2018 annual operating budgetrental assistance to families renting housing units owned by private...

2018 ANNUAL

OPERATING

BUDGET THE HOUSING AUTHORITY OF THE CITY OF

DURHAM, NORTH CAROLINA

MISSION STATEMENT: TO DEVELOP, OWN, MANAGE AND CONTRIBUTE TO

DIVERSE COMMUNITIES OF CHOICE.

2018 ANNUAL OPERATING BUDGET

1

PAGE INTENTIONALLY LEFT BLANK


2

TABLE OF CONTENTS

SECTION I – INTRODUCTION TO THE BUDGET FOR 2018

Transmittal Letter ............................................................................................................................................ 5

Board of Commissioners ................................................................................................................................ 6

Organizational Structure ................................................................................................................................ 7

Staffing and Budget Allocations .................................................................................................................... 8

SECTION II – THE AUTHORITY IN 2018

Profile of the Authority ................................................................................................................................. 11

Funding Highlights ....................................................................................................................................... 12

Strategic Plan FY2018 Goals & Objectives ................................................................................................. 13

SECTION III – THE BUDGET FOR 2018

FY2018 Summary Budget ............................................................................................................................. 15

FY2018/FY2017 Summary Budget Comparison ........................................................................................ 17

Low Income Public Housing (LIPH)

LIPH Program Summary .............................................................................................................................. 18

LIPH Budget Assumptions & Projections .................................................................................................. 19

LIPH Consolidated Budget .......................................................................................................................... 20

LIPH – Property Management Team 1 ....................................................................................................... 21






Affordable Housing (AFH)

AFH – Program Summary ........................................................................................................................... 40


3

TABLE OF CONTENTS

AFH – Budget Assumptions & Projections ................................................................................................ 41

AFH – Property Management Team 4 ........................................................................................................ 42

Central Office Cost Center (COCC)

COCC Program Summary ........................................................................................................................... 47

COCC Budget Assumptions & Projections ................................................................................................ 50

COCC Consolidated Budget ........................................................................................................................ 52

Housing Choice Voucher Program (HCVP)

HCVP Program Summary ............................................................................................................................ 53

HCVP Budget Assumptions & Projections ................................................................................................ 55

HCVP Budgets (Administration|HAP) ..................................................................................................... 56

Development Ventures, Inc (DVI)

DVI Program Summary ................................................................................................................................ 58

DVI Budget ..................................................................................................................................................... 59

Learning Assistance, Inc (LAI)

LAI Program Summary and Budget ........................................................................................................... 60

Other Programs & Grants

Birchwood and Hope VI ............................................................................................................................... 61

Family Self Sufficiency | Governors Crime Commission ........................................................................ 62

Rental Assistance Demonstration (RAD)

RAD Program Summary .............................................................................................................................. 63

RAD Budgets – Damar & Morreene ........................................................................................................... 64


4

SECTION I INTRODUCTION TO THE BUDGET FOR 2018


5

2018 ANNUAL

OPERATING BUDGET November 15, 2017

Board of Commissioners

The Housing Authority of the City of Durham

330 East Main Street

Durham, NC 27701

To the Board of Commissioners:

I am pleased to present the 2018 preliminary budget proposal for

The Housing Authority of the City of Durham (The Authority). The

purpose of this document is to provide the Board, Staff and other

Stakeholders with a comprehensive view of inflows and outflows of

financial resources used for daily operations.

In addition, it sheds light on how our programs are funded, how

we allocate these funds annually and most importantly, how our

strategic plans for the future will give this agency competitive

advantage when it comes to affordable housing within the City of

Durham.

Over the past few years, our efforts to mitigate threats presented by

funding shortfalls have been challenging. However, we are more

committed than ever to strengthen our current programs, take

advantage of new opportunities and improve efficiency.

The annual budget and the Authority’s policies are some of the

most important statements that drive decision-making and

management control. The entire staff stands ready to assist you

during your review and discussions about this budget.

Respectfully submitted,

Anthony Scott

Chief Executive Officer

2018

OPERATING

INCOME (LOSS)

Low Income Public

Housing - $599,700

Low Income Public

Housing (excluding RAD)

- $316,157

Central Office Cost Center

- $18,072

HCVP Administration –

($85,011)

Development Ventures,

Inc - $6,570

Edgemont Elms Housing,

Inc – ($5,580)

Goley Pointe, LLC -

$1,740

Learning Assistance, Inc -

$5,980

Preiss Steele Place, LLC -

$145,148


6

BOARD OF COMMISSIONERS

The Housing Authority of the City of Durham is governed by a seven-member Board of

Commissioners. The Board is comprised of active public servants within the Durham community who

are appointed by the Durham City Council. These concerned and dedicated citizens serve without pay.

Residents of subsidized housing also have the opportunity to serve as members of the Board. Each

Commissioner is appointed for a five-year term. The Chief Executive Officer acts as the

Secretary/Treasurer for the Board.

Thomas M. Niemann, Chairman

George K. Quick, Vice Chairman

Daniel C. Hudgins, Member

Gloria M. Nottingham, Member

Patrice Nelson, Member

Larry D. Yon, II., Member

Robert Glenn, Member

The Board of Commissioners ensure that the Authority operates within the State statutes and the

programs are run according to HUD regulations. Through the approval and adoption of resolutions,

the Board authorizes the Chief Executive Officer and Senior Staff to implement policies and procedures

that define business activities.


7

ORGANIZATIONAL STRUCTURE

The organization has a matrix structure where programs and functional responsibilities have

reasonably equal weight. The Board of Commissioners appoints the Chief Executive Officer to

administer the affairs of the Authority.


8

STAFFING AND BUDGET ALLOCATIONS

Over the past (5) years, total staffing for the Authority has decreased from 112 to a budgeted number of

96 for 2018. This is mainly due to funding cuts and restructuring to improve efficiency.

A new department, Administration was formed in 2017, to streamline functionality. The department

includes Human Resources, Safety & Security and Compliance. The main objective of the Compliance

function is to ensure that the property management businesses and practices are compliant with

Federal, State and Local regulations as well as requirements.

Over the past few years, the Development department, which is charged with the management of the

development arm of the agency, has been budgeted under Development Ventures Inc. Beginning in

2018, the Development department will be budgeted under the Central Office Cost Center.

For budgeting and operational purposes, the staff is allocated to specific cost centers as follows:

Operations – Low Income Public Housing and Affordable Housing

Operations – Housing Choice Voucher Program


Other Grant Funded Programs

The charts below show the 5-year trend for staffing in the Agency.


9

STAFFING

Budget Allocations

Cost Center 2014 2015 2016 2017 2018

Operations (LIPH and Affordable Housing)

Property Management TEAM 1

AMP 003 - Scattered Sites 1.44 1.30 1.30 1.27 1.25

AMP 009 - JJ Henderson 5.04 4.50 4.50 4.45 4.45

AMP 014 - Forest Hills Heights 1.52 1.30 1.30 1.34 1.37

Sub-total Team 1 6.56 5.80 5.80 5.79 7.07


AMP 005 - Cornwallis Road 6.02 6.10 6.10 6.14 6.19

AMP 015 - Laurel Oaks 0.98 0.98 0.98 1.00 0.97

Sub-total Team 2 7.00 7.08 7.08 7.14 7.17


AMP 001 - McDougald Terrace 11.00 11.20 11.20 11.18 11.23

Sub-total Team 3 11.00 11.20 11.20 11.18 11.23


AMP 032 1010 Worth Street - - - - 0.03

Goley Pointe - - 0.50 0.46 0.47

Edgemont Elms Housing, Inc. 0.60 0.60 1.40 1.44 1.45

Priess-Steele Place, LLC 0.43 0.43 1.10 1.13 1.12

Sub-total Team 4 1.03 1.03 3.00 3.03 3.07


AMP 010 - Morreene Road 3.92 3.00 2.90 2.85 2.85

AMP 011 - Damar Court 3.08 2.70 2.20 2.24 2.27

Sub-total Team 5 7.00 5.70 5.10 5.09 5.12


AMP 004 - Oldham Towers 1.76 1.60 1.60 1.56 1.57

AMP 006 - Liberty Street 3.44 3.00 3.10 3.10 3.06

AMP 008 - Hoover Road 2.80 2.50 2.50 2.49 2.50

Sub-total Team 6 8.00 7.10 7.20 7.15 7.13


AMP 007 - Club Blvd 2.70 2.80 2.80 1.55 1.59

AMP 012 - Oxford Manor 6.30 6.40 6.40 3.62 3.63

Sub-total Team 7 9.00 9.20 9.20 5.17 5.21

Residemt Selection Team 3.00 - - - -

LIPH Recertification Team 4.00 - - - -

7.00 - - - -

Total Operations (LIPH|AFH) 58 48 50 46 46

Operations (HCVP)

Housing Choice Voucher Program 15.00 15.00 16.00 17.00 17.00

Total Operations (HCVP) 15 15 16 17 17


Executive Office 4.00 4.00 4.00 4.80 5.00

Administration 2.00 6.00 5.00 8.00 8.00

Financial Services 9.00 6.20 5.20 5.20 4.50

Development 13.50 9.50 8.00 6.20 7.50

Asset Management - - 1.00 2.00 3.00

Resident Serivices 10.10 11.60 10.60 2.00 2.00

Total COCC 39 37 34 28 30

Grant Funded

Family Self-Sufficiency 3.00 2.00

21st Century 1.00 -

Governor's Crime Commission 1.00

Total Positions 112 101 100 95 96


10

SECTION II THE AUTHORITY IN 2018


11

PROFILE OF THE AUTHORITY

The Authority is an autonomous, non-profit municipal entity created by the City of Durham in 1949

pursuant to state law and the National Housing Act of 1937. The Authority exists to provide safe,

decent, and sanitary housing for low-income families of Durham in accordance with the rules and

regulations prescribed by the U.S. Department of Housing and Urban Development (HUD). Although

it maintains close ties with the City on several respects, the Authority is not a component of the City, as

defined by the pronouncements of the Governmental Accounting Standards Board (GASB). The City is

not financially accountable for the operations of the Authority, has no responsibility of fund its deficits

or receive its surpluses, and has not guaranteed the Authority’s debt.

