Red Wing Housing & Redevelopment Authority
428 West Fifth Street, Red Wing, MN 55066Telephone (651) 388-7571 FAX (651) 385-0551TDD/TTY 711 WWW.REDW1NCHRA.ORG
October 13, 2015
To: Red Wing Housing and Redevelopment Board of Commissioners
From: Randal Hemmerlin, Executive Director
Subject: Resolution No. 1188-15 adopting the 2015 Amended Budget
Background;
The HRA amends its annual budget by the end of each fiscal year. This report presents the amended budget for2015.
Analysis:
The Amended Budgets were produced by Staff utilizing the July 31, 2014 Statement of Activity reports given tous by Hawkins Ash CPAs, our fee accountant. This most recent budget data available prior to the FinanceCommittee. Projections were then based upon the history of seven months projected into a 12-month budgetwith consideration of costs that may be incurred only once or yet to be occurred.
The Amended Budget consists of nine pages plus an appendix with supporting budgets on specific programs ofGeneral Redevelopment.
■ Page 1 -Recap of income against expenditures of all the activities of the HRA.■ Pages 2 and 3 -Low Rent Public Housing and CFP• Page 4-Section 8 Voucher program■ Pages 5 and 6-Jordan Tower II {Section 8 New Construction)■ Page 7 and 8 -General Redevelopment Activities• Page 9-Shelter plus Care
■ Page 10-Small Cities Programs
Page 1 -Recap of income against expenditures of all the activities of the HRA.
The HRA's overall amended net income is projected at $511,098; most of this income is coming from JordanTower II of which a $237,600 bond payment is due each year. Also, Small Cities net of $66,500 is restricted touse as Program Income loans.
Pages 2 and 3-Low rent Public Housing and CFPRent collection are down by $30,000; this means the income of tenants is decreasing. Operation Subsidy ishigher than anticipated by $17,000 which helps cushion the decreasing rent collections. Insurance proceedsfactor into the revenues by $69,500 but this is basically a breakeven for the repairs necessary. Water andSewer is p by $7,000. Maintenance labor was up due partially to extra work for fire damage. Extraordinaryexpense includes $10,000 for new water heater that will be replaced in Late September/early October.
Page 4-Section 8 Voucher programHAP Payments are up by $78,000 or an additional 15 vouchers per month over budget. Administration salariesare up as we must use actual, not pro-dated. Levy funds needed for program is $46,100.
Pages 5 and 6-Jordan Tower II (Section 8 New Construction)Revenues from HAP and Rent Collections up by $71,000. Utilities are down in costs. Extermination is dovim by$6,300 (less bedbugs). Extraordinary expenses down by $8,000.
Page 7-General Redevelopment ActivitiesMURL admin fees in revenues. Direct TV up by $10,000. Administrative salaries are down but Sundry is wayup-Office furnace and copier machine
Page 8-Shelter plus Care
Voucher revenue down by $14,000. Levy Funds transfer in for program at $15,800.
EQUAL OPPORTUNITY HOUSING / EQUAL OPPORTUNITY EMPLOYMENT
Red Wing HRA Board of Commissioners2015 Amended BudgetOctober 13, 2015Page Two
Page 9-Small Cities Programs
Big Change in accounting by inciuding use of program income funds and 2014 award into revenues. Notcompleteiy satisfied with how we budget for these doiiars; working with Hawkins Ash.
We are inciuding an Appendix with supporting budgets for Bluffview Apartments, Transitional Housing, Women'sCenter, the Twin Homes and Buchanan/12^^ Street Houses. These numbers were transferred to the GeneralRedevelopment budget.
Recommendation:
Staff and the Finance Committee give a favorable recommendation to the Red Wing HRA Board ofCommissioners to adopt Resolution No. 1188-15 to approve the amended 2015 budget.
