Louisville Housing Authority Agenda and Packet 2009 08 25

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Louisville Housing Authority Financial Update - July 2009 July 2009 - Year to Date Louisville Housing Authority Financial Statements Total rental income is over budget by 2% or $6,671 for the period ending July 2009. All projects are at or above their budgeted occupancy rate. Total tenant charges are below budgeted amounts by 8% or $306. Administrative expenses are 2% or $1,539 more than budget. In July an additional $3,808 was paid to BCHA for Management Fees for Regal Square. The budget was not calculated using the correct 2009 fee per the management agreement and a budget resolution is included in this month's packet to correct. Total utility expenses are less than budget by 8% or $3,388. The largest savings to date is $2,008 in Electricity. Maintenance salary and contract expenses are under budget by 36% or $21,911. These savings are due in part to low turnovers to date. Maintenance Materials are under budget by 44% or $4,244 also because of low turnovers. See attached listing Non-Routine Expense. General Operating Expenses are under budgeted amounts by 31 % or $4,957. The largest savings is $4,862 in Bad Debt Expense. Interest Income is under the budgeted amount by $4,900 or 51 %. Interest was set at 1 % and the current yield is .28%. HUD Capital Fund Grant Revenue will be drawn down and recorded in August. $24,651 was spent on window replacement at Hillside. Interest Expense is under budget by less than 1 % or $211. Capitalized rehab expenses not reflected in the operating statement includes $14,266 for the solar system at Acme.