HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 10-24-2013MEETING AGENDA
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
THURSDAY, OCTOBER 24, 2013 - 7:00 p.m.
WHERE: Medicine Lake Room
City of Plymouth
3400 Plymouth Boulevard
Plymouth, MN 55447
CONSENT AGENDA
All items listed on the Consent Agenda are considered to be routine by the
Housing and Redevelopment Authority and will be enacted by one motion.
There will be no separate discussion of these items unless a Commissioner,
citizen or petitioner so requests, in which event the item will be removed
from the consent agenda and considered in normal sequence on the agenda.
1. CALL TO ORDER - 7:00 P.M.
2. CONSENT AGENDA
A. Approve HRA Meeting Minutes for September 26, 2013.
B. Plymouth Towne Square. Accept Monthly Housing Reports.
C. Vicksburg Crossing. Accept Monthly Housing/Marketing Reports.
3. NEW BUSINESS
A. Plymouth Towne Square. Review and approve 2014 Budget.
B. Vicksburg Crossing. Review and approve 2014 Budget.
4. ADJOURNMENT
DRAFT MINUTES 01,40
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY
September 26, 2013
PRESENT: Commissioners Paul Caryotakis, Carl Runck, and Toni Jelinek
ABSENT: Chair Kulaszewicz and Commissioner Willis
STAFF PRESENT: Housing Program Manager Jim Barnes, HRA Executive Director Steve
Juetten, Support Services Manager Denise Whalen, and Office Support Representative Tina
Beckfeld
1. CALL TO ORDER
Acting Chairman Caryotakis called the Plymouth Housing and Redevelopment Authority
meeting to order at 7:00 p.m.
2. CONSENT AGENDA
A. Approve July 25, 2013 HRA Meeting Minutes.
B. Plymouth Towne Square. Accept Monthly Housing Report.
C. Vicksburg Crossing. Accept Monthly Housing/Marketing Report.
MOTION by Commissioner Jelinek, seconded by Commissioner Runck, to approve the consent
agenda.
Vote. 3 Ayes. MOTION approved.
3. PUBLIC HEARING
A. Section 8 Housing Choice Voucher Program. Proposed changes to the Housing
Choice Voucher Administrative Plan.
Support Services Manager Whalen gave an overview of the staff report.
Acting Chairman Caryotakis opened and closed the public hearing. No one was present to
speak.
MOTION by Commissioner Runck, seconded by Commissioner Jelinek, to approve the
proposed changes to the Housing Choice Voucher Administrative Plan to be effective
immediately and submission of the 50077 CR to Housing and Urban Development (HUD) for
the fiscal year beginning January 1, 2014.
Vote. 3 Ayes. MOTION approved.
Draft
Plymouth Housing and Redevelopment Authority
September 26, 2013
Page 2
4. NEW BUSINESS
A. HRA Budgets. Review and approve 2014/2015 HRA Budgets.
Housing Manager Barnes gave an overview of the proposed CDBG budget. Support Services
Manager Whalen gave an overview of the proposed Section 8 budget.
Support Services Manager Whalen explained that it is important to try and stay at the number of
allocated vouchers to ensure HAP funding at the beginning of the new year. This will assure
adequate funding on both the HAP and administrative sides.
Commissioner Jelinek asked what would affect the percentage of funding for HAP.
Support Services Manager Whalen responded that funding is determined by HUD at the federal
level, which staff has no control over.
Commissioner Jelinek asked when we will know what the HUD funding will be.
Support Services Manager Whalen responded March or April.
HRA Executive Director Juetten added we are two to three months into the year before we know
what the HUD funding will be.
Commissioner Jelinek asked if there would be an adjustment at that time.
HRA Executive Director Juetten responded to date we have not had to go into reserves for HAP
funding. The reserves have been built up over time and help cover the gap. We will reevaluate
if we want to continue the Section 8 program if the reserve goes too low.
Housing Manager Barnes added that the reserves are from federal money not HRA General Fund
reserves.
Support Services Manager Whalen stated the unrestricted net assets come from savings of
administrative fees due to many port in clients.
Housing Manager Barnes gave an overview HRA General Fund staff report. He stated that the
Garland property was added to the budget. He gave a history of the Garland property to the
commission as to how the HRA came to acquire the property.
Commissioner Runck asked if there was a need for scattered site rental housing in Plymouth.
Draft
Plymouth Housing and Redevelopment Authority
September 26, 2013
Page 3
Housing Manager Barnes stated that other HRAs do scattered site rental housing and that it was
one way to provide affordable housing. Additional rentals would require more staff to manage
or the HRA could expand its contract with Grace Management to manage them. The tax levy
would have to be used on a year-to-year basis or reserves to fund the acquisition. The decision
to fund the Garland property was because $70,000 of HRA money was invested and the property
went into foreclosure. Housing Manager Barnes stated that more of these opportunities could be
brought to the board.
Commissioner Jelinek said she liked the idea of bring opportunities to the board, but she didn't
necessarily want the staff to seek them out.
Housing Manager Barnes responded that staff would bring any future viable opportunities to the
board for discussion.
Commissioner Jelinek questioned the Revenues (4200.200) in the CDGB budget.
Housing Manager Barnes explained that the report may look skewed because the CDBG
program has a fiscal year July -June and the city budget is January -December.
Commissioner Jelinek asked why the drop in funding for CDGB compared to 2012 and 2013.
Housing Manager Barnes replied the CDGB funding levels have been reduced over the years.
There were years that we were getting more dollars and they were allocated to affordable
housing. Part of the funding in 2012 was from the stimulus money.
HRA Executive Director added that in some years we have carry-over funds in the CDBG
program.
Commissioner Runck as why the tax levy has remained flat.
Housing Manager Barnes responded the entire Community Development program has been
directed by HRA Executive Director Juetten to maintain budgets as not to raise the levy. The
council adopted 2 'h % or less for an increase but would like to be at 2 %.
HRA Executive Director Juetten explained the HRA conservative budgeting. Even with the new
construction revenue generating funds, the budget remains stable. This allows for building
reserves for a time when new construction revenues fall.
Housing Manager Barnes stated our buildings are getting older and will require more
maintenance so we may need to increase the levy in coming years to account for the increases.
MOTION by Commissioner Jelinek, seconded by Commissioner Runck, to approve the 2014
HRA budgets and recommend that the City Council adopt the 2014 HRA preliminary budgets.
Draft
Plymouth Housing and Redevelopment Authority
September 26, 2013
Page 4
Vote. 3 Ayes. MOTION approved.
5. ADJOURNMENT
MOTION by Commissioner Runck, seconded by Commissioner Jelinek , to adjourn the meeting
at 7:48 p.m.
P
PLYMOUTH
TOWNE SQUARE
MEMORANDUM
To: Jim Barnes
From: Jeff Lelivelt, Managing Director, .Plymouth Towne Square
Date: October 16, 2013
Re: PTS Monthly Report for September 2013
October Newsletter and Calendar attached
Occupancy/Marketing
Current Occupancy — 99 units
Current Wait List Status:
One Bedroom — 70 applicants; the list is closed
Two Bedroom -- 22 applicants
Apartment 124 new resident moved in on 917.
Administrative/Building Operations
The garage leak in the west wing was fixed on 916. Cost was $3,400.
2'B
All cracked and damaged windows in the building were replaced on 9/16 with the
exception of the first floor north wing. Windows have been ordered for those and will be
replaced in early October. Total cost is $15,252.42.
After a loss of internet access the PTS computers were repaired. It was determined that
the wireless access needed to updated. The office computer is now on an entirely
separate network from the resident computers.
Resident Services
On 9/4 PTS hosted its annual Flu Shot Clinic. 31 residents received their immunizations.
On 9112 Phil Breker, Pharmacy Manager of the Lund's Prairie Stone Pharmacy gave a
presentation on Prescription Safety. 24 residents attended.
The Resident Meeting and Birthday Bash were held on 9/19 with 57 residents attending.
