Louisville Housing Authority Agenda and Packet 2010 09 28

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Lincoln Street Elderly Limited Partnership Financial Statements Rental income is over budget by $970 the period ending August 2010. General income is over budget by 16% or $97. Total administrative expenses are 3% or $1,139 more than budget primarily in bank fees, project marketing and telephone expenses. Project marketing expense is comprised of two advertisements at $461 each for vacancies in January through April. Total utility expense is over budget by 5% or $1,399. Maintenance salary and contract expense are over budget by 17% or $3,076. Year -to -date HVAC expense includes $3,740 to replace the heat pump due to a bad compressor. Maintenance Materials is over budget by 32% or $965. Year -to -date expenses include replacement of a dishwasher, refrigerator and repairs to outside lighting. Please see attached listing of $10,871 in non routine expense to date. General expenses are $4,070 under budget to date. There were no bad debt write offs through August. East Street Limited Partnership Financial Statements Rental income is exceeding budget by 3% or $3,674 for the period ending August 2010. This is due to 96% occupancy for this period. The budgets are set at 95% occupancy. Other income is $9,602 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 $1,285 primarily in bank fees and management fees. Management fees are overstated in August and will be corrected next month. Total utility expenses are 15% or $1,611 less than budget. Maintenance salaries and contract expense are 11% or $1,412 over budget to date. Maintenance materials are 58% or $955 more than budget to date. Prior month expenses relate to routine maintenance needed after a move -out and expenses related to routine upgrades following an annual inspection. Please see attached listing of $20,638 in non routine expense to date. These are offset by $9,113 in Insurance Recovery Proceeds. General expenses are 68% or $7,307 more than budget year to date. All bad debt expenses of $11,862 have been turned over to collections. These are maintenance charges related to a fire and resulting water damage by the sprinkler system. 7