Louisville Housing Authority Agenda and Packet 2010 06 29

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Lincoln Street Elderly Limited Partnership Financial Statements Rental income is under budget by 1 % or $61 the period ending May 2010. General income is over budget by 12% or $46. Total administrative expenses are 5% or $1,537 less than budget. Total utility expense is over budget by 4% or $695. Maintenance salary and contract expense are under budget by 8% or $877. Maintenance Materials is over budget by 68% or $1,271. Current month expenses include replacement of a refrigerator and repairs to outside lighting, as part of normal maintenance repairs. Please see attached listing of non-routine expense to date. General expenses are $2,601 under budget to date. There were no bad debt write offs. East Street Limited Partnership Financial Statements Rental income is exceeding budget by 4% or $2,789 for the period ending May 2010. This is due to 97% occupancy for this period. The budgets are set at 95% occupancy. Other income is $8,829 more than budget. This is related to over $10,000 in tenant charges resulting from a fire and flood caused by the fire suppression system in one of the units. Total administrative expenses are over budget by 7% or $768. Total utility expenses are 14% or $960 less than budget. Maintenance salaries and contract expense are 14% or $1,183 over budget to date. Maintenance materials are 37% or $387 more than budget to date. Year to date expenses relate to routine upgrades following an annual inspection. Please see attached listing of non-routine expense to date. These are offset by $9,113 in Insurance Recovery Proceeds. General expenses are 133% or $9,015 more-than budget year to date. Current month bad debt expenses of $11,863 have been turned over to collections. These are maintenance charges related to a fire and resulting water damage by the sprinkler system. 6