REGULAR MEETING OF THE ST. CLOUD HRA BOARD OF COMMISSIONERS

Transcription

1 REGULAR MEETING OF THE ST. CLOUD HRA BOARD OF COMMISSIONERS HRA Boardroom, 1225 W. St. Germain Street Wednesday, November 29, 2017, 6:00 P.M. (earlier if retreat ends) HRA BOARD RETREAT HRA Boardroom 4:00 P.M. Purpose: To enhance the City of St. Cloud by providing affordable housing opportunities that promote self-sufficiency and collaboration for neighborhood revitalization. Regular Meeting Agenda: 1. Roll Call and Pledge of Allegiance. Consent Agenda: 2. Approval of Agenda. REQUESTED ACTION: Approve. 3. Approval of Minutes of Study Session, October 25, REQUESTED ACTION: Approve. 4. Approval of Regular Meeting, October 25, REQUESTED ACTION: Approve. 5. Review of Financials: Al Loehr Apartments Fund, Brownstones Family Housing Fund, Plum Creek Family Housing Fund, Riverside Apartments Fund, Swisshelm Village One Apartments Fund, Swisshelm Village Two Apartments Fund, Westwood Village One Apartments Fund and Westwood Village Two Apartments Fund. REQUESTED ACTION: NONE Open Forum: At this time members of the public may address the Board with questions, concerns, or comments (regarding an item NOT on the agenda). Citizens are asked to sign up to speak prior to the Open Forum portion of the meeting. Speakers will be limited to the first five citizens who sign up. The Board members will not ask questions of the speakers, but rather refer the matter to the Administration with a request for a follow-up report. A citizen may speak at the Open Forum only twice during the year. Open Forum is limited to a total of 10 minutes. TIME LIMIT IS 2 MINUTES PER PERSON. Old Business: None.

2 New Business: 6. Approval of Contract for Grace McDowall Roof Replacement. 7. Report on Activities. Open Discussion: Adjourn HRA Board Meeting Schedule - 4 th Wednesday each month at 6:00 pm; early meetings as needed. Note: November moved back one week and to be held in the HRA Boardroom as an annual retreat beginning at 4:00 p.m.; December moved forward one week to accommodate holidays. Audit Committee (Dave, Robin, Seal) meeting scheduled for 5:15 p.m., CR1, December 20, 2017 prior to regular meeting. January 2017 February 2017 March 2017 April 2017 S M T W T F S S M T W T F S S M T W T F S S M T W T F S May 2017 June 2017 July 2017 August 2017 S M T W T F S S M T W T F S S M T W T F S S M T W T F S September 2017 October 2017 November 2017 December 2017 S M T W T F S S M T W T F S S M T W T F S S M T W T F S

3 ST. CLOUD HOUSING & REDEVELOPMENT AUTHORITY STUDY SESSION Wednesday, October 25, 2017 Item 3 A Study Session for the St. Cloud HRA Board of Commissioners was held on Wednesday, October 25, 2017, City Hall Conference Room One, nd Street South, St. Cloud, MN. Chair Nancy Gohman called the meeting to order at 5:00 p.m. Commissioners present: Anab Dahir, Seal Dwyer, Jeff Goerger, Nancy Gohman, Robin Gohman and Dave Masters. Absent: George Hontos. For the first item on the agenda, Routine Annual Executive Director Evaluation there was no staff present. Items 2 and 3- Staff present: Executive Director Louise Reis, Finance Director Karen Rizer and Administrative Services Manager Sandy Hunter. Item 1 E. D. Evaluation The Personnel Committee, Chair Seal Dwyer, [George Hontos-absent] and Dave Masters, discussed with the full board the 2016 Executive Director evaluation process they conducted and their recommendation to be read at the regular meeting. Item 2 Compensation Plan Karen Rizer, Finance Director, stated the information to be used for discussion was Item 8 on the regular agenda. Chair Gohman asked if there were any changes in the plan since it was last discussed at the September 27, 2017 meeting. Ms. Rizer said to remain on the conservative side the compensation increases for those below the third quartile had been lowered between.25% and.35%. Louise Reis, Executive Director, said management felt with the unknowns of the federal budgets for the upcoming year this was necessary. Chair Gohman asked Commissioners Goerger and R. Gohman if they had any questions or concerns as they were unable to attend the September meeting where full discussion took place on the plan. Both responded they were okay with the plan and appreciated the percentage change. Commissioner R. Gohman said it would take some time to know how the plan is working so by bringing it back in a couple of years it will give a gauge to apply. Chair Gohman asked if the Personnel Committee had any additional comments. There was none. Item 3 Budgets Ms. Rizer walked through the memo and each individual budget with the Board starting with Wages and Benefits (page 8). She said the biggest change for Year 2017 shows an increase of 8.4% coming in part from adding a new Occupancy Specialist in October 2016 and a new Property Manager in February Commissioner Masters questioned the validity of health insurance going from 5% annually to 7% and then up 28% and how often this happens. Ms. Rizer explained the large increase took place in 2015; the first year the Affordable Care Act began and the Agency was rated as a community rating and not individual rating. She said prior to this time it was cost effective to go out for bids to the larger health providers annually because your rates were based on usage. Ms. Rizer said the new rating system is based only on individual s age and not health history. She said Mahowald, as our broker, does check rates annually, but it has not shown advantageous to change providers. Ms. Rizer moved to the Central Office Cost Center (COCC) Fund (page 10). She highlighted the differences since last discussed at the July 26, 2017 budget meeting. She said one change is an increase in the wage and 1