LRPH
puffOperating
Income
Total
Expenditures
$ 679,080
$ 619,325
Ked wmg Mousing & Keaeveiopment Autnonm2015 Amended HRA Budget 9-8-201
S+C Small CitiesCFP Sec 8 Jordan Redev. Iota
$4,951,159616,500
$1,152,100 $ 831,950 $ 684,375 $ 602,311 $ 53,800 $ 550,000 $4,493,861
Net Income
(Loss) $ 59,755 $ 49,950 $ 268,198 $ 66,695 $ $ 66,500 $ 511,098
Use of Cash
Reserves $ 103,023 $ 31,000 $ $ 112,000 $ 27,650 $ 24,600 $ 298,273Jordan II Net Income Is before a Debt Principal Payment of $190,000
Jordan I Reserves Usage is for window project
Gen. Red. Reserves $146,700
LRPH Reserves $ 103,023Total $249,723
2015 Amended
CFP
20^^Amended
Budget
2015 Final
Budget CFP 2015 Final
Income
Dwelling Rentals 445,000 465,000
Excess Utilities 6,300 7,000
Nondwelling Rentals 1,700 2,000
Total rental income 453,000 474,000
Interest on General Fund Investments 80 150
CFP 2013 Grant 0
CFP 2015 Grant 82,400 58,100 $ 73,000 58,000
CFP 2014 Grant
Insurance (Canopy proceeds) 14,500
Insurance (fire proceeds) 55,000
POHP Deferred Loan 923,000 $ 881,135
Other Income (Gen Red Reserves loan) 146,700 11,400
Operating Subsidy 87,000 70,000
Total Other income 1,152,100 226,080 $ 954,135 128,150
Expenses 1Administrative Salaries 88,000 90,000
Advertising & Marketing 3,000 3,000
T ravel 400 400
Training 9,300 6,000
Accounting 8,000 8,000
Audit 1 2,500 2,000
Office Rent 10,300 10,487
Copier, Paper and Office 3,600 8,500
Sundry 18,000 15,000
Telephone 5,600 6,000
Other 4,000 4,000
1 ̂ Total Administrative Expense " 152,700 153,3873
Resident Council 4,000 4,000
Tenant Participation 2,925 2,000
■' Hffil 6.925 6.000BWater & Sewer 41,000 34,000Electricity 40,700 41,000Gas 51,000 50,000Rubbish/Recycling 16,600 16,000
C'^r.trgQt Services 28 8nn 35,000
E )rdinarv Expenses 11 10,000
1 oial Ordinary Maintenance 19b,ov\> 186,400
Insurance 38,100 35,000
PILOT 34,000 40,000
Employee Benefits 42,500 32,000
Software Maintenance 3,600 3,500
Collections/Losses (6,600) 2,000
Total General Expense 111,600 112,500
Before Capital Expenses
Net Operating Income (Loss) 59,755 $ 954,135 2,863
Nonroutine Expenses
Capital Expenses 0
Total Nonroutine Expenses
Total Operating Expenses 619,325
After Capital Expenses
Net Operating Income (Loss 1,152,100 59,755
Capital Expenses: Amended
Capital Expenses Uses
Windows Jl $ 1,252,423 Windows Jl $ 1,175,000
USA Security $ 2,700 Total Uses $1,175,000
Total $ 1,255,123Sources
s*Sources
CFP, POHP, loan from Gen Red $ 1,152,10C| Cash Reserves $ 137,000
J! Cash Reserves $ 103,02^ Gen Redevel $ 131,865 $ 268,865
Total $ 1.255,12J PHOP $ 881,135
1 GPNA/MIsc $ 25,000
Repair Unit damaged from Fire $ 64,000 Total Sources $1,175,000Repair Canopy $ 14,780
Cameras $ 32,800 2015 CFP
Total $ 111,580 Structure Rehab $ 9,252Repay Gen Red $ 40,848
3 Cameras $ 22,900