The Authority currently has available 1,886 public housing units in 21 different communities located

throughout the City of Durham. 477 of these units begun their transition to RAD in 2017. Additionally,

the Authority assists in providing 130 affordable housing units at 3 communities.

The Authority is authorized to administer approximately 2,791 Housing Choice Vouchers that provide

rental assistance to families renting housing units owned by private landlords.

The Authority utilizes the business model of asset management as required by HUD. Funding,

Budgeting, Accounting, Management and Oversight/Performance Assessment are completed on the

project/program level.

For 2018, DHA will manage 5 main businesses – Low Income Public Housing, Housing Choice

Voucher, Central Office Cost Center, Affordable Housing and Rental Assistance Demonstration. Also,

Development Ventures Inc – an instrumentality of the Authority will manage all its development and

re-development activities. In addition, Learning Assistance Inc, a component unit of DHA, will manage

its scholarship program.


12

FUNDING HIGHLIGHTS

The primary source of external funding for the Authority is the U.S. Department of Housing and Urban

Development (HUD) which provides funding for a variety of programs such as the Low Income Public

Housing (LIPH) and the Housing Choice Voucher Program (HCVP). In addition to the federal

programs, the Authority has established several legal entities to explore and develop innovative

strategies for providing alternative affordable housing possibilities for low-to-moderate-income

residents of the City of Durham. This has allowed the Authority the flexibility to develop several

private/public partnerships to assist with the development of a variety of affordable housing projects.

As shown in the tables below, funding for the Authority has continued to decrease over the last 5 years.

In 2014, Operating Subsidy received was $8,339,712 compared to and expected amount of $7,838,088 in

2018. Also, DHA has not received any ROSS grants since 2016 and the award for FSS expected in 2018

is about $68,893 less than what was received in 2017.

FISCAL YEAR

LOW INCOME

PUBLIC HOUSING CAPITAL FUND

REPALCEMENT

HOUSING FACTOR

2014 8,339,712 2,306,552 409,601

2015 8,351,917 2,531,524 303,495

2016 8,260,124 2,702,972 324,188

2017 8,261,168 2,660,386 319,221

2018 7,838,088 2,527,367 303,260

FISCAL YEAR

HOUSING CHOICE

VOUCHER

PROGRAM (HAP)

HOUSING CHOICE

VOUCHER

PROGRAM (ADMIN) ROSS GRANTS FSS GRANTS

2014 17,475,354 1,583,635 164,000 69,000

2015 16,479,350 1,576,761 164,000 101,816

2016 18,450,014 1,778,952 164,000 189,446

2017 19,508,122 1,760,856 206,680

2018 19,753,628 1,655,205 137,787


13

STRATEGIC PLAN - FY 2018 GOALS & OBJECTIVES

STRATEGIC GOALS

Strategic Goal

1

Develop

Financial

Stability &

Operational

Efficiency

Strategic Goal

2

Achieve &

Retain status

as a High

Performing

Organization

Strategic

Goal

3

Maintain

Strong

Community

Partnerships

Strategic Goal 4

Cultivate and

Maintain

Quality

Customer

Service

Strategic Goal

5

Create

Healthy and

Sustainable

Communities

Strategic Goal

6

Manage a

Strong and

Diversified

Asset Portfolio

STRATEGIC OBJECTIVES

Strategic

Objective 1A

Improve

financial

operations,

structure &

reporting

Strategic

Objective 2A

Recruit &

retain quality

employees

Strategic

Objective 3A

Build new

and

strengthen

existing

community

relationships

Strategic

Objective 4A

Ensure effective

internal/external

communication

exists within the

organization

Strategic

Objective 5A

Elicit/Involve

community

participation

in decision-

making

Strategic

Objective 6A

Maintain well-

managed

properties and

fleet as well as

competitive

rents

Strategic

Objective 1B

Diversify

revenue

sources

Strategic

Objective 2B

Strengthen

DHA’s

financial well-

being

Strategic

Objective 3B

Increase

community

awareness

Strategic

Objective 4B

Treat everyone

with RESPECT

Strategic

Objective 5B

Promote

public health

and safety

Strategic

Objective 6B

Invest in

private-market

real estate

Strategic

Objective 1C

Upgrade

Information

systems &

technology

Strategic

Objective 2C

Obtain

maximum

performance

measurement

scores

Strategic

Objective 3C

Promote

community

involvement

Strategic

Objective 4C

Ensure that

DHA staff is

knowledgeable

about programs

offered

Strategic

Objective 5C

Provide

diversity &

diverse

housing

opportunities

Strategic

Objective 6C

Seek

alternative

funding

sources

Strategic

Objective 1D

Ensure work

processes and

policies are

aligned to

support

DHA’s

mission

Strategic

Objective 2D

Develop and

Internal

Control

system

Strategic

Objective 3D

Support

efforts to

improve

communities

Strategic

Objective 4D

Build stronger

levels of trust

and

transparency

Strategic

Objective 5D

Improve

availability of

and access to

opportunities

Strategic

Objective 6D

Develop a

pool of

qualified

builders,

development

partners and

contractors


14

SECTION III THE BUDGET FOR 2018


15

FY 2018 SUMMARY BUDGET

Fund/Entity

Operating

Revenue

% of Total

Revenue

Operating

Expenses

% of Total

Expenses

Operating

Income/

(Loss)

DHA Entities

AMPs (consolidated) 12,143,197$ 31.7% 11,543,497$ 30.6% 599,700$

Central Office Cost Center 3,706,746$ 9.7% 3,688,674$ 9.8% 18,072$

HCVP Administration 1,674,631$ 4.4% 1,759,642$ 4.7% (85,011)$

HCVP HAP 19,880,440$ 52.0% 19,880,440$ 52.7% -$

Development Ventures Incorporated 295,751$ 0.8% 289,181$ 0.8% 6,570$

Edgemont Elms Housing, Inc. 422,578$ 1.1% 428,158$ 1.1% (5,580)$

Goley Pointe, LLC 112,705$ 0.3% 110,965$ 0.3% 1,740$

Learning Assistance, Inc. 17,980$ 0.0% 12,000$ 0.0% 5,980$

Total 38,254,028$ 100.0% 37,712,557$ 100.0% 541,471$


16

FY 2018 SUMMARY BUDGET

Fund/Entity

Operating

Revenue

% of Total

Revenue

Operating

Expenses

% of Total

Expenses

Operating

Income/

(Loss)

DHA Entities

AMPs (consolidated) 12,143,197$ 31.7% 11,543,497$ 30.6% 599,700$

Central Office Cost Center 3,706,746$ 9.7% 3,688,674$ 9.8% 18,072$

HCVP Administration 1,674,631$ 4.4% 1,759,642$ 4.7% (85,011)$

HCVP HAP 19,880,440$ 52.0% 19,880,440$ 52.7% -$

Development Ventures Incorporated 295,751$ 0.8% 289,181$ 0.8% 6,570$

Edgemont Elms Housing, Inc. 422,578$ 1.1% 428,158$ 1.1% (5,580)$

Goley Pointe, LLC 112,705$ 0.3% 110,965$ 0.3% 1,740$

Learning Assistance, Inc. 17,980$ 0.0% 12,000$ 0.0% 5,980$

Total 38,254,028$ 100.0% 37,712,557$ 100.0% 541,471$


17

FY 2018/2017 SUMMARY BUDGET COMPARISON

FY2018 FY 2017

Fund/Entity

Operating

Revenue

Operating

Expenses

Operating

Income/

(Loss)

Operating

Revenue

Operating

Expenses

Operating

Income/

(Loss)

% Change -

Revenues

% Change -

Expenses

Low Income Public Housing 12,143,196 11,543,496 599,700 12,599,757 12,530,809 68,948 -4% -9%