4 benefit line of $5,000 to reflect a staff member whose time currently is not charged to this fund, but will be as they spend time coordinating some IT issues for the Agency. Ms. Rizer said there is a decrease reflected under the liability and property insurance. She explained an RFP was recently issued and resulted in changing carriers. Ms. Rizer stated by changing to the League of Minnesota Cities Insurance Trust through Mahowald Agency the savings would be around $10,000. Commissioner Goerger said he noticed the Commissioner meeting fees in the new budget is up from the current year. Ms. Rizer responded this is dependent on how many meetings are held and the attendance of members. Chair Gohman clarified with Ms. Rizer that the deficit had went from an estimated COCC 2017 budget of $5,700 over to a $45,000 under loss for Ms. Rizer said this is correct and the amount will be covered with reserves. Ms. Rizer went on to the Housing Choice Voucher Program (HCV) Fund (page 11) and again stated the biggest change is in salaries and benefits affected mainly by the edition of an additional occupancy specialist position. Commissioner Dwyer asked if there was any room in the budget for convincing more landlords into taking HCV vouchers. Ms. Reis said we market and provide training for landlords but many do not want to deal with the paperwork so they decline to offer the vouchers. She said there are landlords who lower their rates for one or two units, even though their marketed rates are too high to meet the payment standards, to assist and participate in the program. Ms. Reis said there really isn t anything that can be done that isn t being done to encourage them. Commissioner R. Gohman questioned if the lower admin fee proposed is due to less vouchers being utilized. Ms. Rizer said no, it is based on the money Congress appropriates for the program. She said last year they gave everyone approximately 82.9% of what was needed to run the program and this year it is looking closer to 77% (see page 9 proration rates) they will be allocating. Ms. Rizer said there is no way to ever know an exact dollar amount until the decision is made and announced so this is always an estimate. Commissioner Masters asked why the big difference in the estimated and actual Property Liability Insurance, line 18, was so great. Ms. Rizer said for 2016 a very large one-time rebate was issued because the amount of overall claims for the insurance company was low for the year. She said this is not typical and she did not anticipate it again. Ms. Rizer added that the additional drop showing for 2018 is due to the RFP just issued and the change in vendors. Ms. Rizer moved into the Empire Apartments (page 12) budget. She said a slight drop under the Administrative line is because of the intent of a veteran employee who plans to retire in the fall. There were no questions or comments on the Scattered Sites (page 13) or Wilson Apartments (page 14) budgets. Ms. Rizer did note that Wilson shows a difference in water and sewer for 2018 coming from a new irrigation system. Ms. Rizer went to the Germain Towers Apartments (page 15) budget. She stated 2017 was a tough maintenance year. Ms. Reis explained extermination costs have been high, are being dealt with, and hopefully will go down next year. She said tenants have been very cooperative in trying to get it under control and management is looking at any possible ways to address and reduce the problem. Ms. Reis said another issue to be addressed at Germain will be repairs needed to the roof and the intricacies on it that are in need of preservations. Ms. Reis said management has been discussing the option of renting out the community room to the Paramount to help in offsetting some of these costs and will report back if this can be arranged. 2

5 Ms. Rizer moved on to Grace McDowall (Northway A&B, page 16) where she commented that 2017 is the last year in paying off the housing bonds and that next year will be the final year paying off Minnesota Housing. She said approximately $300,000 will be paid from this fund and by taking some additional funds from the Community Housing Fund the building will be debt free by the end of Ms. Rizer said the Community Housing Fund will be paid back in 2019 and Ms. Rizer stated the Capital Expenditures on line 28 are under budget because the plan to replace the roof has been postponed until spring Ms. Reis said an RFP did go out for the work but with speaking to possible vendors and considering the timing and weather and the fact that the building is not leaking it was determined it would be best to wait. Ms. Reis said another expense of around $17,000 for Grace will be the change out of an isolation valve by the City. She said it connects to the Surgical Center so the work will need to take place at night. Ms. Rizer went to the Eastwood Apartments (page 17) budget. She said at the time she wrote her memo to the Board for their packets until now, she has received word from Minnesota Housing that they will allow US Bank to be prepaid early without penalty by November 10, 2017 and will grant a provision to waive repayment to them for the $196,000 deferred loan. Ms. Rizer said the loan as written requires prepayment to Minnesota Housing upon repayment of the first mortgage to US Bank. She said the Minnesota Housing deferred loan bears no interest. Ms. Rizer said Minnesota Housing has preliminarily agreed to allow the early payoff and allow the HRA to maintain the HOME Deferred Loan after the payoff. Ms. Rizer said two resolutions will be added to the Regular meeting agenda at 6:00 p.m. that address the requirements from Minnesota Housing to allow the change. She said they did stipulate there be $25,000 annual payments, and that a resolution points out the authorized signers showing Board approval of Minnesota Housing allowing the Agency not to pay off the debt. Commissioner Goerger asked what the maintenance costs for the Brownstones (page 18) included for next year since the buildings are virtually maintenance free. Ms. Rizer said additions are to replace two of the patios and the kitchen flooring in a few units. Ms. Reis said currently the townhomes are maintenance free but the patios are made of wood and beginning to rot so they want to replace all of them eventually with a maintenance free material. There were no questions on the Plum Creek Family Housing (page 19) budget. Chair Gohman asked when the budgets would be brought to the Board for final approval. Ms. Reis said either November or December. Ms. Rizer added December is the latest they can be approved. There being no further discussion the meeting ended at 5:58 p.m. ATTEST: Secretary, George Hontos Chair, Nancy Gohman 3

6

7 Item 4 ST. CLOUD HOUSING & REDEVELOPMENT AUTHORITY REGULAR MEETING Wednesday, October 25, 2017 A Regular Meeting for the St. Cloud HRA Board of Commissioners was held on Wednesday, October 25, 2017, City Hall Council Chambers, nd Street South, St. Cloud, MN. Chair Nancy Gohman called the meeting to order at 6:00 p.m. 1. Roll call was taken and pledge of allegiance spoken. Commissioners present: Anab Dahir, Seal Dwyer, Jeff Goerger, Nancy Gohman, Robin Gohman and Dave Masters. Absent: George Hontos. Chair N. Gohman announced an addition to the agenda: Addition of Item 12 under New Business - Approval of Resolutions required by Minnesota Housing in regards to Eastwood Debt - moving current Item 12 to Item Approval of Agenda Commissioner Masters moved for approval with the additional item; Commissioner Goerger seconded the motion. The motion carried. 3. Approval of Minutes of Study Session, September 20, 2017 approved as presented. 4. Approval of Minutes of Regular Meeting, September 20, 2017 approved as presented. 5. Review of Financials: Central Office Cost Center Fund, Housing Choice Vouchers Fund, CDBG Housing Rehab Fund, Community Housing Fund, and Housing Development & Rehab Fund - no requested action. 6. Approval of Resolution Acceptance of Donation to the Al Loehr Veterans and Community Studio Apartments $2, donation accepted from Shirley Loehr of two benches and landscaping. Open Forum: There was no one wishing to speak. Old Business: 7. A. Public Hearing on the Transfer of Property at ½ Avenue North to Habitat for Humanity Executive Director Louise Reis gave a brief background on the purchase of the property, saying the HRA has a total of $51, invested in the site. She announced that Executive Director Bruce Johnson from Habitat was available for any questions and to further discuss the plans for the site. Chair N. Gohman opened the public hearing at 6:03 p.m.; there being no one present to speak the public hearing closed. 7. B. Approval of Transfer of Property at ½ Avenue North to Habitat for Humanity Commissioner Goerger moved for approval; Commissioner Dwyer seconded the motion. Chair Gohman asked Mr. Johnson to come forward to give an update of the plans and address the public. She thanked him for his continual support in the community. Mr. Johnson handed out copies of the latest Habitat newsletter Cornerstone Fall 2017 and thanked the HRA Board for their continued support. He stated three of the past four properties now in progress were donations from the HRA and continued by walking through each of the projects. Mr. Johnson said the current donation site will need to have some setbacks approved that are still under review. Commissioner Masters commended the quality of workmanship in all the homes built under the Habitat program. Commissioner Goerger agreed and said at one time the City Council was presented with a report stating 100% of recipients were still in the homes they purchased through Habitat. He asked what that percentage is today. Mr. Johnson said with the recession and just the natural flow of home owners who sell 4