Total $ 73,000
m Amended Section 8 Ope
2015
Amended
Adm
Budget
2015
Amended
Budget
Amended
2015 HAP+
Admin
2015 Final
Admin
2015 HAP
Final
2015 HAP +
Admin
Income
HAP Pavments earned $710,000 $ 710,000 $632,000 $ 632,000
Administrative Fees earned $ 72,000 $ 72,000 $ 70,000 $ 70,000
Interest $
Operating Trfr In $ 46,100 $ 46,100 $ 31,000 $ 31,000
$710,000
S)e0ens^ iji^r
Administrative Salaries $ 60.000 $ 60,000 $ 57,000 $ 57,000
Accounting $ 4,100 $ 4,100 $ 7,400 $ 7,400
Audit $ 2,000 $ 2,000 $ 750 $ 750
Port Fees $ 1,100 $ 1,100 $ 1,500 $ 1,500
Training $ 3,000 $ 3,000 $ 3,000 $ 3,000
T ravel $ 100 $ 100 $ 500 $ 500
Sundry $ 8,000 $ 8,000 $ 4,500 $ 4,500
Employee Benefits $ 25,700 $ 25,700 $ 11,400 $ 11,400
Insurance $ 400 $ 400 $ 400 $ 400
Housing Assistance Payment $714,000 $ 714,000 $632,000 $ 632,000
Telephone $ 3,500 $ 3,500 $ 3,500 $ 3,500
Office Rent $ 950 $ 950 $ 950 $ 950
Office, Paper and Copier Exp $ 6,100 $ 6,100 $ 5,500 $ 5,500
Computer 7 Comp. Main. Cost $ 3,000 $ 3,000 $ 3,000 $ 3,000
Total Operating Expenses $117,950 $714,000 $ 831,950 $ 99,400 $632,000 $ 731,400
Capital Expense 0
Net Operating Income (Loss) $ 150 $ (4,000) $ (3,850) $ 1,600 $ $ 1,600
Cash Reserves held at the HRA 3,200 $ 3,200
HUD Held Reserves $ 44,945
4
2015 Amended
2015
Amended
2015
Amended
Total 2015
Amended 2015 Final
2015
Final 2015 Final
2015 Total
Final
Income: SS Coord CST Jordan Tower Combined SS Coord CST Jordan Tower Combined
Dwelling Rental $ 362,000 $ 362,000 $ 353,000 $ 353,000
HAP Subsidy $ 452,000 $ 452,000 $ 390,000 $ 390,000
Interest Income $ 120 $ 120 $ 150 $ 150
Sales Tax Refund $ $
Other Income $ 67,270 $ 24,183 $ 47,000 $ 138,453 $ 69,000 $24,183 $ 43,000 $ 136,183
Total Operating Income $ 67,270 $ 24,183 $ 861,120 $ 952,573 $ 69,000 $24,183 $ 786,150 $ 879,333
Expenses:
Administrative Salaries $ 43.500 $ 104,000 $ 147,500 $ 46,000 $ 95,000 $ 141,000
Office Rent $ 10,700 $ 10,700 $ 10,631 $ 10,631
Consultant $ 31,200 $ 31,200 $21,765 $ 21,765
Legal $ 500 $ 500 $ 500 $ 500
Training $ 425 $ 6,000 $ 6,425 $ 3,250 $ 6,000 $ 9,250
Travel $ 200 $ 200 $ 200 $ 200
Audit $ 2,500 $ 2,500 $ 2,000 $ 2,000
Telephone $ 5,600 $ 5,600 $ 6,000 $ 6,000
Sundry $ 3,000 $ 14,000 $ 17,000 $ 4,000 $ 8,000 $ 12,000
Advertising $ 3.000 $ 3,000 $ 3,000 $ 3,000
Paper. Copier and Office Supplies $ 6,150 $ 6,150 $ 3,350 $ 8,500 $ 11,850
Temp Service Contract $ 100 $ 100 $
Accounting
Water/Sewer (added sewer costs)
$ 5,200
$ 24,800
$ 5,200
$ 24,800
$ 9,000
$ 22,000
$ 9,000
$ 22,000
Electricity $ 33,500 $ 33,500 $ 34,000 $ 34,000
Gas $ 50,000 $ 50,000 $ 60,000 $ 60,000
Rubbish/Recycling $ 10,100 $ 10,100 $ 8,500 $ 8,500
Maintenance Labor $ 95,200 $ 95,200 $ 90,000 $ 90,000
Maintenance Materials $ 34,200 $ 34,200 $ 35,000 $ 35,000