Central Office Cost Center 3,706,746 3,688,674 18,072 3,331,325 3,113,903 217,422 10% 16%

HCVP Administration 1,674,631 1,759,642 (85,011) 1,771,551 1,771,551 - -6% -1%

HCVP HAP 19,880,440 19,880,440 - 18,658,761 18,658,761 - 6% 6%

Total (before eliminations) 37,405,013 36,872,252 532,761 36,361,394 36,075,024 286,370 3% 2%

Low Income Public Housing (excluding RAD) 10,472,348 10,156,191 316,157 - - -

Component Units

Development Ventures Incorporated 295,751 289,181 6,570 885,070 773,737 111,333 -199% -168%

Edgemont Elms Housing, Inc. 422,578 428,158 (5,580) 470,413 347,879 122,534 -11% 19%

Goley Pointe 112,705 110,965 1,740 - - - 100% 100%

Learning Assistance, Inc. 17,980 12,000 5,980 18,700 18,720 (20) -4% -56%

Total 849,014 840,304 8,710 1,374,183 1,140,336 233,847 -62% -36%

Non-DHA Entities

Preiss-Steele Place LLC 659,532 514,384 145,148 677,097 386,789 290,308 -3% 25%

Total 659,532$ 514,384$ 145,148$ 677,097$ 386,789$ 290,308$ -3% 25%

RAD Units

Damar Court 535,572 558,463 (22,891) 100% 100%

Morreene Road 1,113,536 1,082,970 30,566 100% 100%

Total 1,649,108$ 1,641,433$ 7,675$ -$ -$ -$


18

LOW INCOME PUBLIC HOUSING

PROGRAM SUMMARY

The Authority manages several communities pursuant to HUD's Low Rent Public Housing program.

There are:

• 1,721 Public Housing units within 14 developments which are owned and managed by the

Authority;

• 135* Public Housing units within 4 developments that were constructed pursuant to a HOPE VI

Grant and managed by The Community Builders (TCB);

• 16* Public Housing units within 1 development owned by a component unit of the Authority,

Edgemont Elms Housing, Inc and managed by the Authority;

• 14* Public Housing units within 1 development owned by a subsidiary of Development

Ventures, Inc., Goley Pointe, LLC and managed by the Authority.

*Operating Subsidy for these units pass-through the Authority.

For the Public Housing program, HUD determines an allowable amount for the operation of a housing

community, factors in the amount the Authority may be able to collect from tenants for rent they pay,

and HUD then provides a subsidy to housing authorities to make up that difference.

According to the asset management model mandated by HUD, each AMP is treated as a separate

project for budgeting and accounting purposes. Although we present information and discuss budget

changes for the AMPs on a consolidated basis, each AMP's budget stands on its own.

For internal management purposes, and as reflected in this section for presentation of budgets, the

Authority has organized operations staff into management teams. Each management team is

responsible for their assigned AMPs. In some cases, like Management Team 3, this may be a single

property like McDougald Terrace. In other cases, like Management Team 1, there may be multiple

properties like Scattered Sites, JJ Henderson and Forest Hill Heights.

In cases where multiple properties are managed, costs for the management team are allocated. The

most common allocation is for salaries and related personnel costs, which are allocated based on the

number of bedrooms per community. Depending on the nature of the expense, the allocation may also

be done based on the number of units without regard to bedroom size.

On a consolidated basis, budgeted expenses for the AMPs for the FY2018 Budget are $11,671,320, an

increase of $254,779 (2%) from expected FY2017 expenses. At the time of this report, Damar and

Morreene are included under LIPH pending closings of RAD transactions. Budgeted revenues are

$12,143,197, a decrease of $378,867 (3%) from expected FY2017 revenues. This is budgeted to yield net

operating income of $471,877. In those cases, where individual AMPs have deficits, the consolidated

unrestricted net position (surplus) for 2018 will be used to balance the budget.


19


FY2018 BUDGET ASSUMPTIONS & PROJECTIONS

The following information provides additional detail regarding the projections of revenues and

expenses for the AMPs.

REVENUES:

1. Dwelling Rental income is budgeted based on actual rent roll information for January –

September 2017. The October and December rent roll amounts were projected using the

average of the previous 9 months. The numbers were then averaged over 12 months and

used to determine 2018 occupancy rates and rental income totals.

2. Unless otherwise specified, all other tenant revenue was budgeted using a 3% cost of

living adjustment increase on the estimated 2017 amounts.

3. Operating Subsidy is budgeted at 88% of the total approved eligibility for 2017. Final

funding for 2017 was unknown when the 2018 budget was being prepared. Although

the calculated eligibility amount for 2017 had been approved by HUD, the final awarded

amount may be prorated at less than 100%.

4. Capital Fund administrative revenue is budgeted at (-%5) decrease from actual receipts

in 2017. This decrease is due to anticipated budgetary cuts by the Federal government.

5. Other Revenue includes non-dwelling rental income and all other income received for

the AMP from non-tenants.

EXPENSES:

1. Administrative salaries - All administrative salaries are based on actual 2017 rates. Any

vacated positions are budgeted for using the mid-range salaries for the position.

2. Management Fees are based on projected occupancy levels multiplied by the 2015 HUD-

published Multifamily management fee rate of $53.20 per unit per month.

3. Bookkeeping fees are budgeted for by multiplying the maximum-allowed rate of $7.50

per unit per month by the projected leasing rates.

4. All other administrative expenses, unless specified by contract/agreement/management

estimate, are budgeted using a 3% cost of living adjustment increase from 2017.

5. Asset Management Fees are budgeted for AMPS that show excess cash from the 2016

audited financials. These fees can be charged to each AMP each month by multiplying

the number of ACC units by $10 per unit, subject to excess cash.


20


CONSOLIDATED FY2018 BUDGET

LIPH - Consolidated

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 3,963,241 2,846,406 4,042,603 4,086,250 43,648 1%

Total Fee Revenue 7,939,867 6,313,081 8,349,146 7,922,417 (426,729) -5%

Total Other Revenue 135,845 97,064 130,316 134,530 4,214 3%

TOTAL REVENUE 12,038,953 9,256,551 12,522,064 12,143,197 (378,867) -3%

EXPENSES

Total Operating - Administrative 3,260,582 2,442,708 3,403,520 3,330,056 (73,465) -2%

Total Tenant Services 262,403 154,530 221,160 204,120 (17,040) -8%

Total Utilities 3,522,957 2,176,782 2,902,341 2,982,769 80,428 3%

Total Maintenance 3,940,772 3,127,392 4,186,102 4,233,992 47,890 1%

Total Protective Services 104,750 1,424 1,899 72,921 71,022 3740%

Total Insurance Premiums 450,161 342,046 456,075 472,298 16,224 4%

Total Other General Expenses 442,695 110,733 245,444 247,341 1,897 1%

Total Interest Expense and Amortization Cost - - - - -

TOTAL OPERATING EXPENSES 11,984,320 8,355,615 11,416,541 11,543,497 126,956 1%

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 54,633 900,937 1,105,523 599,700 (505,823) 26%

TOTAL EXPENSES 11,984,320 8,359,815 11,416,541 11,543,497 126,956 1%

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 54,633 900,937 1,105,523 599,700 (505,823)

(To)/From Unrestricted Net Position (54,633) (900,937) (1,105,523) (599,700) 505,823

Change in Net Position - - - - -


21


PROPERTY MANAGEMENT TEAM 1

Management Team 1 is responsible for managing 3 properties

1. Scattered Sites | AMP #003 (1962)

This property is made up of 50 residential units and 1 management office/community center. It is a

designated senior housing development.

2. JJ Henderson | AMP #009 (1978)

This property is made up of 178 residential units and is also a designated senior housing development

3. Forest Hill Heights | AMP #014 (1981)

This property is made up of 55 residential units and is also a designated senior housing development

Staffing for Management Team 1 is comprised of the positions shown in the organizational chart below.

The costs for personnel are allocated as indicated in the pie graph.

