Louisville Housing Authority Agenda and Packet 2013 02 26

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1- a r... Sunnyside aka East Street Limited Partnership is a component unit (CU) of Louisville Housing Authority and reports its own balance sheet and monthly operating statements. Cash and restricted sash total $95,800 Fixed Assets nefi of accumulated depreciation, total $1.8M Total Liabilities was $321300 and current portion was $4,333. Equity totals $1.6M including ayear-ta-date total net income loss of $109,800. Operations: In December Rental Income totaled $16,100 and year-to-date $185,800, both tracking to budget. Against this revenue were expenses for Administration $2,100 and year-to-date $26,800; Utilities $1,400 and year-to-date $16,200 and Maintenance, including contracts, materials and non-routine $268 and year-to-date $31,291. These three combined operations total year-to-date expense of $74,200, compared to year-to-date budget of $67,300, indicating 10% over budget at year end. This is primarily non-routine and maintenance materials expense. General expense, insurance and bad debt cost was 17%over budget at year-end. Net Incame from operations was $2,670 and year-to-date $16,369. Finance reviews these balances to determine if the convent test is met. Total Net Income including non-operating revenues and expenses was ($20,900) and year-to-date ($109,826) which was primarily the result of depreciation expense of $111,953 and December year-end expensing deferred financing cost per GASB requirement $8,647 and end of year interest payable $5,596.