8 and move into larger homes it is running about 85% original ownership. He said they have had to take back a couple of homes and when reviewed, they felt the responsibilities had not been clear for the homeowner so, they have revamped their application process to address this. Mr. Johnson said the new process is much more rigorous and defines openly what is expected and needed to be a homeowner. Commissioner Dahir asked what is expected of a homeowner if they wish to move out of state. Mr. Johnson explained the process, beginning with the stipulation that Habitat has the Right of First Refusal (first option to purchase) for the home. He added the home cannot be rented and that all of the rules are explained and the home owner is given their rights three times prior to closing to ensure there are no misunderstandings. All Commissioners present voted in favor of the motion to transfer the property. The motion carried. 8. Approval of Compensation Plan and Policy Changes Karen Rizer, Finance Director, outlined past Board review of the proposed plan and gave the revised changes as discussed by the Board at the September 27 th study session. Ms. Rizer requested approved of the plan and changes to be included in final form next summer and to go into effect for 2019 and 2020 with reevaluation during the 2021 budget discussions. Commissioner Dwyer moved for approval; Commissioner Masters seconded the motion. All Commissioners present voted in favor of the motion to transfer the property. The motion carried. New Business: 9. Approval of Recommendation from the Personnel Committee as relating to the Annual Performance Review of the Executive Director Personnel Committee Chair, Commissioner Dwyer, stated the Board met in closed session at 5:00 p.m. to discuss the recommendation of the Personnel Committee (Seal Dwyer, George Hontos and Dave Masters) who met on previous dates with Ms. Reis and as a committee. She read the following consensus: The personnel committee of the St. Cloud HRA has conducted a performance review for the Executive Director Louise Reis and through the process of evaluation has determined that the Executive Director has achieved the stated goals and has conducted her business successfully. We recommend to the full Board accepting this performance evaluation along with the new goals for the coming year and the salary adjustment of 3% effective December 27, Commissioner Goerger moved for approval; Commissioner Masters seconded the motion. All Commissioners voted in favor; the motion carried. 10. Approval of Resolution Approving an Assignment and Assumption with the Economic Development Authority of The City of St. Cloud Ms. Rizer explained the transfer as merely a housekeeping item between the St. Cloud EDA and the HRA. Commissioner R. Gohman moved for approval; Commissioner Dwyer seconded the motion. All Commissioners voted in favor; the motion carried. 11. Approval of Resolution Authorizing Participation in the Minnesota City Participation Program for 2018 Ms. Reis stated her request to participate in the MCPP is an annual application process. She explained the process of Minnesota Housing reserving a specific dollar amount to sell mortgage revenue bonds for housing needs. Ms. Reis said each year the reserves from these funds are allocated to participating cities to provide low-and-moderate income first time homebuyer affordable interest rate home mortgage loans. She said there is a minimum requirement for cities that 50% of the allocation be used to participate the following year; St. Cloud is currently over 600%. Ms. Reis stated this request is only to submit an application. Commissioner Goerger moved for approval; Commissioner R. Gohman seconded the motion. All Commissioners voted in favor; the motion carried. 12. Approval of Resolutions required by Minnesota Housing in regards to Eastwood Debt Ms. Rizer explained the payoff process for Eastwood Apartments which are eligible to be paid off without penalty on November 10 th. She stated the loan with US Bank will be paid in full using funds from the Community 5

9 Housing Fund. Ms. Rizer said Eastwood also has a deferred loan with Minnesota Housing that permission was needed in order to modify the loan so repayment to them could be waived. She stated Resolution is to approve the terms and Resolution is to approve the amendments and the signors. Resolution Approving the Terms of $452,000 Inferfund Loan in Connection with Eastwood Apartments - Commissioner Goerger moved to approve; Commissioner Masters seconded the motion. All Commissioners present voted in favor; the motion carried. Resolution Approving an Amendment of Agreements in Connection with Eastwood Apartments - Commissioner Goerger moved for approval; Commissioner Dwyer seconded the motion. All Commissioners present voted in favor; the motion carried. 13. Report on Activities Ms. Reis began her report by inviting all the Commissioners to attend the Regional Approach to Affordable Housing scheduled for November 8, 2017 at Hope on Ninth at 8:00 a.m. through 12:00 p.m. followed by a luncheon presentation. She said various groups and organizations will be representative at the meeting and if anyone is interested to let her know and she would sign them up. Ms. Reis noted from her report that Riverside Apartments had a REAC (Real Estate Assessment Center s) inspection on September 20, 2017 and received a score of 70 out of 100. She stated the biggest scoring deductions were paint on a sprinkler head and a small metal rod from a cement parking stop as possibly being a tripping hazard. Ms. Reis said there was a car parked in front of the stop when staff inspected the property and it was missed; it has since been cut off and the paint from the sprinkler head removed. Ms. Reis also noted the additional pages attached at the end of her report, Minnesota Fact Sheet: Federal Rental Assistance published by the Center on Budget and Policy Priorities. She said she found it interesting to see how much in federal support comes into Minnesota and how it is being used. There being no further business the meeting adjourned at 6:30 p.m. ATTEST: Secretary, George Hontos Chair, Nancy Gohman 6