18%

63%

19%

Scattered Sites JJ Henderson Forest Hills


22


FY 2018 BUDGET – SCATTERED SITES

LIPH - Scattered Sites

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 163,717 123,977 158,755 158,483 (273) 0%

Total Fee Revenue 154,042 116,313 152,490 144,688 (7,802) -5%

Total Other Revenue - 5 10 10 0 3%

TOTAL REVENUE 317,759 240,295 311,255 303,181 (8,074) -3%

EXPENSES

Total Operating - Administrative 98,955 68,338 100,026 97,682 (2,344) -2%

Total Tenant Services 7,250 4,500 6,000 6,000 - 0%

Total Utilities 73,198 60,631 80,842 83,264 2,423 3%

Total Maintenance 95,805 57,247 92,580 80,196 (12,384) -13%

Total Protective Services 2,200 - - - -

Total Insurance Premiums 8,806 6,016 8,022 8,326 305 4%

Total Other General Expenses 13,000 - 7,672 7,398 (273) -4%


TOTAL OPERATING EXPENSES 299,214 196,733 295,141 282,866 (12,275) -4%

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 18,545 43,563 16,114 20,315 4,200 26%

TOTAL EXPENSES 299,214 196,733 295,141 282,866 (12,275) -4%

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 18,545 43,563 16,114 20,315 4,200

(To)/From Unrestricted Net Position (18,545) (43,563) (16,114) (20,315) (4,200)



23


FY 2018 BUDGET – JJ HENDERSON

LIPH - JJ Henderson

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 527,304 341,546 465,971 493,252 27,282 6%


Total Other Revenue 38,681 24,696 32,928 33,916 988 3%

TOTAL REVENUE 1,041,343 733,554 979,479 983,167 3,688 0%

EXPENSES

Total Operating - Administrative 342,797 232,025 316,249 341,997 25,748 8%

Total Tenant Services 25,665 16,020 21,240 21,360 120 1%

Total Utilities 270,668 165,205 220,266 226,874 6,608 3%

Total Maintenance 356,981 254,707 339,609 357,481 17,872 5%

Total Protective Services 6,900 - - 6,000 6,000




TOTAL OPERATING EXPENSES 1,079,699 705,835 971,909 1,032,496 60,587 6%

EXCESS of OPERATING REVENUE over OPERATING EXPENSES (38,356) 27,719 7,570 (49,329) (56,899) -752%

TOTAL EXPENSES 1,079,699 705,835 971,909 1,032,496 60,587 6%

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (38,356) 27,719 7,570 (49,329) (56,899)

(To)/From Unrestricted Net Position 38,356 (27,719) (7,570) 49,329 56,899


Recommended


24


FY 2018 BUDGET – FOREST HILL HEIGHTS

LIPH - Forest Hills

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 188,256 147,865 195,610 196,069 458 0%



TOTAL REVENUE 330,531 260,661 343,174 336,258 (6,916) -2%

EXPENSES



Total Utilities 103,149 64,043 85,388 87,949 2,562 3%


Total Protective Services 1,400 - - 500 500


Total Other General Expenses 9,511 15 10,947 10,625 (321) -3%


TOTAL OPERATING EXPENSES 343,019 232,172 319,779 342,116 22,337

EXCESS of OPERATING REVENUE over OPERATING EXPENSES (12,488) 28,489 23,395 (5,858) (29,253)

TOTAL EXPENSES 343,019 232,172 319,779 342,116 22,337

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (12,488) 28,489 23,395 (5,858) (29,253)

(To)/From Unrestricted Net Position 12,488 (28,489) (23,395) 5,858 29,253


Recommended


25




1. Cornwallis Road | AMP #005 (1967)

This property is made up of 200 residential units and 1 management office/community

center.

2. Laurel Oaks | AMP #015 (2004)

This property is made up of 30 residential units and 1 management office. It is a

designated senior housing development



86%

14%

Cornwallis Laurel Oaks


26


FY2018 BUDGET – CORNWALLIS

LIPH - Cornwallis

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 1,181,432 936,322 1,219,312 1,156,968 (62,344) -5%

Total Other Revenue 31,080 56 74 76 2 2%

TOTAL REVENUE 1,587,470 1,183,909 1,598,395 1,550,579 (47,816) -3%

EXPENSES



Total Utilities 587,069 302,925 403,873 415,990 12,116 3%




Total Other General Expenses 8,000 6,444 8,592 8,850 258 3%



EXCESS of OPERATING REVENUE over OPERATING EXPENSES (34,543) (87,724) (97,243) (221,647) (124,404)

TOTAL EXPENSES 1,622,013 1,271,634 1,695,638 1,772,226 76,588

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (34,543) (87,724) (97,243) (221,647) (124,404)

(To)/From Unrestricted Net Position 34,543 87,724 97,243 221,647 124,404


Recommended


27


FY2018 BUDGET – LAUREL OAKS

LIPH - Laurel Oaks

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES



Total Other Revenue 3,000 9 12 12 0 3%

TOTAL REVENUE 260,963 233,538 299,771 297,199 (2,572) -1%

EXPENSES



Total Utilities 111,957 60,185 80,247 82,654 2,407 3%







EXCESS of OPERATING REVENUE over OPERATING EXPENSES (44,040) (4,274) (23,626) (55,095) (31,469)

TOTAL EXPENSES 305,003 237,812 323,397 352,294 28,897

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (44,040) (4,274) (23,626) (55,095) (31,469)

(To)/From Unrestricted Net Position 44,040 4,274 23,626 55,095 31,469


Recommended


28



Management Team 3 is responsible for managing 1 property

1. McDougald Terrace | AMP #001 (1959)


center.



100%

McDougald


29


FY2018 BUDGET – MCDOUGALD TERRACE

LIPH - McDougald

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES




TOTAL REVENUE 2,631,771 2,080,410 2,946,853 2,835,414 (111,438) -4%

EXPENSES



Total Utilities 638,039 467,894 623,858 642,574 18,716 3%

Total Maintenance 973,383 697,517 930,023 930,567 544 0%

Total Protective Services 27,200 195 260 25,268 25,008 9623%


Total Other General Expenses 30,000 11,007 22,135 20,405 (1,729) -8%



EXCESS of OPERATING REVENUE over OPERATING EXPENSES 127,849 291,880 578,524 374,389 (204,135)

TOTAL EXPENSES 2,503,922 1,788,529 2,368,329 2,461,025 92,697

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 127,849 291,880 578,524 374,389 (204,135)

(To)/From Unrestricted Net Position (127,849) (291,880) (578,524) (374,389) 204,135


Recommended


30




1. Morreene Road | AMP #010 (1968)


center.

2. Damar Court | AMP #011 (1967)

This property is made up of 30 residential units and 1 management office. It is a

designated senior housing development



These budgets are pre-RAD – Morreene and Damar are the first two properties to convert to RAD with

anticipated closings before December 2017.

56%

44%

Morreene Road Damar Court


31


FY 2018 BUDGET – MORREENE ROAD

LIPH - Morreene Road

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES




TOTAL REVENUE 1,025,091 817,434 1,061,536 1,032,404 (29,132) -3%

EXPENSES



Total Utilities 237,706 148,311 197,748 203,681 5,932 3%




Total Other General Expenses 220,295 - 20,588 19,994 (594) -3%


TOTAL OPERATING EXPENSES 1,024,881 622,994 850,710 791,311 (59,399)

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 210 194,441 210,826 241,093 30,267

TOTAL EXPENSES 1,024,881 622,994 850,710 791,311 (59,399)

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 210 194,441 210,826 241,093 30,267

(To)/From Unrestricted Net Position (210) (194,441) (210,826) (241,093) (30,267)


Recommended


32


FY 2018 BUDGET – DAMAR COURT

LIPH - Damar Court

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 183,710 132,830 176,372 175,379 (992) -1%


Total Other Revenue - 20 27 27 1 3%

TOTAL REVENUE 673,231 506,676 664,389 638,444 (25,946) -4%

EXPENSES



Total Utilities 202,575 115,725 154,300 158,929 4,629 3%




Total Other General Expenses 25,283 1,395 2,419 1,916 (503) -21%


TOTAL OPERATING EXPENSES 673,021 492,568 659,003 595,994 (63,009)

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 210 14,107 5,386 42,449 37,063

TOTAL EXPENSES 673,021 492,568 659,003 595,994 (63,009)

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 210 14,107 5,386 42,449 37,063

(To)/From Unrestricted Net Position (210) (14,107) (5,386) (42,449) (37,063)


Recommended


33




1. Oldham Towers | AMP #004 (1967)

This property is made up of 106 residential units and 1 community center.

2. Liberty Street | AMP #006 (1972)

This property is made up of 108 residential units and 1 management office.

3. Hoover Road | AMP #008 (1969)




22%

43%

35%

Oldham Towers Liberty Street Hoover Road


34


FY2018 BUDGET – OLDHAM TOWERS

LIPH - Oldham

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES




TOTAL REVENUE 586,833 439,229 568,574 552,638 (15,936) -3%

EXPENSES



Total Utilities 117,411 72,254 96,342 99,224 2,882 3%




Total Other General Expenses 23,681 4,470 19,064 19,024 (40) 0%


TOTAL OPERATING EXPENSES 541,306 357,960 496,746 500,494 3,747 1%


TOTAL EXPENSES 541,306 357,960 496,746 500,494 3,747




Recommended


35


FY2018 BUDGET – LIBERTY

LIPH - Liberty

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES




TOTAL REVENUE 818,131 638,167 831,415 803,524 (27,891) -3%

EXPENSES



Total Utilities 220,645 141,485 188,647 194,306 5,659 3%








TOTAL EXPENSES 771,573 540,032 751,961 759,941 7,980 1%




Recommended


36


FY2018 BUDGET – HOOVER

LIPH - Hoover

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 102,546 72,084 110,262 107,541 (2,721) -2%



TOTAL REVENUE 462,455 367,496 495,277 473,240 (22,037) -4%

EXPENSES



Total Utilities 165,467 99,819 133,092 137,084 3,993 3%




Total Other General Expenses 10,400 701 935 963 28 3%


TOTAL OPERATING EXPENSES 540,374 364,686 533,475 508,021 (25,454) -5%

EXCESS of OPERATING REVENUE over OPERATING EXPENSES (77,919) 2,810 (38,198) (34,781) 3,417

TOTAL EXPENSES 540,374 364,686 533,475 508,021 (25,454) -5%

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (77,919) 2,810 (38,198) (34,781) 3,417

(To)/From Unrestricted Net Position 77,919 (2,810) 38,198 34,781 (3,417)


Recommended


37




1. Oxford Manor | AMP #012 (1972)


center.

