Home sales have continued to be very strong this year after a record breaking 54 homes sold last year. So far this year 14 homes have sold with 5 more pending for a total of 19. Our budget included only 18 home sales for this year. Through November, $938k has been spent on the Alternate Facilities. The total costs for these facilities are projected to be $2.2mm for the current fiscal year and just under $3mm in total for the three years. Review of our Board Goals for this Year: As we approach the end of the calendar year and the end of this Board year, we are in creasing our focus on our Board Goals for this year. In addition to 1) working towards complet ing a beautiful clubhouse project on time and on budget, 2) finding an exceptional leader who ap preciates Frenchman ’ s culture and high stand ards of service to follow Mr. Goswami, 3) main taining a high level of member services during the clubhouse construction period through a fo cus on high quality temporary facilities, a contin- Financial Matters:

uing high level of service (including both dining and sports) and lots of fun activities to connect both our newer and our longer tenured Mem bers together, we also want to make sure we are increasing the visibility and impact of our member committees. While we as a Board and as Board members are quite visible, there is a lot of im portant work happening at the committee level. Well over 200 of our Members are actively in volved in our 30 plus Frenchman ’ s Creek com mittees. We have already had one well attend ed Meet the President that focused on our golf programs and our golf courses. In the coming two months, be on the lookout for a Meet the President that will focus on our various French man ’ s Creek Charities, one that will focus on our Tennis and Fitness/Spa offerings and one that will focus on the Entertainment and New Member Committees. Before the end of this Board year, we will have the Governance, Le gal and ARB committees coming to the Board to propose some changes to our various gov erning documents. And you will see other com mittees highlighted in other ways. Lots of good work is happening at the committee level. THANK YOU!

Best, Diane Exter President@Frenchmanscreek.com

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