10

11 Item 5 TO: FROM: HRA Board of Commissioners Karen Rizer, CPA Finance Director DATE: November 21, 2017 SUBJECT: 2017 Financial Reports Requested Action: None. Background: The Board receives financial reports for certain funds on a rotating basis. The planned reporting schedule is as follows: June Central Office Cost Center Fund, Housing Choice Vouchers Fund, CDBG Housing Rehab Fund, Community Housing Fund, Housing Development & Rehab Fund, Public Housing Fund (operating statements by AMP), Germain Towers Fund, Northway Projects A&B Fund, Eastwood Apartments Fund, Al Loehr Apartments Fund, and the seven tax credit limited partnership funds. July and October Central Office Cost Center Fund, Housing Choice Vouchers Fund, CDBG Housing Rehab Fund, Community Housing Fund, and Housing Development & Rehab Fund. August and November Al Loehr Apartments Fund and the seven tax credit limited partnership funds. September and December Public Housing Fund (operating statements by AMP), Germain Towers Fund, Northway Projects A&B Fund, and Eastwood Apartments Fund. Notes are included on the bottom of the operating statements, where I thought there might be questions. If you have any other questions about the financial statements, it is helpful if you call or prior to the meeting in case I need to research your question. ( or krizer@stcloudhra.com) Thank you. 7

12 St. Cloud HRA Al Loehr Apartments Fund 470 Balance Sheet September 30, 2017 Catholic Assets HRA Charities Total Cash & Investments $ 11,585 $ 46,097 $ 57,682 Cash with Fiscal Agent - Restricted 254, , ,486 Tenant Security Deposits - 24,142 24,142 Accounts Receivable (Net of Allowance) - 10,819 10,819 Due From Governments - Other Furniture & Equipment 16,213-16,213 Buildings 6,112,309-6,112,309 Accumulated Depreciation (1,733,032) - (1,733,032) Total Assets $ 4,661,383 $ 466,434 $ 5,127,817 Liabilities & Net Assets Accounts Payable $ - $ 24,912 $ 24,912 Tenant Security Deposit & Interest Payable - 22,495 22,495 Total Liabilities $ - $ 47,407 $ 47,407 Net Assets 4,661, ,027 5,080,410 Total Liabilities & Net Assets $ 4,661,383 $ 466,434 $ 5,127,817 8

13 MINNESOTA HOUSING Monthly Operating Report - Form 258 A Ver. 3 Al Loehr Veteran and Community Apartments Saint Cloud For the Month of September (1) (2) (3) (4) (5) Actual Budget Annual Month To-Date To-Date Budget Comments 1 Apartment Rent Potential $23, $209, $209, $279, Parking/Garage Rent Potential $0.00 $0.00 $0.00 $ Commercial Rent Potential $0.00 $0.00 $0.00 $ Miscellaneous Rent Potential $0.00 $0.00 $0.00 $ Gross Potential Rent (Lines 1-4) $23, $209, $209, $279, Apartment Vacancy $ $4, $4, $5, Parking/Garage Vacancy $0.00 $0.00 $0.00 $ Commercial Vacancy $0.00 $0.00 $0.00 $ Misc. Unrealized Income $0.00 $0.00 $0.00 $ Employee Rent Credits $ $5, $5, $6, Out of Service Units $0.00 $0.00 $0.00 $ Rental Concession Adjustments $0.00 $0.00 $0.00 $ Total Rental Loss (Lines 6-12) $1, $9, $9, $12, Net Rental Income (Line 5 less 13) $22, $199, $200, $266, Bad Debt $0.00 $0.00 $0.00 $ Net Rental Collections (Line 14 less 15) $22, $199, $200, $266, Tenant Fees $0.00 $ $ $ Other Income (specify in notes) $ $4, $5, $7, Forfeited Security Deposits $0.00 $ $0.00 $ Interest Income (incl. escrows/reserves) $0.00 $0.00 $4, $5, Total Other Income (Lines 17-20) $ $6, $9, $13, Total Revenue (Lines 16,21) $22, $205, $210, $280, Advertising and Marketing $0.00 $0.00 $0.00 $ Property Management Fee $2, $25, $26, $34, Professional Fees (specify in notes) $0.00 $4, $2, $2, Applicant Screening/Collection Exp. $ $1, $1, $1, Site Office Expense $ $4, $5, $6, On-Site Management Payroll $5, $47, $45, $60, Other Administration (specify in notes) $1, $12, $13, $17, Total Administration (Lines 23-29) $10, $96, $92, $123, Elevator Maint/Contract $2, $7, $ $ Security $0.00 $0.00 $0.00 $ Rubbish Removal $ $3, $2, $3, Other Contract Services $0.00 $3, $2, $3, Unique Operating Expenses (specify in notes) $0.00 $0.00 $1, $1, Maintenance/Janitor Supplies $1, $7, $12, $17, Grounds Maintenance $ $ $ $1, Snow Removal $0.00 $ $2, $2, Heat & A/C Repair Services $0.00 $0.00 $0.00 $ General Repair Services $0.00 $0.00 $0.00 $ Paint/Decorating Materials $0.00 $0.00 $0.00 $ Maintenance & Jan. Payroll $2, $7, $9, $13, Other Maint. & Oper. (specify in notes) $0.00 $0.00 $0.00 $ Total Maintenance (Lines 31-43) $7, $28, $32, $42, Electricity $1, $30, $27, $37, Water & Sewer $ $6, $6, $8, Gas and Oil $ $2, $2, $3, Total Utilities (Lines 45-47) $2, $38, $36, $48, Property & Liability Insurance Exp. $1, $9, $10, $13, M & O plus Insurance (Lines 30,44,48,49) $22, $173, $171, $228, Real Estate Tax Expense $0.00 $0.00 $9, $13, Total Operating Expenses (Lines 50,51) $22, $173, $181, $241, Net Operating Income (Line 22 less 52) $ $31, $28, $38, Interest on Amortizing Debt(s) $0.00 $0.00 $0.00 $ MH Annual Fee $0.00 $0.00 $0.00 $ Other/MIP/FA/FAF (specify in notes) $0.00 $0.00 $0.00 $ Total Financing (Lines 54-56) $0.00 $0.00 $0.00 $ Income from Oper. (Line 53 less 57) $ $31, $28, $38,