2. Club Boulevard | AMP #007 (1969)




30%

70%

Club Blvd Oxford Manor


38


FY2018 BUDGET – CLUB BOULEVARD

LIPH - Club Boulevard

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Net Tenant Rental Revenue 284,160 199,322 282,178 280,800 (1,378) 0%

Total Tenant Revenue 289,033 207,258 292,760 291,699 (1,061) 0%



TOTAL REVENUE 734,045 566,355 758,711 734,496 (24,215) -3%

EXPENSES



Total Utilities 269,135 169,417 225,889 232,666 6,777 3%




Total Other General Expenses 10,724 4,790 12,016 11,392 (624) -5%



EXCESS of OPERATING REVENUE over OPERATING EXPENSES (154) 22,013 27,579 (26,946) (46,092)

TOTAL EXPENSES 734,199 544,342 731,133 761,442 21,877 4%

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (154) 22,013 27,579 (26,946) (46,092)

(To)/From Unrestricted Net Position 154 (22,013) (27,579) 26,946 46,092


Recommended


39


FY2018 BUDGET – OXFORD MANOR

LIPH - Oxford Manor

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 435,972 271,999 468,492 466,582 (1,909) 0%

Total Fee Revenue 1,093,571 888,064 1,154,602 1,095,573 (59,029)


TOTAL REVENUE 1,557,978 1,183,258 1,654,021 1,594,011 (60,010) -4%

EXPENSES



Total Utilities 525,182 308,369 411,159 416,863 5,704 1%


Total Protective Services 10,250 450 600 10,618 10,018

Total Insurance Premiums 41,041 30,420 40,560 42,162 1,602



TOTAL OPERATING EXPENSES 1,535,537 994,994 1,411,270 1,376,101 (35,169)


TOTAL EXPENSES 1,535,537 999,194 1,411,270 1,376,101 (35,169)




Recommended


40

AFFORDABLE HOUSING

PROGRAM SUMMARY

Through its commitment to increase and maintain affordability in housing within the City of Durham,

the Authority has been instrumental in the development/redevelopment of affordable housing. The

Authority, through Management Agreements, manages the following properties:

• Preiss Steele Place;

• Edgemont Elms

• Goley Pointe

• *Worth Street

*This property was redeveloped by Development Ventures Inc., and is a Public Housing unit managed

by Property Management Team 4.

The Authority has a dedicated and trained staff, Property Management Team 4, that is responsible for

managing these properties that are not conventional public housing properties.

As with the other property management teams, salaries and related personnel costs are allocated to

these properties by bedroom size.

Preiss Steele Place is a Low Income Housing Tax Credit (LIHTC) development with 82 units. The

property is also under a Project-Based contract with the Authority’s HCV Program. All units in this

development are eligible to receive rental assistance.

Edgemont Elms is an affordable housing development with 58 units. 16 of these units are Public

Housing units with operating subsidy that flows through the Authority. The remaining units market

rate with some tenants receiving tenant-based rental assistance through the Authority’s HCV Program.

Goley Pointe is also an affordable housing development which has 20 units. Of these, 14 of them are

Public Housing units with operating subsidy that flows through the Authority. The remaining units are

marker rate with some tenants receiving tenant-based rental assistance through the Authority’s HCV

Program.

Worth Street is a public housing unit that was redeveloped by DVI. The unit is managed by Property

Management Team 4.

It is important to note that although Authority staff manage these affordable housing properties, all

except Worth Street are owned by separate legal entities. Edgemont Elms and Goley Pointe are

considered component units of the Authority and are reported on the annual Financial Data Schedule

submitted to HUD.


41

AFFORDABLE HOUSING


The following information provides additional detail regarding the projections of revenues and

expenses budgeted for the Affordable Housing properties.

REVENUES:

1. Dwelling Rental income for FY2018 is budgeted based on the January 2017 –

September 2017 rent rolls, with an estimate for November and December 2017. The

average of the total calculated was used to budget for 2018.

2. Dwelling Rental Income, also includes all rental assistance received from other

programs.

3. For Edgemont Elms and Goley Pointe, operating subsidy is budgeted for the public

housing units at 88% of 2017 eligibility.

EXPENSES:

1. Administrative salaries and all personnel related costs are allocated to the properties

based on the number of bedrooms per property.

2. Management Fees for Preiss Steele Place are charged according to the management

agreement which requires a charge of 6% of all dwelling rental income received at

the property to be billed as fees.

3. Management Fees for Edgemont Elms are charged according to the management



4. Management Fees for Goley Pointe are charged according to the management



5. Preiss Steele Place, Edgemont Elms and Goley Pointe are charged a blended Resident

Services Fee of $24.45 per unit per month. This is for Resident supportive services

which include Safety and Security services provided to the property.

6. Edgemont Elms and Goley Pointe are charged $13.86 per unit per month for

Compliance Services

**The Public Housing Units (16) for Edgemont Elms are tentatively set to be converted to RAD – PBRA

effective December 1, 2017. The management fee charged to the property will be decreased to 5.85% as

per HUD Multifamily regulations.


42

AFFORDABLE HOUSING



1. Worth Street | AMP #032 (2014)

2. Preiss Steele Place | AFH #900 (1993)

This property is made up of 82 residential units. It is a LIHTC development and is also

under a Project-Based Voucher Contract with the HCV Program

3. Edgemont Elms | AFH #800 (1989)

This property is made up of 58 residential units, 16 of which are Public Housing

4. Goley Pointe | AFH #700 (2016)

This property is made up of 20 residential units, 14 of which are Public Housing



74%

2%

24%0%

Edgemont Elms 1010 Worth St

Goley Point Preiss-Steele Place


43

AFFORDABLE HOUSING

FY2018 BUDGET – WORTH STREET

LIPH - 1010 Worth

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 1,600 1,764 2,644 2,509 (135) -5%

Total Other Revenue - - - - -

TOTAL REVENUE 11,352 5,568 8,359 8,641 282 3%

EXPENSES


Total Tenant Services 120 90 120 120 - 0%

Total Utilities 756 518 691 711 20 3%

Total Maintenance 4,852 794 1,059 2,615 1,556 147%

Total Protective Services - - - - -

Total Insurance Premiums 178 124 179 176 (3) -2%

Total Other General Expenses 1,731 - 476 503 27 6%


TOTAL OPERATING EXPENSES 10,559 5,324 8,050 7,169 (882)

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 793 244 309 1,472 1,164

TOTAL EXPENSES 10,559 5,324 8,050 7,169 (882)

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 793 244 309 1,472 1,164

(To)/From Unrestricted Net Position (793) (244) (309) (1,472) (1,164)


Recommended


44

AFFORDABLE HOUSING

FY2018 BUDGET – PREISS STEELE PLACE

AFH - Preiss Steele Place

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue - - - - -

Total Other Revenue 8,000 4,411 8,821 8,010 (811) -9%

TOTAL REVENUE 677,307 482,768 660,273 659,532 (742) 0%

EXPENSES



Total Utilities 60,000 54,607 72,810 74,994 2,184 3%


Total Protective Services - 660 880 906 26 3%

Total Insurance Premiums 18,735 19,817 26,423 26,255 (168) -1%


Total Interest Expense and Amortization Cost - 76,832 102,443 105,516 3,073 3%



TOTAL EXPENSES 384,167 347,592 459,495 514,384 54,888




Recommended


45

AFFORDABLE HOUSING

FY2018 BUDGET – EDGEMONT ELMS

AFH - Edgemont Elms

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 71,826 51,918 69,150 65,608 (3,542)


TOTAL REVENUE 470,623 316,684 425,860 422,578 (3,282) -1%

EXPENSES

Total Operating - Administrative 143,307 117,680 156,906 160,993 4,087


Total Utilities 53,416 29,558 39,411 40,594 1,182 3%





Total Interest Expense and Amortization Cost - 18,922 25,229 25,986 757 3%


EXCESS of OPERATING REVENUE over OPERATING EXPENSES 122,744 28,445 11,167 (5,580) (16,747)

TOTAL EXPENSES 347,879 288,239 414,693 428,158 13,465

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 122,744 28,445 11,167 (5,580) (16,747)