Uniforms $ 500 $ 500 $ 500 $ 500
Exterminating $ 5,700 $ 5,700 $ 12,000 $ 12,000
Contract Services $ 20,800 $ 20,800 $ 25,000 $ 25,000
Elevator Contract $ 7,300 $ 7,300 $ 6,500 $ 6,500
Extraordinary Expenses $ 2,000 $ 2,000 $ 10,000 $ 10,000
Snow Removal $ 2,200 $ 2,200 $ 3,000 $ 3,000
Replacement Non Exp Equip $ $ $
Total Maintenance $ 167,900 $ 167,900 $ 182,000 $ 182,000
1
Bond lnter« $ 47,600 $ 47,600 $ 47,600 $ 47,600
Amortization of Bond Discount $
Insurance and casualty iosses $ 400 $ 29,700 $ 30,100 $ 400 $ 26,000 $ 26,400
Employee Benefits $ 11.500 $ 39,500 $ 51,000 $ 12,000 $ 37,000 $ 49,000
Software Maintenance $ 3,750 $ 3,750 $ 4,000 $ 4,000
PILOT $ 28,800 $ 28,800 $ 27,000 $ 27,000
Paying Agent $ 750 $ 750 $ 500 $ 500
Total General $ 11,900 $ - $ 150,100 $ 162,000 $ 12,400 $ 142,100 $ 154,500
Before Capital Expenditures
Net Operating Income (Loss) $ 8,445 $ (7,017) $ 266,770 $ 268,198 $ $ 2,418 $ 188,719 $ 191,137
Non Routine Expenditures
Escrowed Bond Prin Payment $ 190,000 $ 190,000 $ 190,000 $ 190,000
Total Non Routine Expenditures $ 190,000 $ 190,000 $ 190,000 $ 190,000
Total Operating Expenditures $ 58,825 $ 31,200 $ 784,350 $ 874,375 $ 69,000 $21,765 $ 787,431 $ 878,196
Net Operating Income (Loss) $ 76,770 $ 78,198 $ (1.281) $ 1,137
Capital Expenditures (Cameras) $ 32,800 $ 30,000 $ 30,000
Non Operating Receipts
Increase/fDecrease) to Reserve Funds $ 43,970 $ $ 2,418 $ (31,281) $ (28,863|
2015 Caoital Expenditures are for security cameras. % of Expenses
Anticpated Cash Reserves 2015 $ 200,000 4 months 33%
$ 303,216 6 months 51%
2015 Amended
2015 Amended
General
Redevelopment
Amended
Bluffview
Apts
Amended
Trans
Housing
Amended
Women's
Center
Amended
Tw/in
Homes
Amended
Buchanan
/12th
2015
Total
Budget
2015 General
Redevelopment
Bluffview
Apartments
Trans
Housing
Women's
Center
Twin
Homes
Buchanan/
12th
Cily of Red Winq Levy $ 267,625 $ - $ - $267,625 $ 257,125 $ 5,500 $ 5,000
Transfer from Cash $ 112,000 $ 112,000 $ 90,000 $ 90,000
Interest Income $ 6,775 $ 2,500 $ 9,000 $ 9,000
Direct TV $ 52,000 $ 52,000 $ 42,400 $ 42,400
Rental Income $ 163,306 $ 95,350 $ 12,600 $ 12,756 $ 21,000 $ 21,600 $177,636 $ 14,000 $ 96,300 $12,600 $12,756 $ 21,000 $ 20,980
Office Rent $ 25,000 $ 25,000 $ 21,335 $ 21,335
Admin Fees MURL $ 6,700 $ 6,700 $
SCDP Fees Eamed $ 7,605 $ 7,605
Expenses
$ 35,600 $ 35,600 $
iaoM mma
Administrative Salaries t2S,250 $ 94,000 $ 18,000 $ 4,100 $ 4,000 $ 4,900 $ 250 $151,440 $ 124,000 $ 15,000 $ 4,000 $ 4,000 $ 1,440 $ 3,000
Advertising $ 800 $ 500 $ 200 $ 50 $ 50 $ 600 $ 300 $ 200 $ 50 $ 50
Consultant (Hsq Stdy, misc) $ 24,000 $ 24,000 $ 5,000 $ 5.000
Travel $ 6,450 $ 6,450 $ 2,025 $ 2,000 $ 25
Training $ 6,000 $ 6,000 $ 10,775 $ 10,775 $
Legal $ 2,600 $ 2,500 $ 50 $ 50 $ 10,150 $ 9,950 $ 100 $ 50 $ 50