14 St. Cloud HRA Plum Creek Family Housing, LP Balance Sheet September 30, 2017 Assets Cash $ 101,562 Restricted Reserves 32,895 Tenant Security Deposits 13,603 Accounts Receivable Net of Allowance - Tenants 2,994 Due from Other Governments 229 Prepaid Insurance and Expenses 2,624 Land 166,378 Land Improvements 119,994 Furniture, Equipment, Machinery - Dwelling 155,362 Buildings 2,646,097 Accumulated Depreciation (1,929,915) Total Assets $ 1,311,823 Liabilities & Equity Due to Other Governments $ 5,989 Accounts Payable 13,027 Tenant Security Deposit & Interest Payable 12,860 Prepaid Rent 3,853 Deferred Revenue 680 Loans Payable - GMHF Short-term 25,000 Accrued Interest - MHFA Long-term 43,046 Accrued Interest - GMHF Long-term 42,819 Loans Payable - GMHF Long-term 200,000 Loans Payable - MHFA Long-term 250,000 Total Liabilities $ 597,274 Partner's Equity $ 714,549 Total Liabilities & Equity $ 1,311,823 10

15 Operating Statement Date: September 30, 2017 Plum Creek Family Housing, LP 721, 733, 745, & rd St. S Number of Units Budgeted Vacancy Loss 3% 24 Vacancy Loss YTD 3.6% Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % Account Title Operating Income: 1 Gross Potential Rent $ 164,600 $ 123,450 $ 124,200 $ % 2 Less: Vacancy Loss (4,900) (3,675) (4,424) (749) -20.4% 3 Net Tenant Rental Revenue 159, , , % 4 Other Income 16,600 12,450 14,845 2, % 5 Total Operating Income 176, , ,621 2, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 18,900 14,675 14,691 (16) -0.1% 7 Audit and Accounting 2,100 2, , % 8 Legal % 9 Other Administrative Costs 11,700 8,775 6,107 2, % 10 Total Administrative 33,200 25,925 21,436 4, % 11 Tenant Services % Utilities 12 Water & Sewer $ 13,500 $ 10,125 $ 12,779 $ (2,654) -26.2% 13 Electricity 2,000 1,500 1, % 14 Gas 1, % 15 Total Utilities 16,500 12,375 14,694 (2,319) -18.7% 16 Maintenance 69,600 52,200 43,026 9, % 17 Protective Services 2,600 1,950 1,968 (18) -0.9% 18 Insurance Expense 12,800 9,600 7,040 2, % 19 PILOT and MN Min. Fee 8,000 6,000 5, % 20 Bad Debt-Tenants 2,500 1,250 1,717 (467) -37.4% 21 Debt Interest (excl. Deferred) % 22 Total Operating Expenses 145, ,375 95,870 13, % 23 Net Income (Loss) Excl. Depr & Amort. 31,000 22,850 38,751 15, % Other Financial Items-Sources & (Uses) 24 Debt Principal $ (25,000) $ (12,500) $ (12,500) $ - 0.0% 25 Capital Reserves % 26 Other Financial Items-Sources & (Uses) % 27 Total Other Financial Items (25,000) (12,500) (12,500) - 0.0% 28 Net Cash Flow $ 6,000 $ 10,350 $ 26,251 $ 15, % Notes: 4 - On all tax credit properties - maintenance and other income are typically conservatively budgeted because they can swing significantly from year-to-year Tenants pay their own utilities; so other income is also higher than budgeted. 11

16 St. Cloud HRA Brownstones Family Housing, LP Balance Sheet September 30, 2017 Assets Cash $ 57,373 Tenant Security Deposits 6,600 Accounts Receivable - Tenants 1,193 Due from Other Governments 174 Prepaid Insurance and Expenses 1,466 Land 117,806 Land Improvements 133,896 Furniture, Equipment, Machinery - Dwelling 102,094 Buildings 1,597,493 Accumulated Depreciation (1,174,016) Total Assets $ 844,079 Liabilities & Equity Accounts Payable $ 3,522 Due to Other Governments 3,049 Tenant Security Deposit & Interest Payable 6,563 Prepaid Rent 625 Loans Payable - GMHF Short-term 10,000 Advance from other funds 87,568 Accrued Interest - MHFA Long-term 43,403 Accrued Interest - GMHF Long-term 21,120 Loans Payable - GMHF Long-term 105,000 Loans Payable - MHFA Long-term 255,902 Total Liabilities $ 536,752 Partner's Equity $ 307,327 Total Liabilities & Equity $ 844,079 12

17 Operating Statement Date: September 30, 2017 Brownstones Family Housing LP 402 9th Ave N & 403 8th Ave N Number of Units Budgeted Vacancy Loss 4% 12 Vacancy Loss YTD 1.7% Account Title Operating Income: Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % 1 Gross Potential Rent $ 82,300 $ 61,725 $ 62,050 $ % 2 Less: Vacancy Loss (800) (600) (1,070) (470) -78.3% 3 Net Tenant Rental Revenue 81,500 61,125 60,980 (145) -0.2% 4 Other Income 8,000 6,000 6, % 5 Total Operating Income 89,500 67,125 67, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 11,000 8,750 8, % 7 Audit Fees 1,400 1, % 8 Legal % 9 Other Administrative Costs 1,850 1,388 1, % 10 Total Administrative 14,550 11,413 10,055 1, % 11 Tenant Services % Utilities 12 Water $ 10,000 $ 7,500 $ 7,550 $ (50) -0.7% 13 Electricity % 14 Gas % 15 Total Utilities 10,900 8,175 7, % 16 Maintenance 31,900 23,925 17,480 6, % 17 Protective Services (495) % 18 Insurance Expense 8,230 6,173 4,342 1, % 19 PILOT and MN Min. Fee 4,100 3,075 3, % 20 Bad Debt-Tenants 1, % 21 Debt Interest (excl. deferred interest) % 22 Total Operating Expenses 71,280 53,711 43,796 9, % 23 Net Income (Loss) Excl. Depr & Amort. 18,220 13,414 23,354 9, % Other Financial Items-Sources & (Uses) 24 Debt Principal $ (10,000) $ (5,000) $ (5,000) $ - 0.0% 25 Capital Reserves % 26 Other Financial Items-Sources & (Uses) % 27 Total Other Financial Items (10,000) (5,000) (5,000) - 0.0% 28 Net Cash Flow $ 8,220 $ 8,414 $ 18,354 $ 9, % 13

