Louisville Housing Authority Agenda and Packet 2012 09 25

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L. ISVILLE H e ING U ORI a LHA The financial information for LHA is as of August 31, 2012. Louisville Housing Authority (LHA) includes one Component Unit (CU) Sunnyside aka East Street Limited Partnership. LAM At the end of August LHA had an occupancy rate of 98.5% and Lydia Morgan's occupancy is 96.3%. Rental revenue in the current period (CP) is less than 1% under budget and overall YTD 2% over budget. This is reflective of consistent high occupancy rates through the year. Overall total operating revenues for CP and YTD are tracking to budget. Administrative expense in the CP is over budget by 8% compared to 100% in the prior month experiences higher than normal professional consulting fees. YTD Administrative costs are $38,800 over budget due primarily to consulting fees in July and higher than budget auditing fees, $19,000 and $16,300 respectively. Utility expenses are tracking to budget, in the CP they are 13% under budget and YTD 1% under budget. • Maintenance salary and benefits in CP and YTD are less than budget, 70% in CP and 63% YTD. Total maintenance including salary and benefits is 67% under budget in the CP and 47% under budget YTD. Finance will review to insure that we are capturing all the maintenance salary costs in their allocation process. The YTD under budget difference is primarily salary and benefits, $31,000 under budget and under budget maintenance contracts compared to budget for cleaning, flooring, landscape and snow removal, $20,400. Maintenance materials in the CP are under budget by less than 1%, compared to over budget by 150% in the prior period June -July. This was due primarily to one time CP experience in June -July for work orders with expensive components associated with projects. The YTD,maintenance material is aligning to total budget. General expenses are tracking to budget overall under budget by 16% YTD this month and also.last month.. Insurance costs are higher than budget YTD by $3,200 due to increased rates overall that were not reflected in the 2012 budget. Net Operating Income (NO1) in the CP $27,000 and YTD $117,300. Net Income (NI) after non- operating expenses in the CP is $1,800 and YTD $24,600. The primary non - operating accounts decreasing NO1 is depreciation. 10