Board Stipends $ 3,800 $ 3,800 $ 4,200 $ 4,200
Software Maintenance $ 11,500 $ 11,500 $ 7.500 $ 7,500
Ind Living Services $ 6,000 $ 6,000 $ 6.000 $ 6,000
SEMCAC $ 6,000 $ 6,000 $ 6.000 $ 6,000
Accounting $ 10,250 $ 9,250 S 1,000 $ 4,400 $ 3,400 $ 1,000
Audit $ 2,050 $ 2,000 $ 50 $ 875 $ 825 $ 50
Sundry, copier, paper, off. exp. $ 47,200 $ 46,000 $ 550 $ 350 $ 300 $ 20,750 $ 18,900 $ 400 $ 700 $ 750
Telephone $ 4,250 $ 4,250 $ 4,000 $ 4,000
Memberships $ 750 $ 750 $ 1,800 $ 1,800
Water and Sewer $ 14,500 $ 4,000 $ 8,500 $ 600 $ 1,400 $ 14,550 $ 4,800 $ 6,500 $ 1,250 $ 2,000
Electricity $ 5,850 $ 5,600 $ 250 $ $ $ 6,350 $ 5,700 $ 400 $ 150 $ 100
Gas $ 9,600 $ 3,200 S 6,400 $ $ $ 13,150 $ 5,000 $ 8,000 $ 50 $ 100
Rubbish $ 4,000 $ 550 $ 2,700 $ 750 $ 2,800 $ 2,300 S 500
Direct TV $ 25,000 $ 25,000 $ 24,000 $ 24,000
Maintenance Labor $ 13,170 $ 2,560 $ 3,000 $ 2,570 $ 1,040 $ 2,100 $ 1,900 $ 10,500 $ 6,000 $ 1,000 $ 2,500 $ 500 $ 500
Materials $ 7,090 $ 1,200 $ 5,000 $ 620 $ 50 $ 50 $ 170 $ 19,750 $ 15,000 $ 3,000 $ 500 $ 500 $ 250 $ 500
Contract Costs, computer maint. $ 22,650 $ 12,500 $ 4,400 $ - $ 350 $ 400 $ 5,000 $ 17,950 $ 10,500 $ 2,500 $ 2,000 $ 2,500 $ 400 $ 50
Insurance $ 34,550 $ 16,700 $ 8,900 $ 1,500 $ 2,900 $ 1,550 $ 3,000 $ 31,500 $ 14,800 $ 8,500 $ 1,400 $ 2.600 $ 2,000 $ 2,200
' PILOT/RE Taxes $ 16,675 $ 5,550 % m:n $ 28,500 $ 11,800 $ 9,800 $ 400 $ 4,000 $ 2,500
Employee Benefits $ 43,600 $ 37.600 $ 1,900 $ 2,100 $ 2,000 $ 28,860 $ 23,060 $ 4,200 $ 800 $ 800
Interest Expense $ 1,400 $ 1,400 $ $ 1,400 $ $ 1,400 $
Sutxiivision Cost S 2,726 $ 2,726 $ 2,726 $ 2,726
Collections S $ 1,000 $ 250 $ 750
TH/Section 8 Transfer $ 24,600 $ 46.100
Non-expensed Cap Expend $ $
Community Development $ 120,000 $ 120,000 $111,000 $ 111,000
Total Expenses $ 602,311 $ 500,736 S 70,400 $ 10,890 $ 10,340 $ 15,800 $ 15,645 $549,551 $ 433,286 $ 68,725 $10,100 $12,900 $ 12,740 $ 11,800
2015
Amended
Budget
2015 Final
Budget
Income
Shelter + Care Grant Funds $ 24,000 $ 38,000
Administrative Fees earned $ 1,400 $ 2,600
Other (security deposits) $ 750 $ 1,500
Transfer in from Gen Redev $ 27,650
$ 13,100
$ 11,850
$ 8,000Administrative Salaries
Accounting
HMIS (Hope)/Three Rivers $ 1,000 $ 1,000
Training
Travel $ 750 $ 750 Includes CoC
Sundry $ 6,000 $ 100
Employer Paid Benefits $ 5,600 $ 1,600
Accra $ 2,600 $ 2,600
Landlord Payments $ 24,000 $ 38,000
Office, Paper and Copier Exp
Security Deposits $ 750 $ 1,500
Total Operating Expenses $ 53.800 $ 53,550
Net Operating Income (Loss) $ $ 400
10
2015
Amended 2015 Final
Income
SC 2014 Award $ 250,000
SC 2014 Admin Fees $ 37,500
Red Wing Levy (match +
adm) $ 108,500 $ 24,900
Interest on PI Loans $ 3,500
Program Income (PA) $ 175,000
Fees Earned PI $ 42,000
Other Income** $ 78,000
