Louisville Housing Authority Agenda and Packet 2013 05 28

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LOUISVILLE HOUSING AUTHORITY (LHA) BOARD FINANCIAL REPORT —APRIL 2013 Overview This financial report is year- to-date through April 30, 2013 for Assets, Liabilities and Fund Balance and the monthly operating revenues and expenses for April 2013 and Year-to-date. Louisville Housing Authority has one component unit (CU), Sunnyside a.k.a East Street Limited Partnership. The balance sheet for January, February and March 2013 are included in Table 1 below and provide context for major changes in April. In April the most significant financial transaction was the transfer to Regal Square property asset from LHA to BCHA, per the IGA agreement. LOUISVILLE HOUSING AUTHORITY FINANCIAL STATEMENTS The transfer of property assets for Regal Square, as part of the Intergovernmental Agreement with BCHA, completes to date transfers for all properties in LHA except for Hillside. ASSPtS' Unrestricted and Restricted Cash decreased by $33,642 and $51,861 respectively as operating funds and restricted funds associated with the Regal Square property were transferred to Boulder County Housing Authority (BCHA). Regal Square property assets, per the IGA agreement, in land, building, building improvement and FF&E totaling $866,392 were transferredto BCHA. In addition, accumulated depreciation of the asset was reversed on LHA books in the amount of $536,452. Liabilities: Notes and Mortgages Payable associated with Regal Square were eliminated from LHA books and liability transferred to BCHA in the amount of $158,710. Operations: Rental Income in April is reduced 21% compared to prior month, due to the transfer of property. The budget for Regal Square has been transferred to BCHA and overall income year to date is comparable to budget, approximately 5%under budget. Administrative, utility and maintenance expenses are tracking to budget. A one-time re-class of insurance expense aligns expense to the budget, which is anticipated to experience most if not all of the cost of insurance in the first quarter. Net income for April was $2,959 and year-to-date $64,532. For the remaining property in LHA, this represents good performance. The budget for depreciation expense has been reduced to reflect the transfer of asset to BCHA, the depreciation expense continuing forward after April, will reflect a decreased allocation that aligns with a budget of $25,800. 7