CADA Board of Directors October 27, 2017, Board Meeting TRANSMITTALS (H) FINANCIAL REPORT FOR THE PERIOD ENDING September 30, 2017

Transcription

1 October 20, 2017 TO: SUBJECT: CADA Board of Directors October 27, 2017, Board Meeting TRANSMITTALS (H) FINANCIAL REPORT FOR THE PERIOD ENDING September 30, 2017 CONTACT PERSON: Noelle Mussen, Controller Enclosed, for the three months ending September 30, 2017, is the General Operations financial report. Financial Results For the 3 Months ending September 30, Annual YTD YTD Fav(Unfav) Budget Budget Actual Variance (All Funds) Funding Sources $ 11,835,089 $ 1,990,744 $ 2,094,894 $ 104,150 Operations Expenses (11,017,291) (2,653,998) (2,322,833) $ 331,165 Operating results 817,798 (663,254) (227,939) 435,315 Investment in Capital Investment Program (812,940) 40,518 40,518 - Utilization of Financial Resources - Available Fund Balance Contribution to Available Fund Balance (4,858) (1,215) - 1,215 (4,858) (1,215) - 1,215 Net Results $ - $ (623,950) $ (187,420) $ 436,530 The results of General Operations through September 30, 2017 () show an favorable budget variance a total of $436,530, consisting of $104,150 in favorable variances in funding sources and $331,165 in favorable variances in operating expenses. General Operations Funding Sources reflects a net favorable variance of $104,150. All Rental Revenue accounts with the exception of Parking are above budget, by a total of $113,106. This is offset by Vacancy Loss and Loss to Lease which are over budget by $(42,501). Other Investment Income shows a favorable variance in interest income of $6,831. General Operations Operating Expenses increases the overall favorable variance by $435,315. All major categories reflect favorable variances, with the exception of Debt Service which is due to timing of debt payments for the 2017 CADA private placement bond. The overall favorable variance in General Operations is mostly due to the timing of expenses in of the major expense

2 Financial Report Synopsis Page 2 categories. With only three months of activity reflected, it is difficult to identify any significant trends for the year. Financial Report Enclosures: General Operation all funds

3 (In Whole Numbers) Budget-Annual YTD Budget YTD Year Actual YTD Variance FUNDING SOURCES of General Operations Rental Income Parking 375,500 93,875 89,028 (4,847) Ground Lease Revenue 187,000 46,750 46, Residential Rental Revenue 8,007,192 2,001,798 2,094,912 93,114 Commercial Rental Revenue 415, , ,269 24,394 Coin Op Laundry Revenue 41,360 10,340 10,072 (268) Courtyard Event Revnue 12,000 3,000 3, Rental Vacancy Loss (383,955) (95,989) (103,024) (7,035) Low Income Subsidy (809,900) (202,475) (182,666) 19,809 Loss to Lease (330,200) (82,550) (118,016) (35,466) Forfeited Security Deposits 2, (110) Bad Debt Recovery Misc Current Svcs - Mgmt Fees 121,246 30,312 30,312 1 Misc Current Svcs - Salaries 149,093 37,273 30,560 (6,713) Total Rental Income 7,787,436 1,946,859 2,030,510 83,653 Tax Increment Revenue Tax Increment Revenue 3,800, Total Tax Increment Revenue 3,800, Other Government Agency Revenue Annuity (HCD) 5, Total Other Government Agency Revenue 5, Interest and Other Investment Income Interest Income on Investments with City 155,740 25,957 45,766 19,809 Interest Income Received 18,170 3,028 3, Interest Income-Reserve Allocation (2,950) (492) Interest Income - Pool A Tax Exempt 6,500 1,083 1, Interest Income - Pool A Taxable Bond 9,000 1,500 1, Notes Receivable-Payments Received 12,200 2,033 2,000 (33) Total Interest and Other Investment Income 198,660 33,110 54,159 21,049 Miscellaneous Revenue Miscellaneous Income 43,100 10,775 10,458 (317) Allowance for Uncollectibles - - (233) (233) Total Miscellaneous Revenue 43,100 10,775 10,225 (550) Total FUNDING SOURCES of General Operations 11,835,089 1,990,744 2,094, ,150 General Operations EXPENSE Employee Services & Benefits Special Management Salaries (166,877) (41,719) (35,006) 6,713 Salaries (2,372,000) (593,000) (595,870) (2,870) Employee Recognition (34,000) (8,500) (8,700) (200) Employee Appreciation - - (1,530) (1,530) Social Security/Medicare (33,000) (8,250) (8,487) (237) Cafeteria Plan (445,000) (111,250) (109,683) 1,567 Long Term Disability (25,000) (6,250) (5,852) 398 State Unemployment (11,000) (2,750) (492) 2,258 Workers Compensation (117,000) (29,250) (789) 28,461 Life & AD&D Insurance (10,300) (2,575) (2,688) (113) PERS Retirement (412,500) (103,125) (100,633) 2,492 Post Retirement Health Benefit Contributions (260,400) Retiree Health Benefits (141,000) (35,250) (34,967) 283 Employee Assist Program (EAP) (2,350) (588) (381) 207 Total Employee Services & Benefits (4,030,427) (942,507) (905,078) 37,429 Outside Services Prop Mgmt Marketing - Sp Mgmt Credit 3, (1) Marketing & Media (25,000) (6,250) (9,459) (3,209) Property Management Marketing (16,125) (4,031) (3,499) 532 Printing and Binding (5,000) (1,250) (940) 310 Blueprints and Photography (2,500) (625) Employment Rcruitment & Notices (2,000) (500) (224) 276 Construction Bid Advertisement (5,000) (1,250) (334) 916 Courtyard Management & Marketing (12,000) (3,000) (2,638) 362 Legal Services (116,250) (29,063) (6,497) 22,566 Accounting and Auditing (47,400) Community Activities (30,000) (7,500) (5,315) 2,185 Document Storage & Destruction (3,000) (750) (797) (47)