Total Income $ 616,500 $ 102.900
Expenses
Administrative Salaries $ 21,000 $ 21,000
Advertising
Travel
Training
Legal $ 200 $ 200
Board Stipends
Software Maintenance
Accounting
Audit
Sundry $ 1,300 $ 1,300
Telephone
Maintenance Labor
Materials
Contract Costs $ 97,500 $ 78,800
Insurance
PILOT/RE Taxes
Employee Benefits $ 3,600 $ 1,600
Interest Expense
Subdivision Cost
Collections
Construction Costs
Funds Expended in loans $ 550,000
Total Expenses $ 550,000 $ 102,900
Appendix
SUPPORTING BUDGETS
Bluffview ApartmentsTransitional HousingWomen's Center
Twin Homes (5th Street)Buchanan/12^^ Street Houses
Revenues 2015 Amended Budget
2015 Final
Budget
Rental Revenue $ 99.700 $ 96,300
Non-rental Revenue $ 2.500 $ 100
Total Operating Revenue $ 102,200 $ 96,400
^^RBiSExnenses
Administration
Salaries $ 18,000 $ 15,000
Advertising $ 200 $ 200
Travel $ 25 $ 25
Training $
Legal $ $ 100
Accounting $ 1,000 $ 1,000
Auditing $ 50 $ 50
Sundry $ 550 $ 400
Total Administration $ 19,825 $ 16,775
Utilities
Water and Sewer $ 8,500 $ 6,500
Electricity $ 250 $ 400
Gas $ 6,400 $ 8,000
Rubbish $ 2,700 $ 2,300
t WJW
Maintenance Labor $ 3,000 $ 6,000
Materials $ 5,000 $ 3,000
Contract Costs $ 4,400 $ 2,500
Insurance $ 8,900 $ 8,500
PILOT $ 9,550 $ 9,800
Employee Benefits $ 1,900 $ 4,200
Collections $ $ 750
Total Main and Other Exp. $ 32,750 $ 34,750liiwbr-'iriiilri iijihBi
2015 Capital Improvements
Uses None
Paint Exterior $ 20,500
Sources
NOI $ 31,775
Net to Reserve $ 11,275
1% rent increase proposed in 2015;Last rent increase was to $697 in
2013, none in 2014. HUDFMRfor
2014 for two bedroom units is $745
including all utiliies.
New Rent per month $ 704
Cash Reserve as of July 31, 2014 $25,269
Cash Reserve as of July 31, 2015 $ 32,269
5% Vacancy Allowance factored in.
Cap Exp Amended
Est. Excess $ 31,775 $ 27,675
Total $ 31,775 $ 27,675
Less to HRA $ (5,000) $
Net for Capital Improvements $ 26,775 $ 27,675
1 2015 Amended Hill Street Transitional Housing Operating Budget 9-1-2015HII
Revenues
2015 Amended
Budget 2015 Final
2015
Amended
Budget 2015 Final
Rental Revenue $ 12,600 12,600
Interest on reserve funds $ 60
Non-rental Revenue (Tax Levy funds) $ 5,500
Total Operating Revenue $ 12,660 18,100
Operating Expenses Capital Expenditures
Administration Sources
Salaries $ 4,100 4,000 NOI $ 1,770 $ 8,000
Advertising Reserves $ 28,230 $ 11,000
Travel Total $ 1,770 $ 19,000
Training Uses
Legal Retaining Wall $ 30,000 $ 8,000
Accounting Shingles 0 $ 10,000
Auditing Total $ 30,000 $ 18,000
Sundry
Total Administration $ 4,100 4,000
Utilities
Water and Sewer
Electricity
Gas
Rubbish
Maintenance Labor $ 2,570 1,000
Materials $ 620 500
Contract Costs $ 2,000
Insurance $ 1,500 1,400
PILOT $ 400
Employee Benefits $ 2,100 800
Collections
—rTiirfirilifii' ii v .