(To)/From Unrestricted Net Position (122,744) (28,445) (11,167) 5,580 16,747


Recommended


46

AFFORDABLE HOUSING

FY2018 BUDGET – GOLEY POINTE

AFH - Goley Pointe

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 63,000 35,362 52,204 49,594 (2,610)


TOTAL REVENUE 144,839 82,673 115,285 112,705 (2,580) -2%

EXPENSES

Total Operating - Administrative 40,859 27,734 40,458 43,707 3,249

Total Tenant Services 1,680 700 933 - (933)

Total Utilities 36,500 17,950 23,933 24,651 718



Total Insurance Premiums 5,453 3,982 5,309 5,593 283

Total Other General Expenses 6,336 - 3,843 5,972 2,129 55%




TOTAL EXPENSES 142,640 68,619 98,815 110,965 12,150




Recommended


47

CENTRAL OFFICE COST CENTER

PROGRAM SUMMARY

The Central Office Cost Center (COCC) is the fund mandated by HUD to account for “centralized”

services and functions necessary to operate a housing authority. Most of the functions of the COCC are

not directly attributable to the public housing communities or other programs. In essence, they are the

overhead functions. For the Authority, these include:

• Executive Office – which includes Board of Commissioners

• Administration – which includes Human Resources|Compliance|Safety&Security

• Financial Services – which includes Accounting|Procurement|Information Technology

• Development – which includes Technical Services

• Asset Management

• Resident Services

Funding for the COCC is in the form of fees charged to projects or programs. The fees include those

specified by HUD as management fees, bookkeeping fees, asset management fees, or fees for services.

HUD regulates which of these fees may be charged to any given program and how the fee is to be

calculated.

The Authority does provide Technical Services on a “fee for service” basis. The Authority examined

private sector rates for specialized maintenance services – electrical, plumbing, etc. - and has

established rates for these service consistent with the private sector. When an “end user” department

uses these services, they are charged as if they had contracted with a private sector vendor.

The Authority employs a similar methodology for Resident Services and Compliance Services.

In addition to the HUD regulated management fees, the Authority also charges a Management fees and

Supportive Services fees to all other entities like Edgemont Elms Housing, Inc., Preiss-Steele Place,

LLC, and Goley Pointe, LLC. The amounts are typically computed as a percent of net rental income as

determined in the management agreement between the Authority and these entities.

Program management fees are charged to the HCV program according to HUD regulations. These fees

can either be up to 20 percent of earned Administrative Fees or $12.00 per voucher leased per month. In

addition, the COCC can also charge the program $7.50 per voucher leased per month as bookkeeping

fees.

The COCC also charges all grant awards received by the AMPS a fee of up to 10% of the award. These

include Capital and Replacement Housing Factor funds.

As determined by Resource Sharing Agreements, the COCC may also receive fees from the Authority’s

instrumentalities (DVI) and Component Units (Learning Assistance, etc.)

Lastly, the COCC receives fees from Bond transactions of the Authority.


48


PROGRAM SUMMARY

Executive Office

The Executive Office includes the Board of Commissioners, Chief Executive Officer and Staff

responsible for coordinating the day-to-day activities of the Authority. This department is also

responsible for communications with internal as well as external stakeholders including the United

States Department of Housing and Urban Development (HUD), other federal entities, the State, City

and County governments, Investors and Residents in the Public, Affordable and HCV Housing

Programs.

Administration

As mentioned previously, the Administration department which was created in 2017 is made up of

Human Resources, Compliance and Safety/Security. Human Resources is responsible for planning,

implementing and evaluating employee relations. Tasks performed include: labor relations, employee

recruitment, compensation and benefits management, training and development as well as maintaining

awareness of and compliance with federal, state and local labor laws.

The Compliance team ensures that the property and program management business areas of the

Authority maintain compliance with federal, state and local regulations and requirements. Typical

duties include the development of policies and procedures for property/program management,

ensuring employee awareness of guidelines and regulations, developing compliance-related reporting

and preparing risk assessment analysis to expand visibility.

The Safety & Security team works cooperatively with residents, staff, the public and law enforcement

agencies to reduce crime, preserve peace and provide safe environments within the Authority’s

housing developments, both owned and managed. Tasks include monitoring building surveillance,

responding to alarms, patrol and organizing outreach to DHA’s neighborhoods throughout the year.

Financial Services

The Financial Services department includes Accounting, Budgeting, Procurement and Information

Technology. The Accounting team maintains a system of internal administrative and accounting

controls. This includes the evaluation of property/program management as well as departmental

activities that affect the financial operations of the Authority. This department coordinated and

executes all financial documents, annual budget and monthly financial reports.

Procurement is responsible for coordinating the solicitation of all Requests for Quotes (RFQ), Requests

for Proposals (RFP), Invitations for Bid (IFB) and finalizing all contractual agreements on behalf of all

departments. All departments are responsible for the procurement of materials and supplies for their

respective areas in accordance with Asset Management.


49


PROGRAM SUMMARY

Information Technology services provides support for all computer systems, applications and phones.

Tasks include providing services to departments that ensure technological systems are reliable, stable

and cost efficient.

Development

The Development is responsible for planning and organizing all development, construction and

modernization projects for the Authority. Tasks include budgeting for HUD funds under the Capital

Fund and Replacement Housing Factor programs. This department also manages the affairs for the

development instrumentality of the Authority, Development Ventures Inc, tasked with spearheading

all development/redevelopment projects.

The Authority also provides Technical Services – Plumbing and Locksmith Services on a Fee-For-

Services basis to all properties. This team is included in the Development department and charges

comparable rates

Asset Management

This department oversees property management and maintenance services for managed developments.

Tasks include the establishment of the Admissions and Continued Occupancy Policy (ACOP),

governing HUD-Aided Public Housing Policies and Procedures for property management including

lease agreements and application processes and information.

Resident Services

The Resident Services department offers, in partnership with other agencies, support services to

provide opportunities for all residents in properties or programs managed by the Authority. This

department implements several programs and services to assist residents. All resident service grants,

including but not limited to Family Self Sufficiency, Continuum of Care etc., are administered by this

department. In addition, the Resident Services department maintains the activities of Learning

Assistance, Inc. – a component unit of the Authority.

In an effort to promote proper safeguarding of resources against waste and inefficiency, encourage

accuracy and reliability of operational data, each COCC department manages an individual budget.

However, it is important to note that the COCC departments are not a separate asset managed entity

on their own. Unless otherwise required by a managed grant, all resources of the COCC are shared

amongst the departments depending on need. The COCC budget is presented on a consolidated basis

even though each departmental head oversees their own budget.


50



REVENUES:

1. Property/program management fees charged to the other programs. AMPs are charged based

on standard rates set by HUD. For FY2018, Property Management fees are budgeted at $53.20,

the current approved HUD reasonable fee. The bookkeeping fee and asset management fees

remain the same at $7.50 per unit and $10.00 per unit respectively. Property Management and

Bookkeeping fees are charged per occupied unit. Asset management fees are charged per ACC

unit and subject to excess cash as calculated from the previous year Financial Data Schedule

(FDS).

2. The HCV program can be charged a program management fee up to $12.00 per voucher leased

per month and a bookkeeping fee of $7.50 per voucher leased per month or up to 20% of the

Administrative Fee earned. FY2018, the Authority will charge the HCV program $10.00 per

voucher leased as program management fees.

3. Preiss Steele Place, Edgemont Elms and Goley Pointe, will be charged a management fee equal

to 6% of net rental income as management fees.

4. Resident Service fees are budgeted at $15.08 per occupied unit. The fee charged in 2017 has been

increased using the HUD inflation factor of 1.02.

5. Compliance Services fees budgeted at $13.86 per occupied unit. The fee charged in 2017 has

been increased using the HUD inflation factor of 1.02.

6. Safety and Security fees are budgeted at $9.37 per occupied unit. The fee charged in 2017 has

been increased using the HUD inflation factor of 1.02

7. In addition to management fees, the affordable housing properties are charged a Resident

Services fee of $24.45 and if applicable the same Compliance fees as the public housing

properties.

8. Technical Services fees are charged for service performed at the properties. The rates for 2018

are as follows: Licensed Plumber - $98.00 per hour | Certified Locksmith $80.00. The revenue

for this line item is budgeted according to the expenses budgeted for each property.

9. The COCC also charges a program management fee of 10% of Capital Funds awarded. For 2018,

the budgeted amount is $252,736.

10. As per the Resource Sharing Agreement, DVI will pay the COCC a budgeted total of $247,561 in

2018.


51



11. Proceed from Bond Issuance and current Bond fees are expected to be about $155,321 in 2018.

12. As per the Resident Services and Asset Management Agreements, the HOPE VI properties

managed by TCB will pay a total of about $7,368 to the COCC in 2018.

13. The Resident Services department will administer two grants in 2018 – Family Self Sufficiency

and Governors’ Crime Commission. The budgeted amounts are $137,787 and $36,767

respectively.

