Louisville Housing Authority Agenda and Packet 2010 12 07

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Lincoln Street Elderly Limited Partnership Financial Statements Rental income is over budget by 1% or $1,705 the period ending October 2010. General income is over budget by 33% or $248. Total administrative expenses are 3% or $1,522 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 7% or $2,401. Maintenance salary and contract expense are over budget by 12% or $2,797. Year -to -date HVAC expense includes $3,740 to replace the heat pump due to a bad compressor. Maintenance Materials is over budget by 15% or $548. 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 $5,148 under budget to date. There were no bad debt write offs through October. East Street Limited Partnership Financial Statements Rental income is exceeding budget by 3% or $4,385 for the period ending October 2010. This is due to 97% occupancy for this period. The budgets are set at 95% occupancy. Other income is $8,978 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 3% or $581 primarily in bank fees. Bank fees were not included as a budgeted line item. Total utility expenses are 14% or $1,872 less than budget. Maintenance salaries and contract expense are 1% or $224 under budget to date. Maintenance materials are 62% or $1,275 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 55% or $7,397 more than budget year to date. All bad debt expenses of $13,091 have been turned over to collections. These are maintenance charges related to a fire and resulting water damage by the sprinkler system. 6