Revenues
2015
Amended
Budget
2015
Final
2015
Amended
Budget 2015 Final
Rental Revenue $ 12,756 12,756
Non-rental Revenue (Tax Levy funds) 5,000
Other Income
Total Operating Revenue $ 12,756 17,756
2015 Capita! Improvements
Operating Expenses Sources
Administration NOI $ 2,416 $ 4,856
Salaries and Benefits $ 4,000 4,000 Reserves $ 68,700
Advertising Total $ 71,116 $ 4,856
Travel
Training Uses
Legal Windows
Accounting Flooring two units $ 3.856
Auditing Total $ 3,856
Sundry
Total Administration $ 4,000 4,000
Utilities
Water and Sewer
Electricity
Gas
Rubbish
Maintenance Labor $ 1,040 2,500
Materials 50 500
Contract Costs $ 350 2,500
Insurance $ 2,900 2,600
PILOT
Employee Benefits
Non-Expensed Cap Expenditures
Admin
$ 2,000 800
$ 10,340 12,900
2015 Final Twin Homes Budget 9/08/2014
Revenues
2015 Amended
Budget 2015 Final
Rental Revenue $ 20,800 21,000
Other Income Rents to be increased by 1% in June, 20155% Vacancy Factor
Rent Schedule (One side mkt/one side 80% AMI)$988 per month for 5 months$843 per month for 5 months
$998 per month for 7 months$851 per month for 7 months
Total Operating Revenue $ 20,800 21,000
Operating Expenses
Adv and Mktg $ 50 $ 50
Legal $ 50 50
Administration/Salaries $ 4,900 1,440
Other $ 350 700
Water and Sewer $ 600 1,250
Electricity $ 150
Gas $ 50 Rent Months Gross
Rubbish $ 750 500 $ 988 5 $ 4,940
Snow removal/HVAC/Contracts $ 400 400 $ 843 5 $ 4,215
Maintenance Labor $ 2,100 500 $ 998 7 $ 6,986
Materials $ 50 250 $ 851 7 $ 5,957
Interest Expense $ 1,400 1,400 $ 22,098
Eff. Rent Less 5% $ 20,993 $ 21,000
Insurance $ 1,550 2,000
Real estate Taxes $ 3,600 4,000
Ins and RE Taxes $ 5.150 6,000
|yOI after Ins and RE Taxes $ 5,050 1 8,26(19
Amount Available for Debt Service $ 6,450 $ 9,660
Payment due Small Cities $ 2,024 2,024
Net to HRA/Reserve $ 4,426 7,636
2015
Amended 2015 Final
Rent $ 21,300 $ 22,080
Less 5% Vacancy Allowance $ 1,100
Effective Rent $ 21,300 $ 20,980
Rent Schedule Per Month
Bi^nses "
Buchanan $ 950
Adv and Marketing $ 50 $ 50 12th Street $ 850
Legal $ 50 $ 50 Total $ 1,800
Admin/Salaries $ 250 $ 3,000 Annual Potential $ 21,600
Other $ 300 $ 750 1-Jan-15
Water and Sewer/Rubbish $ 1,400 $ 2,000 2% Increase Per Month
Electricity $ $ 100 Buchanan $ 970
Gas $ $ 100 12th Street $870
Snow Removal/Grounds $ 50 Total $ 1,840
Maintenance Labor $ 1,900 $ 500 Annual Potential $ 22,080
Materials $ 170 $ 500
Rehab Contracts* $ 5,000
Insurance $ 3,000 $ 2,200
Real Estate Taxes $ 3,525 $ 2,500
Interest Expense $ $
Tbtal Operating Expenses $ 15,645 $ 11,800
itet^3erattng Income * 1^W^li,655 1
r Note: Rehabbed Garage and took down tree at 12th Street
RESOLUTION No. 1188-15
APPROVING 2015 AMENDED AGENCY OPERATING BUDGET
WHEREAS, the Red Wing Housing and Redevelopment Authority annual OperatingBudget has been developed to meet anticipated revenues and expenditures for Fiscal Year2015 and
WHEREAS, due to changes that have occurred, it is necessary to amend the 2015 AgencyOperating Budget, and
WHEREAS, individual Program Budgets are also included as part of this Resolution, and
WHEREAS, The HRA Finance Committee recommends approving the Amended budget.
NOW THEREFORE BE IT RESOLVED, that the Red Wing Housing and RedevelopmentAuthority Board of Commissioners hereby adopt Resolution No. 1188-15 to approve the2015 Amended Operating Budget as presented.
Dated: October 13, 2015
Board Chair
Secretary/Treasurer