4 Network Administration Services (80,000) (20,000) (12,990) 7,010 Payroll Services (8,800) (2,200) (1,615) 585 Banking & Investment Fees (13,589) (3,397) (2,135) 1,262 Admin Other Professional Services (41,000) (10,250) (6,225) 4,025 Prop Mgmt Other Professional Services (12,000) (3,000) (2,713) 287 Asset Mgmt Other Professional Services (47,000) (11,750) (37,315) (25,565) Courtesy Patrol (135,881) (33,970) (39,171) (5,201) Courtesy Patrol-Sp Mgmt Credit 14,875 3,719 3,720 1 Insurance - Special Management (73,500) Insurance (138,000) (34,500) (441) 34,059 Self-Insured Losses (77,500) (19,375) (44,850) (25,475) Project Banking Fees (16,000) (4,000) (1,845) 2,155 Admin Temporary Outside Svcs (10,000) (2,500) (171) 2,329 Temporary Outside Services (77,000) (19,250) (28,799) (9,549) Eng/Arch-Miscellaneous (39,000) (9,750) (6,413) 3,337 Legal - Dev Project Related (20,000) (5,000) (456) 4,544 D&A Other Professional Services (12,000) (3,000) - 3,000 D&A Miscellaneous Expense (7,000) (1,750) - 1,750 Total Outside Services (1,054,545) (233,411) (210,342) 23,069 Maintenance & Repair Emerg Relocation-Ops Related (3,000) (750) (2,261) (1,511) Operation Location Improvements (5,000) (1,250) (312) 938 Admin Office - General Maintenance (22,000) (5,500) (4,261) 1,239 Maint Office Janitorial (6,000) (1,500) (800) 700 Maint Office - General Maintenance (9,000) (2,250) (3,311) (1,061) Equipment Rental Expense (5,000) (1,250) (4,689) (3,439) Accessibility (9,000) (2,250) - 2,250 Construction Mitigation Expense (12,000) Repair & Maint - Misc Residential (78,600) (19,650) (27,078) (7,428) Lndscape-Sp Mgmt Credit 9,635 2,409 2,409 0 Toxic Abatement Program (7,000) (1,750) (2,250) (500) Travel-Fuel on CADA Vehicles (6,500) (1,625) (1,553) 72 Travel-Maint Staff Reimburse (6,000) (1,500) (1,331) 169 Travel-RSR Reimbursement (2,000) (500) (146) 354 Elevator/Bldg Phone & Monitor Service (2,300) (575) (393) 182 Service Contracts (214,800) (53,700) (32,100) 21,600 State Fire Marshal (8,000) - (962) (962) Flooring (237,400) (59,350) (27,988) 31,362 Plumbing (51,300) (12,825) (10,915) 1,910 Countertops/Cabinets (40,000) (10,000) (6,695) 3,305 Landscaping (91,630) (22,908) (30,057) (7,150) Pest Services (52,700) (13,175) (6,246) 6,929 Permits and Fees (4,500) (1,125) (993) 132 Painting & Decorating (45,075) (11,269) (281) 10,988 Supplies (37,800) (9,450) (8,700) 750 Vehicle Repair and Maint (6,000) (1,500) (481) 1,019 Electrical Supplies (36,000) (9,000) (4,011) 4,989 Plumbing Supplies (40,000) (10,000) (14,179) (4,179) Prop Mgmt Furn & Appliances (40,000) (10,000) (8,841) 1,159 Building Supplies - Misc (100,000) (25,000) (29,072) (4,072) Clothing and Uniforms (4,500) (1,125) - 1,125 Maintenance Mach & Equip (25,000) (6,250) (9,662) (3,412) Operating Budget Major Repairs (20,800) (5,200) (4,886) 314 Total Maintenance & Repair (1,219,270) (299,818) (242,045) 57,773 Utilities Admin Office Utilities (30,000) (7,500) (6,934) 566 Maint Office Utilities (15,000) (3,750) (3,544) 206 Utilities-Garbage (57,500) (14,375) (6,767) 7,608 Utilities-SMUD/Electricity (149,130) (37,283) (22,392) 14,891 Utilities-PG&E/Gas (289,075) (72,269) (16,595) 55,674 Utilities-Water/Sewer (610,500) (152,625) (124,724) 27,901 Total Utilities (1,151,205) (287,801) (180,957) 106,845 Overhead Postage and Deliveries (6,000) (1,500) (2,026) (526) Telephone and Wireless Svcs (24,000) (6,000) (3,575) 2,425 Cellular Phone Service (27,000) (6,750) (5,506) 1,244 Internet Services (36,000) (9,000) (457) 8,543 Admin Bldg Rent (108,200) (27,050) (16,344) 10,706 Equipment Rental Expense (2,500) (625) (441) 184 Parking Program (1,500) (375) - 375

