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

2013 - 2022

2013 - 2022 Fund Balance

2013-2022 Year End Cash and Investments

By the Numbers

Board President Don Kredel Outlines

Goals for 2023

Conduct Town Hall meetings with residents and provide mid-year and end-of-year management reports to residents

Expand on-line presence of our brand

Expand Board training for financial statements, budgeting, governance and master planning

Initiate water and power conservation plans. This is a 2-3 year goal which includes: the Secret Garden, all outdoor watering, hardscaping around the campus and reducing electricity demands.

Continue and expand community outreach through Rotary, Habitat for Humanity, St. Mary’s Food Bank, News outlets and others.

Complete Weyrich remodel and license change for Phase 1 and plan for the completion of Phase 2 in 2024.

Renovate public spaces including: first floor refresh, Ocotillo flooring, Garden Cafe, lobby, and public restrooms

Obtain $8 million in unit sales from Life Contracts.

Build Reserves with Net Income over Expenses targeted at 3%

$18,068M