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Louisville Housing Authority <br />Management's Discussion and Analysis <br />December 31, 2013 <br />Operating Expenses <br />Administrative 30,678 (30,678) <br />Maintenance and operations 31,294 (31,294) <br />Depreciation and amortization 113,550 (113,550) <br />Utilities 16,180 (16,180) <br />Insurance 15,620 (15,620) <br />Total operation expenses 207,322 (207,322) <br />Operating Income (Loss) <br />(17,401) 17,401 <br />Non-Operating Revenues (Expenses) <br />Interest income <br />Amortization of deferred debt financing <br />cost - <br />Interest expense (85,375) 85,375 <br />Total Non - Operating Revenues (Expenses) (85,375) 85,375 <br />Change I Net Position before capital <br />contributions (102,776) 102,776 <br />Capital fund grant revenue - - <br />(102,776) 102,776 <br />Change in Net Position <br />Net Position Beginning of Year, as <br />originally reported 225,774 328,550 (102,776) <br />Adjustment for change in reporting Unit - <br />Merger with BCHA - Note 7 (225,774) (225,774) <br />Net Position - End of Year $ - S225,774 $(225,774) <br />Louisville Housing Authority as a Whole <br />LHA's Net Position was $0 as of December 31, 2013 as a result of the transfer of the final three properties to the <br />Boulder County Housing Authority. The transfer of LHA properties to BCHA binds BCHA to a number of <br />commitments over the next fifty years. BCHA has internally set aside funding to complete renovations in <br />Louisville over the next two years. <br />General Fund Budgetary Highlights <br />In 2013 there was no activity to highlight. <br />21 <br />11 <br />