Financial: Building a Strong Foundation for a Secure Future

2022 saw the largest annual inflation rate since the early 1980’s; before Westminster Village even existed! It was truly new territory. Additionally, the Consumer Price Index for the cost of medical care was one of the highest in over a decade and the overall CPI for all items was up 6.4%! Despite these increasing costs, through careful planning and well-thought-out programming adjustments, we were able to contain our cash-based costs.

Although investment values were down across fixed income and equities markets alike, thanks to the professional expertise of Westminster Village’s investment managers, carefully selected by our Investment and Finance committees of the Board of Directors, our long-term investment portfolio outperformed market benchmarks by an astounding 3% and provided an increase in dividend and interest income.

Westminster Village finished 2022 in a strong cash position, ending the year ahead of 2021 by 8% at just over $18,000,000 in cash and investments. Of these dollars, 70% is invested or placed into savings, while 30% is dedicated to operations, which puts us in a good position in both the short- and longterm. Although a mid-year monthly fee increase was implemented, we were able to keep our increase comparatively less than others within our industry while still having the ability to offer competitive wages in what has become a tight labor market with unemployment at 3.5%. The wages not only helped us recruit top candidates where needed to fill our openings, but to retain our wonderful employees and the level of care they provide. The monthly fee structure now in place has been showing the desired results and will be key in insuring financial health and sustainability for the future.

Thanks to the work of our staff and administration, in close collaboration with the Board of Directors, and the understanding and cooperation of all our residents, Westminster Village was able to meet the challenges brought about by these unprecedented economic conditions.

2022 - 2025 Revenue and Expense Projections

($3,500,000) ($7,000,000) ($10,500,000)

2013 - 2022 Fund Balance

Expected 6%, 5%, 3% Inflation Projected Revenue of 4% Each Year Projected Revenue with no 2022 Midyear and only 3% Each Year ($14,000,000)

2013 - 2022 Entrance Fees

*2022 is from non audited financials Entrance Fees Collected (cash)

2013-2022 Year End Cash and Investments

*2022 is from non audited financials