15500 37th Avenue North • Plymouth, MN 55446-3250
Phone: (763) 550-9525 • Fax: (763) 551-0144
Owned by Plymouth Nousing and Redevelopment Audiotity
Balance Sheet
PLYMOUTH T'OWNE SQUARE
As Of September 30, 2013
ASSETS
CURRENT ASSETS
M I PETTY CASH
M I OPERATING ACCOUNT
M I SEC DEPOSIT CASH ACCOUNT
INVESTMENTS - WORKING CAPITAL FUND
INVESTMENTS - NEW DEBT SERVICE
ACCOUNTS REGTENANTS
INTEREST RECEIVABLE
PREPAID PROPERTY INSURANCE
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAND
SITE IMPROVEMENTS
BUILDING
BUILDING IMPROVEMENTS
FURN, EIXT & EQUIP -GENERAL
FURNITURE & FIXTURES - HOUSEKEEPING
COMPUTERSIOFFICE EQUIPMENT
ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS
NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE
ACCRUED PAYROLL
ACCRUED COMPENSATED BALANCES
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
TOTAL. CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BONDS PAYABLE - SERIES 2011A
BOND PREMIUM
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS RSRVD FOR DS
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance Total
500
134,423
54,666
808,286
272,466
1,750)
2,500
20,495
3,257
459,247
111,390
5,767,619
301,779
379,211
8,696
13,060
3,320,752)
22,469
2,036
3,515
47,894
23,685
54,266
3,165,000
72,664
111,865
1,436,248
1,294 ,844
3,720,248
5,015,093
99,601
3,291,930
3,391,531
1,547,913
75,649
5,015,093
Profit and Loss Variance
PLYMOUTH TOWNE SQUARE
Throilgh September 30, 2013
MTD Actual Budget Var. YTD Actual Budget Var, Year Budget
INCOME
APARTMENT RENTAL REVENUE 52,528 53,871 1,143) 469,918 483,039 13,121) 644,052
HRA INDIVIDUAL 17,167 17,167 0 154,503 154,503 0 206,004
BAD DEBT 0 0 0 5,039) 0 5,039) 0
GARAGE RENT 2,981 2,880 81 26,676 25,920 758 34,560
GUEST ROOM REVENUE 110 193 83) 1,430 1,737 307) 2,316
LAUNDRY REVENUE 642 690 48) 7,569 8,010 441) 10,880
APPLICATION FEE REVENUE 0 53 53) 325 477 152) 636
TRANSFER FEE REVENUE 0 0 0 0 500 500) 500
INVESTMENT INCOME 839 833 6 15,853) 7,497 23,380) 9,996
MISCELLANEOUS REVENUE 20 275 255) 202 2,475 2.273) 3,300
TOTAL INCOME 74,487 76,962 1,495) 639,700 684,158 44,458) 912,044
EXPENSES
ADMINISTRATION
MANAGER SALARIESIWAGES 3,709 3,750 41 32,225 33,750 1,525 45,000
PAYROLLTAXES 625 692 67 6,368 6,228 040) 6,304
HEALTH INSURANCE 534 1,050 516 4,251 9,450 5,199 12,600
WORKERS COMP INSURANCE 54 178 124 511 1,602 1,091 2,136
MAINTENANCE SALARIESIWAGES 1,523 1,551 28 13,299 13,959 660 18,812
MAINTENANCE ASST SALARIESIWAGES 1,631 9138 E43) 9,782 8,892 890) 11,656
EMPLOYEE COSTS 80 51 29) 807 459 408) 612
SEMINARITRAINING 0 25 25 255 225 30) 300
BANK TEES 15 5 10) 43 45 2 60
DUES, SUBS & MEMBERSHIPS 0 0 0 0 55 55 55
LICENSE & PERMITS 0 0 0 200 694 694 094
MILEAGE REIMBURSEMENT 45 78 33 695 702 6 936
POSTAGFJOVERNIGHT EXPRESS 46 8 38) 92 137 45 151
PRINTING 0 10 10 695 9D 605) 120
MANAGEMENT FEES 4,40U 4,400 0 39,600 39,600 0 52,800
PROFESSIONAL FEES 0 300 300 1,409 2,700 1,291 3,600
TELEPHONE EXPENSE 500 470 30) 4,401 4,230 171) 5,640
EQUIPMENT LEASLIREPAIR 468 130 33B) 1,663 1,170 493) 1,560
OFFICESUPPLIES 122 85 37) 1,070 765 305) 1,020
MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 9U 90 120
TOTAL ADMIN EXPENSES 13,752 13,781 29 117,427 125,043 7,618 166,385
RESIDENT SERVICES
RESIDENT PROGRAWACTIVITIES 101 200 99 3,249 2,500 749) 5,000
TOTAL RES SERV EXPENSES 101 200 99 3,249 2,500 749) 6,000
MARKETING
ADVERTISING 0 15 15 0 135 135 180
PROMOTIONALIPARTIES 0 0 0 84 0 84) 0
TOTAL MARKETING EXPENSES 0 15 16 84 135 51 180
HOUSEKEEPING
CONTRACTLABOR 1,394 1,489 96 12,992 13,401 410 17,666
CLEANING SUPPLIES 76 200 24 091 1,000 909 2,400
TOTAL HOUSEKEEPING EXPENSES 1,469 1,689 220 13,683 15,201 1,318 20,288
Profit and Loss Variance
PLYMOUTH TOWNS SQUARE
Through September 30, 2013
BUILDING & GROUNDS
CABLE TV EXPENSE
UTILITIES - ELECTRICITY
UTILITIES - GAS
UTILITIES - WATERISEWER
WATER SOFTENING SERVICE
DOORS, KEYS & WINDOWS
FIRE SYSTEM SERVICE
LAWN SERVICEILANDSCAPISNOW RMVL
PEST CONTROL
TRASH REMOVAL
UNIT TURNOVER REPAIRS
ELEVATOR -REPAIRS & MAINTENANCE
REPAIRS & MAINTENANCE
BUILDING & GROUNDS SUPPLIES
HVAC - REPAIRS & MAINTENANCE
MISCELLANEOUS B & G EXPENSES
TOTAL BUILDING & GROUNDS
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE
PAYMENT IN LIEU OF PROPERTY TAX
TOTAL OTHER OPERATING EXPENSES
TOTAL OPERATING EXPENSES
NET OPERATING INCOME I( LOSS)
DEPREC, INT EREST& OTHER EXPENSE
DEPRECIATION EXPENSE
AMORTIZATION EXPENSE
RESERVEIREPLACE CAPITAL EXPENSE
INTEREST EXPENSE
TOTAL DEPREC, INTEREST & OTHER
NET INCOME I (LOSS)
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
55 60 4 501 540 39 720
2,905 2,371 535) 22.602 18,993 3,609) 24,966
585 700 115 13,530 17,025 3,495 24,525
952 665 207) 6,906 7,325 419 9,320
235 345 109 2,550 3,105 555 4,140
205 428 223 628 3,852 3,226 5,136
2,157 400 1,757) 3,377 3,600 224 4,800
1,094 1,600 506 17,811 14,400 3,411) 19,200
145 47$ 328 434 4,257 3,823 5,676
296 670 375 3,226 6,030 2,604 8,040
0 3,850 3,850 27,125 34,650 1,525 46,200
505 623 118 4,549 5,607 1,058 7,475
3,985 1,500 2,485) 19,977 353500 15,523 40,000
1,872 1,600 72) 7,508 14,400 6,892 19,200
218 900 662 3,306 8,100 4,794 10,600
0 15 15 0 135 135 180
15,012 16,200 1,188 134,029 177,519 43,490 230,379
2,537 2,592 55 22,132 23,328 1,195 31,104
2,632 2.666 34 23,685 23,994 309 31,992
5,168 5,258 90 45,817 47,322 1,505 63,096
35,502 37,143 1,641 314,4BB 367,720 53,232 485,309
38,965 38,819 146 325,212 316,430 8,774 426,735
16,450 16,833 383 148,045 151,497 3,449 201,996
527 250 277) 4,739 2,250 2,409) 3,000
13,616 0 13,516) 24,596 28,200 3,604 28,200
8,097 7,982 115) 72,180 71,838 342) 95,784
38,690 25,065 13,625) 249,563 253,785 4,222 320,900
276 13,754 13,470) 75,649 62,653 12,996 97,755
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STUFF YOU MUST KNOW
DONKEYS KILL MORE PEOPLE ANNUALY THAN PLANE
CRASHES
M05T LIPSTICK CONTAINS FISH SCALES
YOU BURN MORE CALORIES WHEN YOU SLEEP THAN
WHEN WATCHING TV
80% OF ALL THE PEOPLE THAT WATCH THE
5UPERBOWL DO 50 TO SEE THE COMMERCIALS
MCDONALD'5 CALLS FREQUENT CUSTOMERS "HEAVY
U5ER5".... just sayin....
1 RAGWEED PLANT CAN RELEASE AS MANY AS Z
BILLION GRAINS OF POLLEN....so that's why I'm
sneezing today....
yy
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L•
a R' a 4 ..
GROANERS
WHAT DO YOU CALL A BOOMERANG THAT DOESN'T COME
BACK? .... A STICK.
WHAT'S RED AND SMELLS LIKE BLUE PAINT? .... RED PAINT.
STATISTICALLY, 6 OUT OF 7 DWARFS ARE NOT HAPPY.
WHAT'S GREEN AND FUZZY AND IF IT FELL OUT OF A TREE
IT COULD KILL YOU? .... A POOL TABLE.
Building Repair
The outside work to repair the leak into the
garage has been completed and the bushes
have been replaced. The window replacement
is almost completed. You can find updates on
the bulletin board when the installation of the
remaining windows is scheduled.
Computers and Internet Activity
The problem with the computers in the
computer room has been fixed. Also, an unse-
cured Internet connection has been set up in
the building which will allow anyone without
an Internet connection to use their own laptop
in the building. Referred to as `hot spots' you
can find these spots in the sun room, fireplace
room, lobby area, activity room, some of the
dining room and a few other places.
Try connecting to those spots in various
places to find the best signal. You may even be
lucky enough to find a spot in your own apart-
ment. It depends how far away you are from
the modem.
When you open your computer and use your
server, such as Internet Explorer, a list should
pop up_ Click on the PTS connection. That
should be enough to connect you to the Inter-
net.
Be advised that these spots are
unsecured!
Agiffoad %owl( cfjaa -&
Oe, ta6e, 2013
October Activities
Monday, October 21 -Soup and Salad
With Jeff
Jeff will be hosting another of his famous soup
and salad luncheons on October 21st, 11:30
am. He will supply the salad and we supply
the soups. A sign up sheet will be in the dining
room.
