Hilltoppers,
It is hard to believe we are almost halfway through May already. This is the time we are able to look back on the previous month’s financials to see where we are at. I want to share some of this high-level financial information with you because Hilltop believes transparency is important. We are hearing a lot about economic uncertainty in the news and the most powerful resource we have in uncertain times is information.
April was the first full month in our new COVID-19 operating procedures. Even through the incredible changes we’ve implemented, we were only off 0.4% of our original operation budget. Largely in part to the Commons, Fountains, and LAP operating ahead of their budgets. In April we saw costs of over $100,000 in unplanned pandemic supplies, but we also received over $40,000 in grants and donations to help offset those costs. While our investments took a large hit due to market fluctuations, we have already earned back half of those losses. We continue to see many of our expenses increase in our current situation, but we are also seeing savings including our health insurance costs which are down.
Overall, Hilltop is weathering the pandemic very well. We have been able to maintain our staff, provide a safe environment for our clients, and continue to collect from our diverse revenue sources. We are in contact with our legislators and funders as they are preparing their budgets to make sure we understand how they might affect our funding in the next fiscal year. Hilltop has a reserve that has been set aside for emergencies and our board has given us authorization to access those funds, but we have not yet had to access much of that reserve.
Thank you to everyone for the work you are doing to ensure we stay Hilltop Strong.
Together, we got this,
Mike