EXPENSES:

1. Administrative salaries and benefits are budgeted at the same level as in the previous year. All

vacant positions to be filled are budgeted at the mid-range level for salaries.

2. Computer Maintenance Agreements for 2018 have increased by about 19%. The Authority will

convert to Microsoft 365 and improve operations by obtaining Adobe licenses.

3. In previous years’, Employee Benefit Contributions were budgeted for under General Expenses.

Effective 2018, these expenses will be budgeted for under the specific category where salaries

are budgeted.

The below shows the schedule of fees for the COCC in 2018.

Central Office Cost Center - FY2018 Schedule of Fees

Low Income Public Housing 2,407,541.00

Capital Fund Program 252,736.00

Preiss Steele Place 70,070.00

Edgemont Elms 53,742.00

Goley Pointe 14,933.00

Housing Choice Voucher Program 322,920.00

HOPE VI Properties 7,368.00

Development Ventures, Inc 247,561.00

Bond Fees 155,321.00

Total FY 2018 3,532,192.00


52


FY2018 BUDGET

COCC- Consolidated

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue - - - - -

Total Fee Revenue 2,926,853 2,670,098 3,474,211 3,669,979 195,768 6%

Total Other Revenue 3,546 427 505 36,767 36,262 7179%

TOTAL REVENUE 2,930,399 2,670,525 3,474,716 3,706,746 232,030 7%

EXPENSES

Total Operating - Administrative 2,358,220 1,693,914 2,258,552 2,690,557 432,005 19%

Total Tenant Services 450,870 456,264 608,353 627,752 19,399 3%

Total Utilities 15,236 21,604 28,806 29,670 864 3%




Total Other General Expenses 4,860 9,812 12,168 - (12,168) -100%



EXCESS of OPERATING REVENUE over OPERATING EXPENSES (225,767) 239,786 234,646 18,072 (216,574)

TOTAL EXPENSES 3,156,166 2,430,739 3,240,070 3,688,674 448,604

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (225,767) 239,786 234,646 18,072 (216,574)

(To)/From Unrestricted Net Position 225,767 (239,786) (234,646) (18,072) 216,574

Change in Net Position -$ -$ -$ -$ -$

Recommended


53

HOUSING CHOICE VOUCHER

PROGRAM SUMMARY

The Authority operates a Housing Choice Voucher Program (HCV) pursuant to U.S. Department of

Housing and Urban Development (HUD) requirements. The HCV Program is structured to provide a

housing voucher to program participants. Participants then locate housing in the local rental market.

When an acceptable unit is located, both the program participant and the landlord are required to enter

into a HAP contract with the Authority. Program participants pay approximately 30% of the rent and

the voucher is used to pay the balance up to a predetermined market rate established by HUD on an

annual basis.

In general, tenant-based vouchers are issued to the participants. However, some vouchers are “project-

based” and are allocated to specific properties, so a participant has to be able to qualify to live in that

particular property.

The Authority also administers Veterans’ Administration Supportive Housing vouchers (VASH)

targeted at providing assistance to homeless veterans.

HCV Administration provides support for a maximum of 2,791 vouchers. However, it is important to

note that HUD requires housing authorities manage the program within their allotted budget, not the

allotted maximum vouchers. This means that the program may have a utilization rate that falls below

the allotted vouchers but a 100% budget utilization. Primary services include the acceptance and

processing of applications for vouchers; inspections of units on at least an annual basis, and

recertification of program participant eligibility on an annual basis.

Housing Assistance Program (HAP) funds are “pass-through” in nature. Any surplus that occurs is

retained for future needs, but is strictly limited to being used only for housing assistance payments.

Due to the pass-through nature of the funds, no personnel or other expenses are allocated to HCV

Program HAP.

In addition to the traditional HCV program, the HCV department also administers a small number

Tenant Based Rental Assistance vouchers through two grant-funded programs, Shelter Plus Care (S+C)

and Housing Opportunities for Persons with HIV/AIDS (HOPWA). Both programs reimburse the costs

of Housing Assistance Payments expensed on a monthly basis and include a small fee for

administering the programs.

The HCVP program is considered a separately asset managed program and pays the COCC program

management fees.


54


PROGRAM SUMMARY

Staffing for the HCVP program is comprised of the positions shown in the organizational chart below


55



The budget for the HCV Program is divided into two parts – Administration and Housing Assistance

Payments (HAP). The following information provides additional detail regarding the projections of

revenues and expenses for the HCV Program.

REVENUES:

1. Housing Assistance Payment funds to be received have been budgeted at $19,753,628 using an

average HAP amount of $612 and an average unit month leased number of 2,691 vouchers

2. Administrative Fees earned are budgeted at $1,600,872 which a 6% decrease from the amount

expected to be received in 2017 of $1,7

3. Other revenues include administrative fees earned from managing the two TBRA programs,

Shelter plus care and HOPWA. The expected fees for 2018 are $6,177 for Shelter Plus Care and

7% of HAP/URP paid per month for HOPWA.

EXPENSES:

1. Housing Assistance Payment expenses are budgeted at the same level as expected revenues of

$19,753,628

2. Program management fees due to the COCC for FY 2018 are calculated as $10 per unit month

leased. Over the past few years, administrative fee earned for this program has decreased

dramatically. In addition to the decrease in rates, final funding has been prorated below 100% of

eligibility. HCVP has been unable to pay the maximum fee required to the COCC for program

management over the past few years. The rate is $12 per unit month leased for program

management and $7.50 per unit month leased for bookkeeping. The Authority may also opt to

charge the program 20% of the administrative fee received.

3. The most significant change in expenses for the HCV program beginning in 2018 will be a rent

charge paid to the COCC. The amount in 2018 will be $5,000 a month. In the past the HCV

department has been charged Utilities and Maintenance expenses using an allocation based on

the number of employees. The rent charge is based on a rate per square footage of leased office

space in downtown Durham. The average rate is about $2.01/square footage. The HCV

department occupies about 6,000 square feet of the central office building.

4. All other expenses are directly incurred by the HCV department/program and budgeted at a 3%

increase from expected FY2017 amounts.


56


FY2018 BUDGET – ADMINISTRATION

HCVP Admin

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES




TOTAL REVENUE 1,785,051 1,348,643 1,777,912 1,674,631 (103,281) -6%

EXPENSES

Total Operating - Administrative 1,645,248 1,144,185 1,525,581 1,633,231 107,651 7%

Total Tenant Services - - - - -

Total Utilities 16,916 14,762 29,524 - (29,524) -100%



Total Insurance Premiums 25,593 21,061 28,081 18,439 (9,642) -34%




EXCESS of OPERATING REVENUE over OPERATING EXPENSES - 100,133 103,391 (85,011) (188,402)

TOTAL EXPENSES 1,785,051 1,248,509 1,674,521 1,759,642 85,121

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL - 100,133 103,391 (85,011) (188,402)

(To)/From Unrestricted Net Position - (100,133) (103,391) 85,011 188,402


Recommended


57


FY2018 BUDGET – HAP

HCVP HAP

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 16,479,350 14,613,345 19,366,302 19,753,628 387,326 2%


TOTAL REVENUE 16,479,350 14,613,345 19,366,302 19,753,628 387,326 2%

EXPENSES

Housing Assistance Payments - Regular 16,479,350 14,792,377 19,723,169 19,753,628 30,459 0%

TOTAL EXPENSES 16,479,350 14,792,377 19,723,169 19,753,628 30,459

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 16,479,350 14,613,345 19,366,302 19,753,628 387,326

(To)/From Unrestricted Net Position (16,479,350) (14,613,345) (19,366,302) (19,753,628) (387,326)


Recommended


58

DEVELOPMENT VENTURES, INC

PROGRAM SUMMARY

Development Ventures Incorporated (DVI) is an instrumentality of the Durham Housing Authority. As

an IRS 501(c)(3) entity, DVI exists to develop affordable housing options to low-income residents of

Durham on behalf of DHA. DVI is primarily involved in the development and ownership of new

housing communities.

As a result of several ongoing projects, DVI will continue to evolve in FY2018. The entity owns two

properties – Lincoln and Fayette. To date, DVI has completed the development/redevelopment of the

following properties: Preiss Steele Place, Edgemont Elms, Goley Pointe and 1010 Worth Street.

By the end of 2017, it is expected that 3 properties will close development deals to convert from Public

Housing to Rental Assistance Demonstration – Project Based Rental Assistance. These are the 16 Public

Housing units at Edgemont Elms, Morreene Road and Damar Court.

It is important to note that DVI has no employees and is therefore operating under a Resource Sharing

Agreement with DHA. The terms of the agreement include a yearly fee to the COCC that is equivalent

to the following:

18% of the Chief Executive Officers’ salary and benefits, 80% of the Director of Developments’ salary

and benefits, 10% of the Capital Fund Program Administrators’ salary and benefits and 100% of the

Real Estate Strategies Specialists’ salary and benefits.