Thursday, October 24 -Birthday Bash
The usual Birthday Bash held on the 17th at
2:00 will include entertainment to make it
even more special. No word yet as to who or
what will be here. Be surprised!
Wednesday, October 30, Halloween Party
and Catered Dinner, 5:00 PM
What better way to celebrate fall than with a
Halloween party. You are invited, but not
required, to come attired in a costume. Serving
will begin at 5:00 and include a catered dinner.
Cost is $5. Ticket sales to be announced
Entertainment will be a sing along with Dee
Rees. This is the usual monthly sing along.
Maybe we can come up with some scary
songs?
American Flag Disposal
One day last week someone found an Ameri-
can flag by the dumpster. Most likely whoever
put it there knew there was an appropriate way
to dispose of it but did not know what it was.
If you have a flag that you don't know what to
do with you can bring it to Jeff. He has some-
one who will dispose of it appropriately.
Paul and Sally Hahn
Paul and Sally have been at PTS since August 24, the day
the movers brought in their bed. They moved here from Ft.
Myers, Florida where they lived in a retirement community
for ten years but decided to exchange warm winters for the
joy of being close to their three children here in Minnesota.
Until they moved here they stayed with a daughter who
lives in Plymouth.
Before moving to Florida they lived in Bloomington and
Eden Prairie. Paul had a tax business for many years
before he and Sally retired. Paul was the numbers guy and
Sally managed the employees and the business that grew to
around 80 people each tax season. Their positive experi-
ence in Florida encouraged them to be part of another
retirement community with other like minded people and
we are fortunate they choose our community.
Ailing He
Ifyou are up early enough you may see Ailing outside
going through her Tai Chi exercises and maybe even jogging
around the building! What an inspiration.
Ailing grew up in China in Shanghai. Her father was a
businessman and she was one of 8 children. She attended
college in Peking and wanted to be a scientist but that did
not happen because the Mao revolution did not honor
education. She was sent to the country to work on a farm in
very primitive conditions. She married and had a daughter.
Eventually she became a physics teacher at a university until
she retired ten years ago.
She began visiting her daughter after she retired and
returned periodically until she was granted a green card a
year ago. She lived with her daughter until she moved to
PTS in August. She is learning to play the piano and likes
sewing.
radifill
ADVICE FROM A TREE
Stand tall and proud
Go out on a limb
Remember your roots
Drink plenty of water
Be content with your natural beauty
Enjoy the view
Groaners Part II -4h NoahN
Why were there no worms on the ark?... worms come
in apples not pairs....
Why couldn't they play cards on the ark?.... Noah was
sitting on the deck....
What did Noah say as he loaded the ark?.... now I
herd everything.__.
Where did Noah keep the bees?... in the ark -hives...
Where was Noah when the lights went out?.. in dark..
As we grow up, we realize it becomes
less important to have more friends
and more important to have real ones.
PT
OCTOBER BIRTHDAYS
Happy Birthday to the following residents
who are celebrating birthdays this month!
JIMMY CARTER 1
AVRAM MENDYUK 2
BETSY PALM 3
MARILYN BOS 5
ELEANOR NAPOLITAN 6
PETR MYSKIV 7
SIMON COWELL 7
BRETT FAVRE 10
LEONA PETERSON 16
SHIRLEY SKAY 23
PAT SAJAK 26
GEN MOORE 27
EVA TRACY 27
BILL LEACH 29
ELAYNE MCFARLAND 29
HENRY WINKLER 30
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MEMORANDUM
To: Jim Barnes
From: Sara Paquette
Date: October 11, 2013
RE: Vicksburg Crossing Monthly Report for September 2013
October Newsletter and October Calendar attached
Rentals:
As of September 30th we have 93 occupied apartments with 1 vacant, and we have 2 deposits at this time,
giving us a total of 0 apartments available to rent. Because we are anticipating a move out in October we
have a deposit on an occupied apartment.
The Low Income Apartment waiting list now has 39 names so we have been adding interested people to
the list.
Listed below is a breakdown of units that are occupied and vacant.
Style (Total 9) Square Feet Bedrooms
Occupied Vacant Deposits Est'd Move in
Style A (23) 850 Sq Ft 1 Bedroom
22 1 1 October 15th
Style C (8) 884 Sq Ft 1 + Den 8 0
1
Style C2 (8) 950 Sq Ft 1 + Den 8 0
0
Style D (8) 1187 Sq Ft 2 Bedroom 8 0 0
Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0
Style E (7) 1055 Sq Ft 2 Bedroom 7 0
0
Style E2 (3) 055 Sq Ft 2 Bedroom 3 0 0
Affordable
33) 725 Sq Ft 1 Bedroom 33 0 0
TOTALS I 1 93 1 1 12
3755 vicksburg Lane N • Plymouth, 1%11N 55=147 9 Phone (763)559-1877 * Fax (763)559-0144 • NVAVVi.ci.plyinouEm-nn.us
Owned by Plymouth Horsing and Redevelopment Authority
EQUAL HOUSING
OPPORTUNITY
Move-Ins/Move-Outs:
In September we had 1 move into an affordable apartment.
Marketing
Traffic is slowing down as the fall and winter approach. We have enough people that came earlier in the
year to tour, and are now waiting for apartments, that we have been able to fill the apartments when they
become available.
Resident Services
On Monday, September
23rd
we had a volunteer appreciation luncheon. Vicksburg Crossing has a lot of
residents that volunteer their time helping at parties, planting our outdoor landscaping pots, and doing
other various things around the building. It was nice to take time to acknowledge them. We had good
turn out for the luncheon which consisted of sandwiches, fruit, chips and cookies for dessert.
In September we were able to offer a free Yoga class one day a week for the entire month. There was
very good turn out for the class so in October we will start offering it once a week at a very minimal
charge of $3.00 per resident per class.
On Wednesday, September 11th
the pharmacist from Lund's Pharmacy came to talk to the residents about
drug safety and to answer any questions they have concerning their medications.
We had someone come on Wednesday, September 18"' during coffee hour to provide information to
residents about upcoming changes to Medicare in 2014.
We had our monthly birthday party on Thursday, September 19th. We decorated with balloons, festive
napkins and plates. We listed the birthday people on a balloon poster and sang Happy Birthday. We also
give each resident a card on their birthday.
Building Issues
We did not have any building issues this month.
Balance Sheet
VICKSBURG CROSSING
A5 Of September 30, 2013
ASSETS
CURRENTASSETS
M I PETTY CASH
M I OPERATING ACCOUNT
M I SECURITY CASH ACCOUNT
INVESTMENTS -WORKING CAPITAL FUND
INVESTMENTS- DEBT SERVICE
ACCOUNTS REC-TENANTS
INTEREST RECEIVABLE
ACCOUNTS REC-OTHER
PREPAID PROPERTY INSURANCE
PREPAID OTHER
TOTAL CURRENT ASSETS
FIXED ASSETS
LAUD
SITE IMPROVEMENTS
BUILDING
FURNITURE, FIXTURES & EQUIP -GENERAL
COMPUTERSIOFFICE EQUIPMENT
ACCUMULATED DEPRECIATION
TOTAL FIXED ASSETS
NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
ACCOUNTS PAYABLE -TRADE
HEARTS & MEMORIALS FUND DONATIONS
ACCRUED PAYROLL
ACCRUED COMPENSATED BALANCES
ACCRUED INTEREST
ACCRUED REAL ESTATE TAXES
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
SECURITY DEPOSITS
BONDS PAYABLE
BOND PAYABLE -2012A
BOND DISCOUNT
BOND DISCOUNT -2012A
TOTAL LIABILITIES
EQUITY
RETAINED EARNINGS-RSRVD FOR US
RETAINED EARNINGS
TOTAL EQUITY
CURRENT YEAR INCOMEI(LOSS)
TOTAL LIABILITIES & EQUITY
Ending Balance
516
693,627
57,147
332,923
9,442,005
326
2,250
1,370
21,441
3,080
874,593
238,793
9,025,428
348,957
8,680
2,515,919)
7,882
16
2,153
3,516
58,815
40,942
58,199
9,880,000
9,890,ODO
26,760)
26,449)
10,135,881
11,243,779)
Total
10,554,686
7,980,532
18,535,218
113.322
19,774,990
19,888,312
1,107,899)
245,196)
18,535,218
Profit and Loss Variance
VICKSBURG CROSSING
Through September 30, 2013
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
INCOME
APARTMENT RENTAL REVENUE 92,612 88,774 3,838 819,845 795,186 24,659 1,050,248
APARTMENT RENTAL REVENUE - COUNTY 2,135 2,646 511) 19,215 23,814 4,599) 31,752
HRA SUBSIDY - TAX LEVY 2,500 2,500 0 22,500 22,500 0 30,000