18 St. Cloud HRA Westwood Village Apartments One, LP Balance Sheet September 30, 2017 Assets Cash $ 29,119 Restricted Reserves 260,828 Tenant Security Deposits 17,676 Accounts Receivable Tenants 2,449 Due From Other Goverments 629 Prepaid Insurance and Expenses 2,193 Land 191,469 Land Improvements 165,327 Furniture, Equipment, Machinery - Dwelling 281,152 Buildings 2,797,525 Accumulated Depreciation (1,899,490) Financing Fees - Net 2,817 Total Assets $ 1,851,694 Liabilities & Equity Due to Other Governments $ 9,055 Accounts Payable 3,947 Tenant Security Deposits & Interest Payable 16,882 Due to Related Party 3,793 Deferred Revenue 907 Prepaid Rents 1,770 Advance from General Partner - Long-term 16,971 Loans Payable - US Bank Short-term 21,468 Accrued Interest - US Bank Short-term 2,772 Accrued Interest - MHFA Long-term 57,315 Accrued Interest - GMHF Long-term 24,249 Accrued Interest - General Partner Advance 102 Accrued Partnership Administration Fee 205,571 Loans Payable - US Bank Long-term 599,600 Loans Payable - GMHF Long-term 171,840 Loans Payable - MHFA Long-term 406,072 Total Liabilities $ 1,542,314 Partner's Equity $ 309,380 Total Liabilities & Equity $ 1,851,694 14

19 Operating Statement Date: September 30, 2017 Westwood Village Apartments One, LP 770 Savanna Ave N. Number of Units Budgeted Vacancy Loss 4% 32 Vacancy Loss YTD 2.2% Account Title Operating Income: Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % 1 Gross Potential Rent $ 246,200 $ 184,650 $ 185,220 $ % 2 Less: Vacancy Loss (9,800) (7,350) (4,059) 3, % 3 Net Tenant Rental Revenue 236, , ,161 3, % 4 Other Income 16,650 12,488 18,612 6, % 5 Total Operating Income 253, , ,773 9, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 25,800 19,850 20,689 (839) -4.2% 7 Audit Fees 5,700 5,700 5, % 8 Legal 3,000 2,250 6,536 (4,286) % 9 Other Administrative Costs 13,000 9,750 10,314 (564) -5.8% 10 Total Administrative 47,500 37,550 42,544 (4,994) -13.3% 11 Tenant Services (48) 0.0% 12 Water & Sewer $ 14,500 $ 10,875 $ 10,385 $ % 13 Electricity 8,400 6,300 6,301 (1) 0.0% 14 Gas 10,000 7,500 6,424 1, % 15 Total Utilities 32,900 24,675 23,110 1, % 16 Maintenance 48,960 36,720 32,448 4, % 17 Protective Services 6,500 4,875 2,964 1, % 18 Insurance Expense 13,300 9,975 5,549 4, % 19 PILOT and MN Min. Fee 12,400 9,300 9,501 (201) -2.2% 20 Bad Debt-Tenants 2,500 1,250 1,304 (54) -4.3% 21 Debt Interest (excl deferred) 54,600 17,708 36,546 (18,838) % 22 Total Operating Expenses 218, , ,014 (11,961) -8.4% 23 Net Income (Loss) Excl. Depr & Amort. 34,390 47,735 45,759 (1,976) -4.1% Other Financial Items-Sources & (Uses) 24 Debt Principal $ (20,260) $ (15,195) $ (15,013) $ % 25 Other Financial Items-Sources & (Uses) (20,030) (15,023) (14,661) % 26 Total Other Financial Items (40,290) (30,218) (29,674) % 27 Net Cash Flow $ (5,900) $ 17,517 $ 16,085 $ (1,432) -8.2% 4 $6,376 in revenue recapture 8 $3,629 related to the bed bug case appeal which is now closed; $2,820 for three evictions 15

20 St. Cloud HRA Westwood Village Apartments Two, LP Balance Sheet September 30, 2017 Assets Cash $ 22,864 Restricted Reserves 118,335 Tenant Security Deposits 20,028 Accounts Receivable - Tenants 3,160 Due from Other Governments 690 Prepaid Insurance and Expenses 2,423 Land 255,733 Land Improvements 121,958 Furniture, Equipment, Machinery - Dwelling 234,806 Buildings 2,720,238 Accumulated Depreciation (1,548,916) Financing Fees - Net 8,200 Total Assets $ 1,959,519 Liabilities & Equity Due to Other Governments $ 9,150 Accounts Payable 3,613 Advance From General Partner 50,634 Tenant Security Deposit & Interest Payable 19,291 Due to Related Party 97,065 Prepaid Rent 2,579 Deferred Revenue 907 Loans Payable - US Bank Short-term 22,226 Accrued Interest - UB Bank Short-term 3,272 Accrued Interest - GMHF Long-term 45,348 Loans Payable - US Bank Long-term 754,750 Loans Payable - GMHF Long-term 380,000 Total Liabilities $ 1,393,846 Partner's Equity $ 565,673 Total Liabilities & Equity $ 1,959,519 16