DVI is also responsible for expenses charged to Lincoln and Fayette Place. The main source of revenue

for DVI is developer fees earned at closing or deferred based on the development transactions. All

developer fees will be booked as revenues or receivables according to the schedules attached to the

development transactions.


59

DEVELOPMENT VENTURES, INC

FY 2018 BUDGET

DVI - Administration

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue - - - - -


TOTAL REVENUE 729,299 31,415 165,739 295,751 130,013 78%

EXPENSES

Total Operating - Administrative 504,305 202,367 268,323 268,898 88 0%

Total Tenant Services - - - - -

Total Utilities 10,050 3,078 4,103 4,226 - 3%

Total Maintenance 34,630 4,500 6,000 6,180 180 3%



Total Other General Expenses 61,793 - - - -

Total Interest Expense and Amortization Cost - 20,394 27,192 - (27,192) -100%


EXCESS of OPERATING REVENUE over OPERATING EXPENSES 109,166 (206,115) (149,469) 6,571 156,039

TOTAL EXPENSES 620,133 237,531 315,207 289,181 (26,636)

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 109,166 (206,115) (149,469) 6,571 156,039

(To)/From Unrestricted Net Position (109,166) 206,115 149,469 (6,571) (156,039)


Recommended


60

LEARNING ASSISTANCE, INC.

PROGRAM SUMMARY AND BUDGET

Learning Assistance, Inc., is a component unit of the Authority, incorporated as a North Carolina non-

profit in 1987. The mission of the organization is to award scholarships to public housing youth and

young adult residents. The primary source of income for Learning Assistance, Inc., is the proceeds

from an agency endowment established in 1994 with the Greater Triangle Community Foundation.

Other income recognized is usually the result of a donations made to the organization. For FY2018

$17,000 has been budgeted for scholarships to be awarded.

The program is managed by the Resident Services department located in the Central Office Cost

Center.

LAI - Learning Assistance, Inc.

FY2018 Budget

2017

Budget

2017

Jan - Jun

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


TOTAL REVENUE 18,700 9,304 12,406 17,980 5,574 45%

EXPENSES

Total Operating - Administrative 1,700 125 167 - (167) -100%



EXCESS of OPERATING REVENUE over OPERATING EXPENSES (20) 7,422 9,896 5,980 (3,917)

TOTAL EXPENSES 18,720 1,882 2,509 12,000 9,491

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL (20) 7,422 9,896 5,980 (3,917)

(To)/From Unrestricted Net Position 20 (7,422) (9,896) (5,980) 3,917


Recommended


61

OTHER PROGRAMS/GRANTS

OTHER AMPS:

Birchwood – this AMP is comprised of four single-family residential homes that were part of the

Authority’s Turnkey III program. The Authority is currently in the process of obtaining permission to

dispose of these units. To the extent the properties need to be managed, the Senior Property Manager

is responsible. Currently all of the units are vacant. The primary expense of this AMP is maintenance

costs for landscaping. The budgeted amount for this line item if $6,000.

HOPE VI:

In an effort to revitalize a distressed area within North East Central Durham, the Authority

through HUD’s HOPE VI neighborhood revitalization program provided loans and grants

towards the development of the following rental units:

1. Main Street Townhomes | AMP #29 (2004)

This property consists of 43 townhouse-style units in 4 buildings. There are 21 public

housing units included in the 43 low income housing tax credit units.

2. Calvert Place| AMP #16 (2005)

This property is made up of 75 residential units all of which are allocated low-income

housing tax credits. 43 units are set aside as public housing

3. Morning Glory| AMP #30 (2005)

Morning Glory Senior Village is a development that consists of 25 cottage and apartment

style public housing units designated for seniors. This property is also allocated low

income housing tax credits.

4. Holman Homes| AMP #28 (2008)

This property consists of 83 rental units, 74 of which are low-income housing tax credit

units and 46 of the 74 are public housing units. The remaining 9 units are market rate.

The operating subsidy budgets for these properties are shown in the below:

HOPE VI

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

HUD PHA OPERATING GRANTS

Main Street Townhomes 79,453 58,796 78,308 74,299 (4,009) -5%

Calvert Place 164,064 124,313 165,572 157,092 (8,480) -5%

Morning Glory 45,730 39,846 53,070 50,353 (2,717) -5%

Holman Homes 79,453 139,471 185,761 176,247 (9,514) -5%

Total Operating Subsidy 368,700 362,426 482,711 457,991 (24,720) -5%

Recommended


62

OTHER PROGRAMS/GRANTS

FAMILY SELF SUFFICIENCY:

The Family Self-Sufficiency (FSS) program enables HUD-assisted families to increase their earned

income and reduce their dependency on rental subsidies and welfare assistance. The Authority has

managed an FSS program since 1992.

Each year, HUD makes funding available through a competitive process to PHA’s that administer an

FSS program. The awarded funds are to pay for personnel costs for FSS program coordinator(s).

For 2018, the expected award is $137,787, a decrease of about 33% from the 2017 award of $206,680

GOVERNORS CRIME COMMISSION:

The Authority has been awarded a grant through the Juvenile Justice Committee of the Governor’s

Crime Commission effective October 1, 2017 – September 30, 2018. The awarded funds are to pay for

budgeted costs associated with salaries and benefits for personnel responsible for administering the

grant. The award amount for 2018 is $36,767.


63

RENTAL ASSISTANCE DEMONSTRATION

PROGRAM SUMMARY

The Rental Assistance Demonstration (RAD) program was created by HUD to give public housing

authorities a tool to improve as well as preserve current public housing stock. With the tool, Agencies

can leverage public and private debt and equity in order to reinvest in their current public housing

stock. With RAD, units move to a Section 8 platform with a long-term contract that must be renewed by

law. This makes units permanently affordable to low-income households.

The Authority’s strategic long-term goal is to convert all existing public housing stock to the RAD

model. The RAD conversion plan is divided into two main phases as shown in the tables below.

Starting with a straight conversion of the 16 public housing units at Edgemont Elms, 91 public units at

the HOPE VI properties and all units at Damar Court and Morreene Road. All 7 properties will be

converting to the RAD – PBRA model by the end of 2017.


64


FY 2018 BUDGET – MORREENE ROAD

RAD - Morreene Road

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES

Total Tenant Revenue 425,334 311,387 414,365 1,113,536 699,171 169%

Other Fees - - - -

Total Fee Revenue 595,557 472,810 602,854 - (602,854) -100%

Total Other Revenue 4,200 33,238 44,317 - (44,317) -100%

TOTAL REVENUE 1,025,091 817,434 1,061,536 1,113,536 52,000 5%

EXPENSES


Total Tenant Services 29,405 20,160 26,880 150,316 123,436 459%

Total Utilities 237,706 148,311 197,748 257,128 59,380 30%




Total Other General Expenses 220,295 - 20,588 100,555 79,967 388%


TOTAL OPERATING EXPENSES 1,024,881 622,994 850,710 1,082,970 232,260

EXCESS of OPERATING REVENUE over OPERATING EXPENSES 210 194,441 210,826 30,566 (180,260)

TOTAL EXPENSES 1,024,881 622,994 850,710 1,082,970 232,260

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 210 194,441 210,826 30,566 (180,260)

(To)/From Unrestricted Net Position (210) (194,441) (210,826) (30,566) 180,260


Recommended


65


FY 2018 BUDGET – DAMAR COURT

RAD - Damar Court

FY2018 Budget

2017

Budget

2017

Jan - Sep

2017

Estimated

2018

Recommended

Annual

Change

% Annual

Change

REVENUES


Total Fee Revenue 489,521 373,826 487,991 - (487,991) -100%

Total Other Revenue - 20 27 - (27) -100%

TOTAL REVENUE 673,231 506,676 664,389 535,572 (128,817) -19%

EXPENSES


Total Tenant Services 14,645 9,180 18,360 - (18,360) -100%

Total Utilities 202,575 115,725 154,300 158,100 3,800 2%



Total Insurance Premiums 23,204 16,126 21,502 18,963 (2,539) -12%




EXCESS of OPERATING REVENUE over OPERATING EXPENSES 210 14,107 5,386 (22,891) (28,277)

TOTAL EXPENSES 673,021 492,568 659,003 558,463 (100,540)

EXCESS (DEFICIENCY) of TOTAL REVENUE over(under) TOTAL 210 14,107 5,386 (22,891) (28,277)

(To)/From Unrestricted Net Position (210) (14,107) (5,386) 22,891 28,277


Recommended


66

PAGE INTENTIONALLY LEFT BLANK


67

WE ARE CREATIVE

WE PRACTICE TEAMWORK

WE SATISFY CUSTOMERS

WE ARE ENTHUSIASTIC

WE TAKE RESPONSIBILITY

WE ARE ETHICAL

WE ARE PRODUCTIVE

2018 annual operating budgetrental assistance to families renting housing units owned by private...

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