GARAGE RENT 2,943 2,925 18 26,527 26,325 202 35,100
GUEST ROOM REVENUE 0 100 100) 3,160 900 2,260 1,200
LATE FEE REVENUE 60 15 45 300 135 165 180
APPLICATION FEE REVENUE 70 53 17 595 477 118 636
TRANSFER FEE REVENUE 500) 0 500) 2,100 1,000 1,100 1,000
INVESTMENT INCOME 756 750 6 8,370) 6,750 15,120) 9,000
MISCELLANEOUS REVENUE 196 630 434) 3,859 5,670 1,811) 7,560
TOTAL INCOME 100,773 98,393 2,380 889,730 882,757 6,973 1,176,676
EXPENSES
ADMINISTRATION
MANAGER SALARIES 4,092 4,137 45 37,234 37,233 1) 49,644
PAYROLLTAXES 630 734 104 6,605 6,608 2 8,808
HEALTH INSURANCE 1,110 1.233 123 9,336 11,097 1,761 14,796
WORKERS COMP INSURANCE 61 160 99 415 1,440 1,025 1,920
MAINTENANCE SALARIESIWAGES 1,523 1,551 28 13,299 13,959 660 18,612
MAINTENANCE ASSTSALARIES 1,631 968 643) 9,793 8,892 891) 11,856
EMPLOYEECOSTS 80 51 29) 800 459 341) 612
SEMINARIrRAINING 0 25 25 255 225 30) 300
BANK FEES 5 5 1 17 45 28 60
DUES, SUBS 8 MEMBERSHIPS 0 10 10 55 90 35 120
LICENSE & PERMITS 0 0 0 876 876 0 876
MILEAGE REIMBURSEMENT 20 Be 48 437 612 175 816
POSTAGEfOVERNIGHT EXPRESS 13 11 2) 125 99 26) 132
PRINTING 0 5 5 50 45 5) 60
MANAGEMENT FEES 4,000 4,000 0 36,000 36,000 0 48,000
PROFESSIONAL FEES 80 225 146 4,338 2,025 2,313) 2,700
TELEPHONE EXPENSE 529 507 22) 4,616 4,563 53) 6,084
EQUIPMENT LEASEIREPAIR 76 120 52 604 1,152 468 1,536
OFFICE SUPPLIES 214 85 129) 889 765 124) ip20
TOTAL ADMIN EXPENSES 14,062 13,923 139) 125,813 126,183 370 167,952
RESIDENT SERVICES
RESIDENT PROGRAMIACTIVITIES 432 275 157) 3,087 2,475 612) 4,825
TOTAL RES SERV EXPENSES 432 275 157) 3,087 2,475 612) 4,825
MARKETING
ADVERTISING 0 400 400 1,945 10,608 8,663 11,808
PROMOTIONAUPARTIES 0 0 0 0 800 B00 900
TOTAL MARKETING EXPENSES 0 400 400 1,945 11,408 9,463 12,708
HOUSEKEEPING
CONTRACT LABOR 926 1,040 114 6,817 9,360 543 12,480
CLEANING SUPPLIES 132 120 12) 1,008 1,080 72 1,440
TOTAL HOUSEKEEPING EXPENSES 1,057 1,160 103 9,825 10,440 615 13,920
Profit and Loss Variance
VICKSBURG CROSSING
Through September 30, 2013
MTD Actual Budget Var. YTD Actual Budget Var. Year Budget
BUILDING 8 GROUNDS
CABLE TV EXPENSE 120 123 3 1,083 1,107 25 1,476
UTILITIES - ELECTRICITY 2,421 2,674 253 18,089 21,225 3,136 27,437
UTILITIES - GAS 486 545 57 16,932 13,129 5,803) 10,794
UTILITIES - WATERISEVVER 1,178 1,160 18) 9,645 9,265 380) 12,040
WATER SOFTENING SERVICE 169 141 28) 1,441 1,269 172) 1,682
DOORS, KEYS & WINDOWS 0 93 93 133 037 704 1,116
FIRE SYSTEM SERVICE 246 321 75 1,551 2,669 1,338 3,852
LAWN SERVICE L.ANOSCAP/SNOW RMVL 912 1,500 58B 20,691 13,500 7,191) 18,000
PEST CONTROL 164 160 4 1,553 4,254 2,701 5,672
TRASH REMOVAL 953 800 63) 8,111 7,200 911) 9,600
UNIT TURNOVER REPAIRS 0 2,667 2,667 36.849 24 003 12,645) 32,004
ELEVATOR -REPAIRS & MAINTENANCE 413 460 47 5,253 4,140 1,113) 5,520
REPAIRS & MAINTENANCE 653 1,200 547 32,015 21,500 10,515) 27,400
BUILDING & GROUNDS SUPPLIES 769 800 31 6,024 7,200 1,176 9,600
HVAC - REPAIRS&MAINTENANCE 225 710 485 5,206 6,390 1,184 8,520
MISCELLANEOUS B & G EXPENSES 0 15 15 0 135 135 180
TOTAL BUILDING & GROUNDS 8,621 13,377 4,756 166,574 138,043 28,531) 182,903
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 2,662 2,669 7 23,316 24,021 705 32,028
PAYMENT IN LIEU OF PROPERTY TAX 4,549 4,490 59) 40,942 40,410 532) 53,880
TOTAL. OTHER OPERATING EXPENSES 7,212 7,159 53) 64,258 64,431 173 85,908
TOTAL OPERATING EXPENSES 31,383 36,294 4,911 371,502 352,980 18,522) 468,216
NET OPERATING INCOME I ( LOSS) 69,390 62,099 7,291 518,228 629,777 11,549) 708,460
DEPREC, INTEREST& OTHER EXPENSE
DEPRECIATION EXPENSE 30,723 30,646 77) 276,503 275,814 689) 367.752
AMORT17ATION EXPENSE 208 303 95 1,871 2,727 856 3,635
INTERESTLXPENSE 181,338 38,415 142,923) 485,050 345,735 13B,315) 460,980
TOTAL DEPREC, INTEREST & OTHER 212,269 69,364 142,905) 763,424 624,276 139,148) 032,368
NET INCOME I (LOSS) 142,879) 7,265) 135,614) 245,196) 94,499) 150,697) 123,906)
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October 2013
I'm glad we had such good attendance at our volunteer appreciation
luncheon. We have a lot of residents that volunteer in a variety of ways.
Many people may not realize all that the volunteers do around the build-
ing. They help at our parties, setting up, serving, and cleaning up after the
party, and we also have volunteers who decorate the building, plant our
outdoor flower pots, and make coffee for our Wednesday morning coffee
hour. It was nice to take time to recognize all those who help make Vicks-
burg Crossing such a great community.
tiick5bttag Crossing
September was warm and sunny so lets hope that pattern continues into
October. It would be nice to have an extended fall after our abbreviated
summer. By the end of the month, just in time for our Halloween party,
I'm sure we can count on some frosty weather!
Halloween Party
This year our party will be on Thursday, October 3 i st at 5:30 in
the community room. The entertainment will be provided by
CUDO which is a saxophone and keyboard duet. They have
performed here before and everyone really enjoyed the show.
We will be having penne with meatballs, garlic bread, salad and
dessert. The cost for the party will be $6.00.
Tickets will be on sale in the community room on Thursday, Oc-
tober 24th and Friday, October 25th. You may purchase tickets
in the office until Monday, October 28th.
If you would like to volunteer to help the night of the party there
will be a sign up sheet outside the office.
1k tt, Ilk b1, ."?bloc k S'
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Happv Birthdavto the followinu
Thursday, October 17th at 2:00
in the Community Room
The birthday celebration is open to all residents who
wish to come down and help us celebrate.
Even if it's not your birthday)
Our birthday party is always on the 3rd Thursday of the month.
Dennis Patraw October 6th
Claudia Tomlin October 9th
AJ Doerner October 17th
Joan Nelson October 22nd
Nancy Rohrer October 23rd
Betty Peterson October 24th
Carol Clemens October 25th
s
Donna Hawkinson
Marion Hall
Mary Ann Bauer
Yoga
October 25th
October 26th
October 28th
We had great turn out for Yoga this month and everyone seemed to really enjoy the class. I
will be in contact with Kelly, from Comfort Keepers, and I hope she will be able to
4-1 continue teaching Yoga at Vicksburg Crossing. As soon as I have more information
11-11 I will let everyone know whether Kelly is still interested in teaching the class, what
the cost would be and when she would be available.
Don't miss our next resident meeting on Wednesday, October 2nd at
9:00 in the community room.
All residents are welcome!
Hope to see you at the meeting.
Maintenance and Building Updates
Many residents do not realize that doing your wash late at night or really
early in the morning can disturb your neighbors.
Please try to get your washing done during
reasonable day time hours.
Maintenance would like to inform residents that when you purchase the
globe lights for your bathroom you should get Sylvania bulbs.
Thank You!!
Hearts & Memorial
P
If you would like to donate to the Hearts and Memorial fund lease include $1 cash with
V
y p
f your rent check. You may donate 1 time, each month, every other month or not at all, it is
completely voluntary. We use the funds to buy flowers for the residents who have been Vhospitalizedorwhohavelostalovedone.
V, Thank You ! ! !
1
Rent is due on or before Saturday, October 5th 9/ Y }-
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TO:
FROM:
MEETING DATE:
SUBJECT:
BACKGROUND:
Agenda Number
PLYMOUTH HOUSING AND
REDEVELOPMENT
AUTHORITY
STAFF REPORT
Plymouth Housing and Redevelopment Authority
3.q.
Jim Barnes, Housing Manager through Steve Juetten, Executive
Director
October 24, 2013
Plymouth Towne Square Approve 2014 Operating Budget
Staff has reviewed the budget for Plymouth Towne Square (PTS) submitted by Grace
Management for the operation of the property for January 1, 2014 through December 31,
2014, including a current estimate of actual expenditures for 2013. After discussions
with internal staff and Grace Management, the attached operating budget is ready for
review and approval by the IIRA board.
