Louisville Housing Authority Agenda and Packet 2011 01 25

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Lincoln Street Elderly Limited Partnership Preliminary Financial Statements Rental income is over budget by 1% or $3,190 the period ending December 2010. General income is over budget by $394. Total administrative expenses are $301 more than budget. Total utility expense is over budget by 15% or $6,170 primarily in gas expense. Maintenance salary and contract expense are over budget by 4% or $1,072. Year -to -date HVAC expense includes $3,740 to replace the heat pump due to a bad compressor. Maintenance. Materials is over budget by $482. Please see attached listing of $10,871 in non routine expense to date. General expenses are $6,266 under budget to date. There were no bad debt write offs through. December. East Street Limited Partnership Preliminary Financial Statements Rental income is exceeding budget by 2% or $3,235 for the period ending December 2010. This is due to 97% occupancy for this period. The budgets are set at 95% occupancy. Other income is $8,544 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 $202. Total utility expenses are 8% or $1,253 less than budget. Maintenance salaries and contract expense are 3% or $626 over budget to date. Maintenance materials are 72% or $1,793 more than budget to date. This includes $300 to replace a dishwasher, expenses related to routine maintenance following 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 38% or $6,207 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. 1