21 Operating Statement Date: September 30, 2017 Westwood Village Apartments Two, LP 822 Savanna Ave Number of Units Budgeted Vacancy Loss 4% 32 Vacancy Loss YTD 1.7% Annual Budget YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % Account Title YTD Budget YTD Actual Operating Income: 1 Gross Potential Rent $ 246,200 $ 184,650 $ 186,090 $ 1, % 2 Less: Vacancy Loss (7,400) (5,550) (3,075) 2, % 3 Net Tenant Rental Revenue 238, , ,015 3, % 4 Other Income 16,600 12,450 19,319 6, % 5 Total Operating Income 255, , ,334 10, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 26,000 20,000 20,338 (338) -1.7% 7 Audit 5,700 5,700 5, % 8 Legal 3,400 2,550 5,282 (2,732) % 9 Other Administrative Costs 13,800 10,350 10,880 (530) -5.1% 10 Total Administrative 48,900 38,600 41,505 (2,905) -7.5% 11 Tenant Services % Utilities 12 Water & Sewer $ 14,500 $ 10,875 $ 11,474 $ (599) -5.5% 13 Electricity 12,500 9,375 8,306 1, % 14 Gas 10,000 7,500 5,830 1, % 15 Total Utilities 37,000 27,750 25,610 2, % 16 Maintenance 46,580 34,935 35,299 (364) -1.0% 17 Protective Services 8,000 6,000 3,141 2, % 18 Insurance Expense 9,500 7,125 6,088 1, % 19 Asset Management Fee 2,160 1,620 1, % 20 PILOT and MN Min. Fee 12,500 9,375 9,594 (219) -2.3% 21 Bad Debt-Tenants 2,500 1,250 1,722 (472) -37.8% 22 Debt Interest (excl. deferred) 68,160 21,817 42,947 (21,130) -96.9% 23 Total Operating Expenses 235, , ,574 (19,027) -12.8% 24 Net Income (Loss) Excl. Depr & Amort. 20,000 43,003 34,760 (8,243) -19.2% Other Financial Items-Sources & (Uses) 25 Debt Principal $ (21,040) $ (15,780) $ (15,599) $ % 26 Other Financial Items-Sources & (Uses) (7,800) (5,850) (5,850) - 0.0% 27 Total Other Financial Items (28,840) (21,630) (21,449) % 28 Net Cash Flow $ (8,840) $ 21,373 $ 13,311 $ (8,062) -37.7% 4 $5,768 is revenue recapture 8 2 eviction cases 17

22 St. Cloud HRA Swisshelm Village Apartments One, LP Balance Sheet September 30, 2017 Assets Cash $ 32,079 Restricted Reserves 267,614 Tenant Security Deposits 17,592 Accounts Receivable - Tenants 4,023 Due from Other Governments 480 Prepaid Insurance and Expenses 2,057 Land 169,624 Land Improvements 171,641 Furniture, Equipment, Machinery - Dwelling 246,534 Buildings 2,595,556 Accumulated Depreciation (1,715,482) Financing Fees - Net 3,935 Total Assets $ 1,795,653 Liabilities & Equity Due to Other Governments $ 9,173 Accounts Payable 8,875 Advance From General Partner 28,670 Tenant Security Deposits & Interest Payable 16,844 Due to Related Party 3,033 Deferred Revenue 907 Prepaid Rent 1,623 Loans Payable - US Bank Short-term 21,216 Accrued Interest - US Bank Short-term 2,520 Accrued Interest - MHFA Long-term 73,307 Accrued Interest - General Partner Advance 124 Accrued Partnership Administration Fee 271,005 Loans Payable - US Bank Long-term 585,559 Loans Payable - MHFA Long-term 531,658 Total Liabilities $ 1,554,514 Partner's Equity $ 241,139 Total Liabilities & Equity $ 1,795,653 18

23 Operating Statement Date: September 30, 2017 Swisshelm Village Apartment One, LP 316 Laudenbach Ct Number of Units Budgeted Vacancy Loss 5% 32 Vacancy Loss YTD 1.0% Account Title Operating Income: Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % 1 Gross Potential Rent $ 246,200 $ 184,650 $ 185,270 $ % 2 Less: Vacancy Loss (12,300) (9,225) (1,820) 7, % 3 Net Tenant Rental Revenue 233, , ,450 8, % 4 Other Income 14,500 10,875 11, % 5 Total Operating Income 248, , ,470 8, % Operating Expenses: Administrative 6 Management Bkkpg Fees 25,500 19,625 20,148 (523) -2.7% 7 Audit and Accounting 5,700 5,700 5, % 8 Legal 1, % 9 Other Administrative Costs 12,200 9,150 9, % 10 Total Administrative 44,400 35,225 34, % 11 Tenant Services % Utilities 12 Water & Sewer $ 15,000 $ 11,250 $ 13,526 $ (2,276) -20.2% 13 Electricity 11,000 8,250 8,578 (328) -4.0% 14 Gas 10,500 7,875 6,366 1, % 15 Total Utilities 36,500 27,375 28,470 (1,095) -4.0% 16 Maintenance 47,040 35,280 27,499 7, % 17 Protective Services 6,500 4,875 3,699 1, % 18 Insurance Expense 12,800 9,600 5,483 4, % 19 PILOT and MN Min. Fee 12,300 9,225 9,616 (391) -4.2% 20 Bad Debt-Tenants 2,500 1,250 1,864 (614) -49.1% 21 Debt Interest (excl. deferred) 49,700 16,108 33,269 (17,161) % 22 Total Operating Expenses 211, , ,535 (5,597) -4.0% 23 Net Income (Loss) Excl. Depr & Amort. 36,660 47,362 49,935 2, % Other Financial Items-Sources & (Uses) 24 Debt Principal $ (20,100) $ (15,075) $ (14,909) $ % 25 Other Financial Items-Sources & (Uses) (22,060) (16,545) (16,632) (87) 0.5% 26 Total Other Financial Items (42,160) (31,620) (31,541) % 27 Net Cash Flow $ (5,500) $ 15,742 $ 18,394 $ 2, % 19

24 St. Cloud HRA Swisshelm Village Apartments Two, LP Balance Sheet September 30, 2017 Assets Cash $ 23,656 Restricted Reserves 151,972 Tenant Security Deposits 17,420 Accounts Receivable - Tenants 1,876 Due from Other Governments 888 Prepaid Insurance and Expenses 2,269 Land 57,149 Land Improvements 102,324 Furniture, Equipment, Machinery - Dwelling 273,817 Buildings 2,476,856 Accumulated Depreciation (1,565,007) Financing Fees - Net 6,090 Total Assets $ 1,549,310 Liabilities & Equity Due to Other Governments $ 9,072 Accounts Payable 8,694 Advance from General Partner 12,219 Tenant Security Deposits & Interest Payable 16,539 Due to Related Party 2,921 Deferred Revenue 907 Prepaid Rent 2,161 Loans Payable - US Bank Short-term 23,302 Accrued Interest - US Bank Short-term 2,915 Accrued Interest - GMHF Long-term 40,824 Accrued Interest - General Partner Advance 263 Loans Payable - US Bank Long-term 682,451 Loans Payable - GMHF Long-term 317,120 Total Liabilities $ 1,119,388 Partner's Equity $ 429,922 Total Liabilities & Equity $ 1,549,310 20