5 JPA Board Expenses (7,000) (1,750) (154) 1,596 Professional Organizations (15,000) (3,750) (514) 3,236 Subscriptions (2,000) (500) (89) 411 Education and Training (18,000) (4,500) (9,512) (5,012) Management Fee (122,720) (30,680) (30,312) 368 Transportation-Admin Staff (2,000) (500) (292) 208 Resident Relations (10,000) (2,500) (1,394) 1,106 Sp Mgmt Prop Taxes & Assessments (15,194) Property Taxes & Assessments (111,898) (27,975) (36,008) (8,034) Hospitality (1,500) (375) (274) 101 Office Supplies - General (15,000) (3,750) (2,456) 1,294 Software (83,000) (20,750) (12,986) 7,764 Computer Hardware (50,000) (12,500) (8,799) 3,701 Admin Furn Mach & Equip (16,000) (4,000) - 4,000 Safety - General Admin (5,500) (1,375) (926) 449 Office Equipment Repair/Maint (19,000) (4,750) (3,698) 1,052 General Contingency Provided (9,024) Total Overhead (708,036) (177,009) (135,765) 35,192 Debt Service - - Debt Service Principal Paid (551,911) (137,978) (62,244) 75,734 Debt Interest Paid (184,046) (46,012) (20,176) 25,836 Bond Debt Svc-Principal Pd (379,898) (94,975) (379,895) (284,921) Bond Interest Paid (324,196) (81,049) (165,584) (84,535) Tax Increment Pledge (300,000) (75,000) - 75,000 Total Debt Service (1,740,051) (435,013) (627,899) (192,886) Contributions to Reserves Operations Contingency Reserve Contrib (68,515) (17,129) - 17,129 Development Reserve Contribution (769,296) (192,324) - 192,324 Affordable Housing Reserve Contribution (192,948) (48,237) - 48,237 Equipment Replace Reserve Contribution (72,183) (18,046) (18,045) 1 Debt Retirement Reserve Contribution (10,815) (2,704) (2,703) 1 Total Contributions to Reserves (1,113,757) (278,439) (20,748) 257,691 Total General Operations EXPENSE (11,017,291) (2,653,998) (2,322,833) 331,165 Inter-Fund Operation TRANSFERS Inter-Fund Operating TRANSFERS IN Operations Transfer from F 50-CAP Tax Incr 934, Operations Transfer from F 51-CAP Set-Aside 460,540 42,249 42,249 - Operations Transfer from F 70-Afford Housing 30, Total Inter-Fund Operating TRANSFERS IN 1,425,870 42,249 42,249 - Inter-Fund Operating TRANSFERS OUT Operations Transfer to F10-General (1,357,355) (42,249) (42,249) - Operations Transfer to F 37 - Biele (68,515) Total Inter-Fund Operating TRANSFERS OUT (1,425,870) (42,249) (42,249) - Total Inter-Fund Operation TRANSFERS OPERATING RESULTS, before Capital Investment Program 817,798 (663,254) (227,939) 435,315 CAPITAL INVESTMENT PROGRAM Investment in MAJOR CONSTRUCTION Program CIP Transfer to F10-General (719,014) CIP Transfer to F38-17th St. Commons (30,000) CIP Transfer to F40 - Brannan Court (50,000) CIP Transfer to F41 - Fremont/Wilshire (90,000) Total Investment in MAJOR CONSTRUCTION Program (889,014) Investment in DEVELOPMENT Program Dev Program TF to F 10 - General 76,074 40,518 40,518 - Total Investment in DEVELOPMENT Program 76,074 40,518 40,518 - Total CAPITAL INVESTMENT PROGRAM (812,940) 40,518 40,518 - UTILIZATION OF FINANCIAL RESOURCES Contribution to Available Fund Balance (4,858) (1,215) - 1,215 Total UTILIZATION OF FINANCIAL RESOURCES (4,858) (1,215) - 1,215 NET RESULTS OF - (623,950) (187,421) 436,530