2014 BUDGET:
Revenue:
Overall revenues for the 2014 budget are based on maintaining occupancy of 98%.
Income is also received from garage rentals, application fees, and investment income.
Rental Revenues for 2014 are anticipated to be $630,739, which is down approximately
13,000 from last year. This is a result of more residents occupying the building with
lower incomes. The overall income for the building is projected to be $911,219.
Staff is recommending that rents be increased for the 2014 budget year. This will assist
the HRA in offsetting lower rental revenue and lessen the levy increase. The levy
amount proposed for 2014 is projected to be $215,000, which is $9,000 higher than 2013.
Expenditures:
Staff has reviewed the 2013 year-to-date budget and contacted our vendors to arrive at
the anticipated 2014 expenditures. Expenditures will be similar to 2013. While some
line items increased, staff was able to make adjustments in other line items to keep the
overall expenditures in line with the previous years.
Reserve/Replacement Account:
The 2014 budget anticipates adding $84,000 to our replacement reserve account, which is
the same as last year. In 2013, staff updated the Reserve/Replacement schedule to ensure
that there is sufficient capital set aside to maintain the property over the long term.
Staff is proposing a number of capital improvements to the building in 2014 including the
replacement of appliances, the purchase of chairs and tables for one of the community
rooms, the installation of a security camera key fob entry system and replacement of the
entry system call panel. The estimated cost for this work is $32,000
RECOMMENDATION:
I recommend that the Plymouth Housing and Redevelopment Authority Board of
Commissioners adopt the attached resolution approving the 2014 Plymouth Towne
Square Operating Budget.
ATTACHMENTS:
2014 Budget Assumptions
2014 Budget
Resolution Approving 2014 Plymouth Towne Square Operating Budget
PLYMOUTH TOWNE SQUARE
2014 Budget Assumptions
DRAFT
REVENUE:
Resident Rent Revenue is based on calculating the average year to date rent per unit
amount of $532 at 96.5 units occupied per month with a 2% increase added to that
figure. We budget 98% occupancy to allow for turnover time & rent fluctuations based
on new resident's rent rate which is driven by income. All current residents will be
subject to a 2% rent increase on January 1, 2014. The minimum rents are proposed to
increase 2% to $396 for a one -bedroom (up $8) and $530 (up $10) for a two-bedroom.
The market rate rents are proposed to remain at $935 for a one -bedroom and $1200 for
a two-bedroom based on market study.
HRA Subsidy The HRA subsidy will be $215,000 for the year 2014.
Garage Rental is based on 64 stalls leased at $45 a month each. We do not
recommend making a change to this rate in 2014.
Guest Room Revenue is based on 3.5 nights rented per month at $55 a night. This
estimate is reasonable using an average of the past several years.
Laundry Revenue is based on an increase to the 2012 actual figures while remaining on
target with 2013 year to date figures.
Transfer Fee Income is budgeted for one internal move at $500 each.
Application Fee Revenue is budgeted at 1.5 individuals (we process a background
check on each person occupying an apartment) a month. We pass on the expense for
rental verification (credit check & criminal background check) to the prospective
resident. The corresponding expense is included in the Legal and Other Professional
line item.
Investment Income & Unrealized Gain/Loss is a figure provided by City of Plymouth
Finance Department.
Miscellaneous Revenue includes any forfeited security deposits due to damage beyond
normal wear and tear. We are budgeting based on 2012 actual.
Confidential Page 1 10/16/2013
OPERATING EXPENSES:
Property Administration:
Manager -Salary This figure includes a 3% increase over 2013.
Maintenance Salary is based on a full-time position at 40 hours/week regular time and 3
hours per week over time to account for emergency calls. Each building has a full-time
maintenance technician who works primarily at that location, They assist each other as
needed and share emergency call duties. Given each location has one FT position; we
will no longer continue to split all maintenance salaries between the two buildings.
Maintenance Asst. Salaries this position has been changed/eliminated see above line
item and description.
Payroll Tax is budgeted at 14% of the total of all salaries. It includes FICA, FUTA &
SUTA.
Health Insurance includes healthcare, dental, and life. Health, dental and life insurance
are provided to full-time employees if they wish to participate. The employee is
responsible for paying 20% of the premium for health and is provided dental and life
free of charge. Family coverage is available, but is 100% employee paid. We are
budgeting 1 of 2 eligible employees. The amount is based on current premiums as of
July 2013 plus an estimated increase by the industry trend of 10%.
Worker's Compensation Insurance premium is estimated based on 2013 budget
amount.
Employee Costs include ADP fees, help wanted ads, background checks for new
employees and are based on 2013 Jan -Jun actual figures.
Dues & Subscriptions_ includes the price for a creative newsletter for resident newsletter
ideas.
License, Permit & Dues are based on City of Plymouth assessed fees for the dwelling
license for a total of $694 and elevator license fees of $200. No increase budgeted for
2014.
Employee Mileage is based on 2012 actual figures.
Postage/Overnight Delivery is an estimate based on 2012 actual and 2013 year to date.
Management Fees is based on the contract amount. No increase is proposed this year.
Confidential Page 2 10/16/2013
Professional Fees is an estimate based on conducting background checks for new
residents (1.5 per month at $35 each), a small amount for legal services, and audit/tax
fees as provided by City of Plymouth Finance Department.
Telephone includes the cellular phones for the maintenance staff (split with VC) and the
incoming lines for the property along with internet and long distance expenses. The
budget is based on 2012 actual with an 8% increase
Equipment Repairs/Maintenance/Lease is based the current copier maintenance fees
269/quarter) and occasional maintenance on the resident and office computers. 2014
budget is flat compared to 2013 budget.
Office Supplies & Expenses include the office supplies for the office and printer
cartridges and some paper for the resident computers. The budgeted amount is based
on an 11 % increase over 2012 actual.
Bank Charges are estimated. We have included a small amount in the event we need
to place a stop payment or other unusual service that may incur a fee
PL_ing is estimated based on the need for letterhead & envelopes.
Seminars/Training is based on attendance at three training sessions @ $100 each.
Miscellaneous Property Admin Expense is an estimate.
Resident Service Expense
Resident Service Expense reflect expenses for the monthly entertainment, with bigger
events scheduled for Valentine's Day, St. Patrick's Day, Senior month, Night to Unite,
Halloween and the Holiday party. It also includes the purchase of table decorations.
2014 is budgeted at 4% increase over 2013 budget.
Marketing and Leasing:
The wait lists for one & two bedrooms remain open. However, we have not incurred
any material marketing expense, but will continue to budget a small amount in this line
item.
Housekeeping:
Contract Labor is budgeted at the anticipated cleaning company contract rate for 2014
which represents a 8% increase over the 2012 actual figure and includes the cost of
contract cleaning for the guest suite at 1.5 times per month.
Supplies — cleaning. includes paper towels & toilet paper for common area restrooms,
Confidential Page 3 10/16/2013
trash bags, air freshener, vacuum repair, disinfectant, supplies for guest suite and other
supplies. It is budgeted based on a slight increase over 2013 year to date and a
substantial decrease over 2013 budget.
Buildings and Grounds:
Cable TV is based on monthly expense incurred for the TVs in the activity room and
exercise room with an 8% increase over 2012 actual, but no increase over 2013 budget.
Electric is based on a 9% increase to the 2012 actual due to rate increase approved by
the utility commission
Water and Sewer is based on 2.4% over 2013 budget based on the increase anticipated
in rates.
Gas is an estimate based on a balance between the mild winter of 2011/2012 which
influenced the 2012 actual figures and the year to date 2013 as that heating season
was cooler & much longer.
Water Softener is based on a 5% increase over 2012 actual, but flat with the 2013
budget.
Contract Labor is not anticipated with a full-time maintenance employee who can cover
for time off of other building's maintenance worker.
Doors, Keys and Windows is for the miscellaneous window replacement/repairs, garage
door repairs/service, keys made and any other lock/door repairs.
Fire System Service includes costs to test, monitor and service the fire suppression
system (including all manual fire extinguishers,) front entry system and emergency pull
cord system. Estimate is based on 5 year average.
Lawn Care/Snow Removal is based on historical. Work includes spring clean up,
weekly mowing, weed control, spring/fall shrub trimming, tree trimming, snow fencing
and spring parking lot sweeping. We will be adding mulch in 2014 (this is done every
other year). The 2014 budget shows an increase of 19% over 2012 actual keeping in
mind 2012 had an extremely light winter with very little snow removal.
Pest Control includes quarterly treatments and is based on PTS current rate. Additional
5,000 is budgeted for contingency/emergency bug treatment purposes.
Trash Removal is based on pricing arranged in conjunction with City contract. This also
includes the occasional extra charges for disposal of light bulbs and appliances.
Confidential Page 4 10/16/2013
Unit Turnover includes carpet/vinyl replacement or cleaning, contract painter,
cabinetry/counter top repair, paint and plumbing supplies, etc. for apartments that are
being re-leased or turned over. This figure is based on history with a reduction in some
expense as we anticipate doing more in-house with a FT maintenance person. The
average cost per apartment turnover for the past 10 years is $3,777. That same 10
years shows an average number of move outs to be 10.4. We have 14 apartments with
original carpet & another 11 that have carpet that is 10+ years old, thus turnover costs
are greater when these apartments are available to be re-leased.