25 Operating Statement Date: September 30, 2017 Swisshelm Village Apartment Two, LP 304 Laudenbach Ct. Number of Units Budgeted Vacancy Loss 5% 32 Vacancy Loss YTD 2.5% Account Title Operating Income: Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % 1 Gross Potential Rent $ 246,200 $ 184,650 $ 186,050 $ 1, % 2 Less: Vacancy Loss (12,300) (9,225) (4,602) 4, % 3 Net Tenant Rental Revenue 233, , ,448 6, % 4 Other Income 14,100 10,575 12,360 1, % 5 Total Operating Income 248, , ,808 7, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 25,400 19,550 20,372 (822) -4.2% 7 Audit 5,700 5,700 5, % 8 Legal 1, % 9 Other Administrative Costs 12,800 9,600 11,451 (1,851) -19.3% 10 Total Administrative 44,900 35,600 36,828 (1,228) -3.4% 11 Tenant Services % Utilities 12 Water & Sewer $ 20,000 $ 15,000 $ 17,117 $ (2,117) -14.1% 13 Electricity 10,600 7,950 7,973 (23) -0.3% 14 Gas 10,500 7,875 6,862 1, % 15 Total Utilities 41,100 30,825 31,952 (1,127) -3.7% 16 Maintenance 47,307 35,480 35, % 17 Protective Services 6,000 4,500 2,571 1, % 18 Insurance Expense 8,800 6,600 5, % 19 Asset Management Fee 2,160 1,620 1, % 20 PILOT and MN Min. Fee 12,300 9,225 9,515 (290) -3.1% 21 Bad Debt-Tenants 2,000 1,000 2,117 (1,117) % 22 Debt Interest (excl. deferred) 54,400 17,858 38,379 (20,521) % 23 Total Operating Expenses 218, , ,861 (21,153) -14.8% 24 Net Income (Loss) Excl. Depr & Amort. 29,033 43,292 29,947 (13,345) -30.8% Other Financial Items-Sources & (Uses) 25 Debt Principal $ (22,083) $ (16,562) $ (16,380) $ % 27 Other Financial Items-Sources & (Uses) (7,800) (5,850) (5,850) - 0.0% 28 Total Other Financial Items (29,883) (22,412) (22,230) % 29 Net Cash Flow $ (850) $ 20,880 $ 7,717 $ (13,163) -63.0% 9 The majority of this line is advertising $2,770, free rent for the caretaker $6,720, and City rental license $843 21

26 St. Cloud HRA Riverside Apartments, LP Balance Sheet September 30, 2017 Assets Cash $ 79,404 Restricted Reserves 346,910 Tenant Security Deposits 45,626 Accounts Receivable - Tenants 4,925 Due from Other Governments 1,123 Prepaid Insurance and Expenses 6,939 Land 448,500 Land Improvements 87,822 Furniture, Equipment, Machinery - Dwelling 435,716 Buildings 5,774,921 Accumulated Depreciation (3,029,061) Financing Fees - Net 92,280 Total Assets $ 4,295,105 Liabilities & Equity Due to Other Governments $ 34,494 Accounts Payable 6,756 Tenant Security Deposits & Interest Payable 44,858 Due to Related Party 8,148 Deferred Revenue 2,408 Prepaid Rents 8,101 Loan Payable - MHFA - 1st Mortgage Short-term 65,768 Accrued Interest - MHFA 1st Mortgage Short-term 10,890 Accrued Interest - MHFA 2nd Mortgage Long-term 40,967 Accrued Interest - Related Party Long-term 660,430 Loans Payable - MHFA 1st Mortgage Long-term 2,210,796 Loans Payable - MHFA 2nd Mortgage Long-term 334,167 Loans Payable - Related Party Long-term 165,269 Mortgage Payable - Related Party Long-term 1,125,000 Total Liabilities $ 4,718,052 Partner's Equity $ (422,947) Total Liabilities & Equity $ 4,295,105 22

27 Operating Statement Date: September 30, 2017 Riverside Apartments, LP 101 Riverside Drive SE Budgeted Vacancy Loss 4.0% Number of Units 85 Vacancy Loss YTD 2.5% Account Title Operating Income: Annual Budget YTD Budget YTD Actual YTD Budget vs. Actual Var. $ YTD Budget vs. Actual Var. % 1 Gross Potential Rent $ 573,240 $ 429,930 $ 430,735 $ % 2 Less: Vacancy Loss (23,256) (17,442) (10,755) 6, % 3 Less: Free Rent (4,000) (3,000) (2,929) % 3 Net Tenant Rental Revenue 545, , ,051 7, % 4 Other Income 22,600 16,950 23,254 6, % 5 Total Operating Income 568, , ,305 13, % Operating Expenses: Administrative 6 Management & Bkkpg Fees 72,000 54,500 54,601 (101) -0.2% 7 Audit 6,400 6,400 6, % 8 Legal 5,000 3,750 3, % 9 Other Administrative Costs 29,140 21,855 21, % 10 Total Administrative 112,540 86,505 85, % 11 Tenant Services 3,000 2,250 1,805 (1,805) 0.0% Utilities 12 Water & Sewer $ 14,000 $ 10,500 $ 10,858 $ (358) -3.4% 13 Electricity 45,500 34,125 30,014 4, % 14 Gas 13,000 9,750 7,241 2, % 15 Total Utilities 72,500 54,375 48,113 6, % 16 Maintenance 105,500 79,125 65,258 13, % 17 Protective Services 10,000 7,500 4,931 2, % 18 Insurance Expense 21,160 15,870 13,536 2, % 20 PILOT and MN Min. Fee 29,080 21,810 21, % 21 Bad Debt-Tenants 3,000 2,250-2, % 22 Debt Interest (excl. deferred) 131,727 98, ,894 (9,099) -9.2% 23 Total Operating Expenses 488, , ,342 17, % 24 Net Income (Loss) Excl. Depr & Amort. 80,077 57,958 91,963 34, % Other Financial Items-Sources & (Uses) 25 Debt Principal $ (63,000) $ (47,250) $ (46,913) $ % 26 Other Financial Items-Sources & (Uses) (15,636) (11,727) (10,565) 1, % 27 Total Other Financial Items (78,636) (58,977) (57,478) 1, % 28 Net Cash Flow $ 1,441 $ (1,019) $ 34,485 $ 35, % 23