Louisville Housing Authority Agenda and Packet 2010 12 07

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questioned where these funds came from. Chuck stated they are Federal funds designated for the state. Posted at www .buildinglivablecommunities.org Finance Report Resolution 2010 -11: A Resolution approving the Management Fee Agreements for Hillside, Regal Square, Acme Place, Lilac Place, Regal II and Lydia? Morgan for FY2011 -2013 East Street is not updated because that fee agreement cannot be updated. Rodney Felzein, LHA attorney, reviewed and signed off on the management agreements. Steve will sign after. Scott motioned to approve resolution 2010 -11 Terri second the motion, all in favor. Approved unanimously. September Financial Update Louisville Housing Authority is over rental income by 5% or $17,000, due primarily to occupancy rate and rental increases that were instituted that were not part of budget. Administrative expenses are over budget, based on administrative costs related to the land survey for Acme Place and legal costs related to the transfer of land to Habitat. Utility expenses are under budget. Maintenance and salary and contract expenses are under budget. Materials are also under budget: This month for non routine expenses there was a lot of work done. Page 32 shows there was significant tree and bush trimming in preparation for the winter at Hillside, Lilac and Regal Square. In addition gutter and soffit replacement was done at Regal Square for $18,000 and storage doors were replaced at Lilac Place. There is a note that flooring will be completed at Lilac by the end of the year, which wraps up the rehab scheduled for the year Lincoln Street is over on rental income by 1 or $1,700, Administrative expenses are a little over budget primarily in bank fees, marketing and telephone expenses Maintenance contract expenses are over budget due to HVAC issues and replacement. No non- routine for Lydia Morgan or for East Street for the current period. East Street is exceeding budget rental income by 4% and almost $5,000 due to occupancy rates being,above where we budgeted and'rent increases. Maintenance expenses are over budget due to fire in one of the units offset by some insurance recovery proceeds. Walt questioned if the unit that had the fire and if it was completely rehabilitated and is being used Lisa stated it is occupied. 2011 Budget Update They are in draft form and will be presented this week to management in case changes need to be made. Will be brought and presented at December 7 meeting by Mary Corbat, Lead Accountant or Jay Morein, Director of Finance Operations. Sheri would like to make sure there is enough money for the administrative costs, like bank fees where we are over budget. Walt asked if there will be enough money for work that is needed at Lydia Morgan. Chuck stated that estimates for the canopy (the extension to the front entry), and other estimates for other work that needs done. Lisa has a list of rehab needs that Don Roybal the maintenance supervisor provides. The issue with Lydia Morgan is that those have to be approved by the investor. The repair needs are priority over cosmetic needs, unless it is presented as a safety issue. This comes out of the reserve funds and depending on what is in the reserve fund the investor determines what can and can't be done. A rating of 1 -5 is used to determine need the rehab work and develop the capital plan.