Elevator Repairs and Maintenance includes contract for maintenance, plus any service
calls that may not be covered by the maintenance contract. The 2014 budget figure
reflects a 5% increase over 2013 contract plus $800 for extra service call for
contingency.
Repairs & Maintenance includes garage floor power washing, window washing, carpet
cleaning of apartments occupied three years, painting of apartments occupied more
than seven years, vinyl/carpet repair/replacement in occupied units, cleaning of
common area carpet annually, generator maintenance, plumbing repairs, repairs to the
exterior siding, fascia, and roofing and all other misc. repairs. We will paint remainder
of metal trim and common area hallways below wallpaper border. The budget is based
on the above with an 11 % decrease over 2013 budget due to the addition of a FT
maintenance person who will be able to do more of these things in-house rather than
contract them out.
Building & Grounds_ Supplies includes common area paint and repairs, light bulbs,
plumbing supplies, tractor supplies/repairs, common area blinds, guest suite supplies,
holiday decorations and other misc. supplies. This reflects no increase over 2013
budget.
HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract
with Owens for the boilers, etc. The 2014 budget reflects a 4% increase over 2013
budget. We are budgeting a large expenditure (condenser or like problem) as the
systems age and want to cover the unexpected with the HVAC system.
Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected.
Non -Departmental Expenses
Property and Liability Insurance is based on 4% increase over 2013 premiums (GL is
15,826 & Prop is $14,613).
Payment in Lieu of Taxes (PILOT) is budgeted at 5% of 2013 rental dwelling revenue
620,920 estimate) to be paid in 2014.
Confidential Page 5 10/16/2013
RESERVE REPLACEMENT FUND
We have maintained the reserve replacement amount at $84,000.
CAPITAL EXPENDITURES:
We are budgeting for the purchase of tables, chairs & cabinetry for converting the
beauty shop into a craft room ($4600), modifying one of the two garage/elevator access
doors (electronic open/close) to make it handicap accessible ($4,000), change exterior
building doors to a fob/card access control system ($16,000), upgrade entry system call
panel ($2,600), front entry camera system ($2,000) and apartment A1C units, stoves &
refrigerators ($4,000)
Confidential Page 6 10/16/2013
PLYMOUTH TOWNE SQUARE
2014 BUDGET - DRAFT
UNITS OCCUPIED
PERCENTAGE OCCUPIED
INCOME
2012 2013 2013
ACTUAL Jan -Jun BUDGET
TOTALS ACTUALS TOTALS
98 98 97
99% 99% 98%
Percentage Percentage
2014 Difference Difference
BUDGET Budget 14 Budget 14
TOTALS Actual 12 to Budget 13
97 -1% 0%
98% _1% 0%
RESIDENT RENTS 631,592 307,960 644,057 630,739 0% 2%
HRA SUBSIDY 216,000 103,002 206,000 215,000 0% 4%
GARAGE RENTAL 34,253 17,955 34,560 34,560 1% 0%
GUEST ROOM REVENUE 1,450 935 2,310 2,310 59% 0%
LAUNDRY REVENUE 9,885 5,102 10,680 10,260 4% 4%
TRANSFER FEE 0 0 500 500 n/a 0%
APPLICATION FEE 280 175 630 630 125% 0%
INVESTMENT INCOME 26,335 4,735 10,000 15,000 43% 50%
UNREALIZED GAINILOSS 1,829)
MISC. REVENUE 2,245 152 3,300 2,220 1% 33%
TOTAL INCOME 920,211 440,016 912,037 911,219 1% 0%
PROPERTY ADMINISTRATION:
MANAGER SALARIES 38,998 21,133 45,000 46,519 19% 3%
MAINTENANCE SALARIES 18,151 9,065 18,616 45,136 149% 142%
MAINTENANCE ASST SALARIES 10,688 5,301 11,856 0 100% 100%
PAYROLL TAXES 7,233 4,148 8,302 12,832 77% 55%
HEALTH INSURANCE 5,576 2,759 12,600 5,346 4% 58%
WORKERS COMP INSURANCE 1,841 340 2,136 2,136 16% 0%
EMPLOYEE COSTS 718 520 612 1,040 45% 70%
DUES & SUBSCRIPTIONS 55 0 55 55 0% 0%
LICENSES, PERMITS & DUES 924 0 894 894 3% 0%
MILEAGE REIMBURSEMENT 1,068 480 936 1,068 0% 14%
POSTAG EIOVER NIGHT DELIVERY 83 46 161 96 16% 40%
MANAGEMENT FEES 52,800 26,400 52,800 52,800 0% 0%
PROFESSIONAL FEES 5,385 350 3,600 4,200 22% 17%
TELEPHONE EXPENSE 5,553 2,904 5,640 6,000 8% 6%
EQUIP REPAIRS/MAINTILEASE 1,205 927 1,560 1,560 29% 0%
OFFICE SUPPLIES & EXPENSES 1,024 663 1,020 1,140 11% 12%
BANK CHARGES 14) 27 60 60 529% 0%
PRINTING 0 150 120 120 0% 0%
SEMINARS£FRAINING 85 255 300 300 253% 0%
TOTAL PROPERTY ADMINISTRATION 151,373 75,468 166,268 181,301 20% 9%
RESIDENT SERVICES EXPENSES 6,098 1,733 5,000 5,200 15% 4%
MARKETING & LEASING: 0 84 180 180 n/a 0%
HOUSEKEEPING:
CONTRACT LABOR 16,862 8,691 17,866 18,249 8% 0%
CLEANING SUPPLIES 1,040 629 2,400 1,380 33% 43%
TOTAL HOUSEKEEPING EXPENSES: 17,902 9,320 20,266 19,629 10% 3%
BUILDINGS & GROUNDS:
CABLE TV EXPENSE 665 334 720 720 8% 0%
UTILITIES -ELECTRIC 24,841 13,917 24,966 27,300 10% 9%
UTILITIES -WATER & SEWER 9,101 4,106 9,320 9,540 5% 2%
UTILITIES -GAS 15,783 11,899 24,525 22,000 39% 10%
WATER SOFTENING EXPENSE 3,942 1,682 4,140 4,140 5% 0%
CONTRACT LABOR 0 0 0 0 n/a n/a
DOORS, KEYS & WINDOWS 3,577 420 5,141 4,200 17% 18%
FIRE SYSTEM SERVICE 6,909 1,040 4,800 4,980 28% 4%
LAWN CAREISNOW REMOVAL 16,101 14,738 19,200 19,200 19% 0%
PLYMOUTH TOWNE SQUARE
2014 BUDGET - DRAFT Percentage Percentage
2012 2013 2013 2014 Difference Difference
ACTUAL Jan -Jun BUDGET BUDGET Budget 14 Budget 14
TOTALS ACTUALS TOTALS TOTALS Actual 12 to Budget 13
PEST CONTROL 566 290 5,672 5,580 886% 2%
TRASH REMOVAL 7,976 2,365 8,040 3,600 55% 55%
UNIT TURNOVER 32,299 16,171 46,200 32,000 1°% 31%
ELEVATOR REPAIRS & MAINT 5,829 3,033 7,475 7,200 24°% 4%
REPAIRS & MAINTENANCE 41,521 14,153 40,000 35,500 15°% 11%
BUILDING & GROUNDS SUPPLIES 22,653 3,401 19,200 19,200 15°% 0%
HVAC SUPPLIES & REPAIR 18,307 2,458 10,800 11,220 39% 4%
MISC UNBUDGETED EXPENSE 18,307 2,458 10,800 10,000 45% 7%
TOTAL BUILDINGS & GROUNDS 210,070 90,007 230,199 216,380 3% 6°%
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 28,587 14,601 31,106 31,657 11% 2°%
PAYMENT IN LIEU OF PROPERTY TAX 31,580 15,790 31,994 31,046 2% 3°%
SPECIAL ASSESSMENTS 16,124 0 0 0 100°% n/a
TOTAL OTHER OPERATING EXPENSES 76,291 30,391 63,100 62,703 18% 1%
TOTAL OPERATING EXPENSES 461,734 207,003 485,013 485,393 5% 0%
NET OPERATING INCOME I (LOSS) 458,477 233,013 427,024 425,826 7% 15%
OTHER EXPENSES:
DEPRECIATION EXPENSE 197,359 98,698 202,000 202,000 2% 0%
AMORTIZATION EXPENSE 95,574 3,159 3,000 6,320 93% 111%
RESERVEIREPLACEICAP EX 41,116 6,784 28,200 32,000
INTEREST EXPENSE 198,511 48,118 95,788 88,438 55% 8%
TOTAL OTHER EXPENSES: 532,560 156,759 328,988 328,758 38% 0%
NET INCOME: 174,083) 76,254 98,036 97,069 231% 1%
CASHFLOW ADJUSTMENTS:
REPLACEIRESERVE TRANS OUT 84,000) 42,000) 84,000) 84,000) 0% 0%
REPLACEIRESERVEICAPEX 171,910 6,784 28,200 32,000 81% 13%
DEPRECIATION 195,288 98,698 202,000 202,000 3% 0%
AMORTIZATION 5,700 3,159 3,000 6,320 11°% 111%
PRINCIPAL ON DEBT 210,000) 122,500) 245,000) 250,000) 19°% 2%
NETCASHFLOW: 4,815 20,395 2,236 3,389 30% 52%
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PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY
HRA RESOLUTION NO. 2013-04
AUTHORIZING THE 2014 OPERATING BUDGET FOR PLYMOUTH TOWNE
SQUARE
WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA
Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a
housing and redevelopment authority to function in the City and granted to the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the
powers and duties of a housing and redevelopment authority under the provisions of the HRA
Act; and
WHEREAS, the Authority owns and operates a senior independent apartment building
named Plymouth Towne Square; and
WHEREAS, the Authority is required to adopt an operating budget for Plymouth Towne
Square; and
WHEREAS, Grace Management, Inc., the HRA's contract property management
company has provided a proposed 2014 budget for Plymouth Towne Square; and
WHEREAS, staff from the Authority and the City have reviewed the proposed budget;
and
WHEREAS, the Authority has before it for its consideration a copy of the budget for the
operations of Plymouth Towne Square for the fiscal year 2013.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota:
The Plymouth Towne Square Operating Budget for the fiscal year of 2014 has a total
operating expense amount of $485,393 and other expenses of $328,758 for a total budget
of $814,151.
