Red Wing Housing & Redevelopment Authority 428 West Fifth

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


Non-rental Revenue (Tax Levy funds) 5,000

Other Income


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


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


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

Documents

Red Wing Housing & Redevelopment Authority 428 West Fifth