Got your finance hats on?

Perusing our online blogs I realise I might be the first Oak Tree Finance person to script a blog. More than appropriate then to give a little back ground to some of the activities the Oak Tree Finance team undertake to support our residents and staff.

For those that live and work in our villages, one of the big advantages is the transparency into operating costs. Our annual finance process starts with visits by our quantity surveyors to assess the assets in our villages and what may be required to maintain them for the coming year. Following this our Village Managers are required to review all lines of expected expenditure for the coming year and obtain two plus quotes to ensure we are keeping the running costs to a minimum. Once submitted to the Head Office our Finance team will benchmark these costs across all villages to ensure they appear appropriate prior to formalising the final budget figures for sign off with our Village Managers. Where appropriate we assist in negotiating with suppliers or lobbying councils in an effort to keep village costs to a minimum.

Budget letters are then issued late June for the upcoming year.

In early July we prepare our annual figures for the year just past before submitting to an independent auditor for review. We aim to have this process completed by the end of August to allow us time to visit all our villages and present the figures at each village annual general meeting.

Depending on the state we submit the figures to the Dept of Housing or Fair Trade by the completion of November each year.

Throughout the year we provide monthly updates to our Village Managers, various reviews and benchmarking.

Hopefully this gives a little insight to the Finance function at Oak Tree.

See you again next week.


Leave a Reply