Passed and duly adopted by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of PIymouth, Minnesota on this
24th
day of
October, 2013.
Agenda Number 3• C5 •
PLYMOUTH HOUSING AND
REDEVELOPMENT
AUTHORITY
STAFF REPORT
TO: Plymouth Housing and Redevelopment Authority
FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive
Director
MEETING DATE: October 24, 2013
SUBJECT: Vicksburg Crossing — Approve 2014 Operating Budget
BACKGROUND:
Staff has reviewed the budget for Vicksburg Crossing submitted by Grace Management
for the operation of the property for January 1, 2014 through December 31, 2014,
including a current estimate of actual expenditures for 2013. After discussions with
internal staff and Grace Management, the attached operating budget is ready for review
and approval by the HRA board.
As the building enters its eighth year of operation, staff has once again reviewed the
previous year's performance and adjusted the 2014 budget accordingly to current market
conditions.
2094 BUDGET:
Revenue:
Overall revenues for the 2014 budget are based on maintaining the percentage of rented
units throughout the year and it is anticipated that the average occupancy will be 96%.
Income will also be received from garage rentals, application fees, and investment .
income. Total revenues for 2014 are projected to be $1,204,430, which represents a two
percent increase from the 2013 budget.
Staff is recommending a small increase in rents for both the moderate income and low
income units. Rent increases being recommended include a $10 per unit increase for the
low income units, a $15 per unit increase for the moderate income units.
In addition to the rental revenue, staff is anticipating the need for subsidy in the amount
of $50,000 for this budget year, which is $20,000 higher than 2013. Please see the
attached memo from Grace Management regarding rent increase.
Expenditures:
Expenditures are anticipated to increase by five percent. Most notable are the increases
in property administration and heating. The administration costs are up because we are
charging each of the maintenance personal costs to their primary building and the board
approved increasing the part time maintenance staff to a full time position. In the past we
had split these costs for each employee between the two buildings.
Reserve/Replacement Account:
The 2014 budget anticipates adding $60,000 to the replacement reserve account, which is
the same as last year. In 2013, staff completed the review of the replacement reserve
needs over the long term and this amount may be low. However, at this point staff is of
the opinion this will be sufficient to cover any expenses in the near term. The
reserve/replacement account will continue to be monitored and staff will keep the Board
informed if there needs to be any adjustments.
Staff is proposing a number of capital improvements to the building for 2014 including
changing the building access to a fob/card system, repairing catch basins/concrete slab in
parking lot, repairing cracks to garage floor and applying a sealer, add a second resident
garden and reupholster lobby chairs. The estimated cost for this work is $42,100.
RECOMMENDATION:
Staff recommends that the Plymouth Housing and Redevelopment Authority Board
of Commissioners adopt the attached resolution approving the 2014 Vicksburg
Crossing Operating Budget
ATTACHMENTS:
Letter from Grace Management
2014 Budget Assumptions
2014 Budget
Resolution Approving 2014 Vicksburg Crossing Operating Budget
GRACE
MANAGEMENT,
INC.
To: Plymouth Housing and Redevelopment Authority
From: Jody Boedigheimer, Grace Management, Inc. 4P,
Date: October 14, 2013
Jf
Subject: Rental Increase Background
6225 42nd Avenue North
Minneapolis, MN 55422
763) 544.9934
FAX: (763) 544.9856
www.gr a c em an a genre n t c om
We believe it is important to capture as much revenue as possible by balancing the residents'
ability to pay more with the loss to vacancy factor. Most residents are on a fixed income and
cannot absorb rent increases that they perceive as greater than their cost of living adjustments
to social security, pensions or other income sources. This, coupled with the fact that Vicksburg
Crossing is near the top of the rental rates when compared to the competitive market, is why
we are not recommending rent increases in the 2-3% range, but rather in the 1% ($10-15)
range.
As an example:
A $5/month increase to each occupied apartment (we budget 90) brings an additional $5,400 in
annual revenue ($5 x 90 x12 = $5400). If that extra $5 increase is more than some residents can
absorb and we have a move out from a One -bedroom ($1050) and a Two-bedroom ($1395)
apartment we could lose more than the entire increase if those apartments are not re-leased in
2-3 months. If they both remained empty for two months the lost revenue would be $4890.
Three months would be $7335, Additionally this simple example does not consider the costs to
turn over the apartment.
This examplOs_meant to be helpful for the bo d to have some insight into the thought process
behind the Vicksburg Crossing rent increases for the 2014 budget process, We would welcome
further discussion, especially if the board members have questions or additional comments.
ACCREDITED MANAGEMENT 0I1GANIZAT100
Specialized Management and Marketing
VICKSBURG CROSSING
2014 Budget Assumptions
Draft
REVENUE:
Resident Rent Revenue: Is based on the attached income schedule. We propose a
rent increase of $10 for the affordable apartments bringing them to $765 a month. We
are recommending a $15 increase for all of the market rate apartments. We remain
sensitive to price increases in that we are near the top of the competitive market for
age -restricted and multi -family housing communities in the area. The budget projects
an average occupancy of 90 units or 96%. This remains aggressive, but has been
achieved over the past few years.
Resident Rent Revenue -Section 8: Is based on July 2013 resident roster who receive
Section 8 subsidy.
HRA — Subsidy (tax levy): The subsidy is budgeted this year at $50,000.
Garage Income: Is based on 65 spaces at a rental rate of $45 a month each. We do
not recommend an increase to monthly garage rental based on comparables of other
properties.
Guest Suite Revenue: Is based 2 nights a month, which is historically achievable &
average. The 2012 actual shows considerably more, but there was a long term stay that
we don't want to budget for as it is not very likely to be repeated.
Application Fee Revenue: We pass on the expense incurred for rental verification
credit check & criminal background check). We are budgeting one and a half (we
process a background check on each person occupying an apartment) a month. The
corresponding expense is included in the Legal and Other Professional line item.
Transfer Income: Is based on 2 transfer fees per year at $500 each.
Investment Income: Is based on figures provided by City of Plymouth Finance
Department.
Late Fees: Is based on one late fee each month.
Miscellaneous Revenue: Includes storage space revenue based on $10/month/space,
and security deposit amounts withheld for damages incurred. It's based on 2013 year to
date.
Confidential Page 1 10/14/2013
OPERATING EXPENSES;
Property Administration:
Manager Salary This figure includes a 3% increase over 2013.
Maintenance Salary is based on a full-time position with a 2% increase over 2013. The
position is budgeted at 40 hours/week regular time and 3 hours per week over time to
account for emergency calls. Each building has a full-time maintenance technician who
works primarily at that location. They assist each other as needed and share
emergency call duties. Given each building has one FT person; we will no longer split
maintenance salaries between the two buildings. This is the reason for the large
percentage increase over 2013 budget.
Maintenance Asst. Salaries this position has been changed/eliminated see above line
item and description.
Payroll Tax is budgeted at 14% of the total of all salaries. It includes FICA, FUTA &
SUTA.
Health Insurance includes healthcare, dental, and life. Health, dental and life insurance
are provided to full-time employees if they wish to participate. The employee is
responsible for paying 20% of the premium for health and is provided dental and life
free of charge. Family coverage is available, but is 100% employee paid. Currently
both of the eligible employees are taking coverage. The amount is based on current
premiums as of July 2013 plus an estimated increase by the industry trend of 10%.
Worker's Compensation Insurance premium is estimated based on 2013 budgeted
amount, which is 9% over 2012 actual.
Employee_Costs include ADP fees, help wanted ads, background checks for new
employees. We are budgeting based on 2013 year to date figures.
Dues Subscriptions & Memberships is based on fees for Costco membership.
License & Permit are based on City of Plymouth assessed fees for the dwelling license
at $100 for the building, plus $6 per dwelling unit ($676) and Elevator license fees
200).
Employee Mileaqe is based on the 2013 budget. The mileage reimbursement for the
maintenance staff is split 50150 with PTS as nearly all of the mileage for these
individuals is traveling between the properties.
Confidential Page 2 10/14/2013
Postage/Overnight Delivery is an estimate based on 2012 actual. This includes mailing
brochures to prospects.
Management Fees is based on contract amount with a proposed increase of 5%. This
is the first time an increase in management fees has been proposed at Vicksburg
Crossing.
Professional Fees is an estimate based on conducting background checks for new
residents (1 per month at $35 each) and audit/tax fees as provided by City of Plymouth
Finance Department.
Telephone includes the cellular phones for the maintenance staff (split with PTS) and
the incoming lines for the property along with internet and long distance expenses. The
budget is based on 2013 budget plus a 4% increase
Equipment Repairs/Maintenance/Lease is based on the annual cost of $552 for copier
maintenance fees ($46 a month) and occasional maintenance on the resident and office
computers (budgeting i hours annual at $1001hr).
Office Supplies & Expenses include the office supplies for the office and printer
cartridges and some paper for the resident computers. The budgeted amount is based
on an average over the past several years.
Bank Charges are estimated. We have included a small amount in the event we need
to place a stop payment or other unusual service that may incur a fee.
Printing is an estimate based on the 2012 actual. This line item would include
letterhead, envelopes, business cards etc. as needed.
Seminars/Traininq is based on attendance at one training session per year.
Resident Service Expense:
Resident Service Expense is an estimate. Expenses include things like monthly
musical entertainer, special holiday events, dinner served during National Night to Unite
and July Fourth, May month is "celebrate seniors month" with extra events planned, and
the holiday party is a big celebration. This also includes money for decorations and
paper cups, coffee, etc. It is based on the 2013 budget plus 6% increase.
Marketing and Leasing:
Advertisinq is an estimate based on monthly ad placement for on-going marketing
presence in local papers and the costs for monthly maintenance of a website for
Vicksburg Crossing.
Confidential Page 3 10/14/2013
Promotional Events includes speaker events, visits to seniors groups, etc. A small
event like an Open House is more productive than the big expensive parties.
Housekeeping:
Contract Labor is budgeted using the cleaning company contract rate for 2013 plus an
average of 1.5 cleanings a month of the guest suite at $35 a time with 4% increase over
the 2012 actual.
Supplies — cleaning includes paper towels & toilet paper for common area restrooms,
trash bags, air freshener, vacuum repair, disinfectant, and other supplies. It is based on
a 3% increase to the 2012 actual.
Building and Grounds:
Cable TV is for the exercise room, community room big screen and Guest suite. The
budget is based on 5% increase to the 2012 actual.
Electric is based on a 9% increase to the 2012 actual due to rate increase approved by
the utility commission.
Water and Sewer is based the 2012 actual figure with a 2.4% increase.
Gas is an estimate based on a balance between the mild winter of 2011/2012 which
influenced the 2012 actual figures and the year to date 2013 as that heating season
was cooler & much longer.
Water Softener is based on a 2013 year to date actual. Salt usage/costs are over
budget for 2013, so 2014 reflects this increase.
Contract Labor is not necessary with maintenance employees who can cover for each
other for time off.
Doors, Keys and Windows is for window replacement/repairs, key blanks (costly based
on Primus key system) & key cuts and any other lock/door repairs. We are budgeting
based on the 2013 budget figure.
Fire System Service includes costs to test, inspect, monitor and service the fire
suppression system, fire extinguishers and front entry system.
Lawn Care/Snow Removal is based on pricing received from contractor and estimated
for snow removal based on history. Work includes spring clean up, weekly mowing,
weed control, spring/fall shrub trimming, and spring parking lot sweeping. Adding mulch
to the beds is done every other year; thus the reduction compared to 2013 budget.
Confidential Page 4 10/14/2013
Pest Control includes quarterly treatments and is based on VC current rate plus 2%
increase. Additional $5,000 is budgeted for contingency/emergency bug treatment
purposes.
Trash Removal is based on new contract pricing through the City and includes some
extra fees for recycling light bulbs, appliance, etc.
Unit Turnover includes carpet cleaning and stretching, paint, blinds and plumbing
supplies, etc. for apartments that are being released. We estimate 17 turnovers at
1950 each. The average cost per turn over the past 30 months is $1954. We are
averaging 17 turns per year. We continue to replace some and stretch most turnovers
as the carpet &installation were not high quality. We have also had to replace several
appliances.
Elevator Repairs and Maintenance includes contract for maintenance, plus a $1200
contingency for service calls that may not be covered by the maintenance contract. The
amount is based on the 2013 contract plus 5% increase based on historical contract
price increase.
Repairs & Maintenance includes window washing, garage sweeping and power
washing, appliance repairs, plumbing repairs, service contract for generator, common
area carpet cleaning of all common areas (full building anticipated each year), carpet
cleaning for those living in their apartments longer than 3 years, repairs to the exterior
and all other misc. repairs.
Building & Grounds Supplies includes common area paint and repairs, all outdoor
plantings and related supplies, outdoor holiday decorations and other misc. supplies
Le. furnace filters for all apartments quarterly). Estimate based on 7% increase to 2012
actual, but reflects a decrease to 2013 budget.
HVAC Supplies & Repair includes all HVAC supplies, repairs and maintenance contract
with Owens. There is a 4% increase over 2013 budget based the estimated increase in
contract pricing.
Miscellaneous Unbudgeted B&G Expense is a contingency figure for the unexpected.
Non -Departmental Expenses:
Property Taxes are based on 5% of the estimated annual 2012 income for dwelling
units (approx. $1,077,000) which is payable in 2013.
Property. and Liability Insurance is based on current rates ($15,572 for liability) with a
3.5% increase and 2014 property rates ($14,936) as given by City finance staff.
Confidential Page 5 10/1412013
RESERVE REPLACEMENT FUND
We will continue to set aside $60,000 annually for 2014.
CAPITAL EXPENDITURES:
Change exterior building doors to a fob/card access control system ($13,000),
repair/replace parking lot storm drain catch basins ($5,000), repair cracks & seal
concrete in garage parking areas ($17,000), add an additional resident garden ($3,100),
and reupholster lobby chairs ($4,000)
Confidential Page 6 10/14/2013
VICKSBURG CROSSING
2014 BUDGET -DRAFT
94 INDEPENDENT UNITS - rentable, 96 constructed
UNITS OCCUPIED
PERCENTAGE OCCUPIED
Percentage Percentage
2012 2013 2013 2014 Difference Difference
ACTUAL Jan -Jun BUDGET BUDGET Budget 13 Budgetl4
TOTALS ACTUALS TOTALS TOTALS Actual 12 Budget 13
91 92 90 90 -1% 0%
97% 98% 96% 96% -1% 0%
INCOME
2,904 1,945 11,808 4,800 65% 59%
APARTMENT RENTAL REVENUE 1,060,803 546,837 1,060,248 1,079,940 2% 2%
APARTMENT RENTAL REVENUE -COUNTY 30,980 12,810 31,752 25,620 17% 19%
HRA SUBSIDY -TAX LEVY 24,000 15,000 30,000 50,000 108% 67%
GARAGE RENTAL 35,327 17,876 35,100 35,100 1% 0%
GUEST SUITE REVENUE 4,055 2,460 1,200 1,560 62% 30%
APPLICATION FEE REVENUE 665 315 630 630 5% 0%
TRANSFER FEE REVENUE 300 1,100 1,000 1,000 233% 0%
INVESTMENT INCOME 5,724 1,807 9,000 5,000 13% 44%
LATE FEE 320 210 180 44% nla
UNREALIZED GAIN/LOSS 669)
6,023
100%
2%
MISCELLANEOUS REVENUE 7,676 2,660 7,560 5,400 30% 29%u
TOTAL INCOME 1,169,181 601,075 1,176,490 1,204,430 3% 2%
OPERATING EXPENSES
29%
CONTRACT LABOR
PROPERTY ADMINISTRATION:
nla
DOORS, KEYS & WINDOWS 1,285 133 1,116 1,116
MANAGERSALARIES 50,314 24,687 49,646 51,135 2% 3%
MAINTENANCE SALARIES 18,151 9,065 18,616 37,838 108% 103%
MAINTENANCE ASST 10,688 5,301 11,856 100% 100%
PAYROLLTAXES 7,616 4,456 8,813 12,456 641/ 41%
HEALTH INSURANCE 13,187 6,207 14,797 19,483 48% 32%
WORK COMP INSURANCE 1,758 244 1,916 1,916 9% 0%
EMPLOYEE COSTS 684 520 612 1,040 52% 70%
DUES & SUBSCRIPTIONS 55 120 120 nla 0%
LICENSES, PERMITS 876 876 876 876 0% 0%
MILEAGE REIMBURSEMENT 929 328 816 816 12% 0%
POSTAGE/OVERNIGHT DELIVERY 143 80 132 144 1% 9%
MANAGEMENT FEES 48,000 24,000 48,000 50,400 5% 5%
LEGAL & OTHER PROFESSIONAL FEES 3,905 615 2,700 3,200 18% 19%0
TELEPHONE EXPENSE 5,982 3,051 6,084 6,324 6% 4%
EQUIP REPAIRSIMAINTILEASE 1,262 456 1,536 1,252 1% 18%
OFFICE SUPPLIES & EXPENSES 1,213 580 1,020 1,080 11% 6%
BANK CHARGES 30 11 60 60 100% 0°/
PRINTING 58 60 60 3% 0%
SEMINARSITRAINING 89 255 300 300 237% 0%
TOTAL PROPERTY ADMINISTRATION 164,940 80,732 167,960 188,500 14% 12%
RESIDENT SERVICE:
RESIDENT SERVICE EXPLNSES
MARKETING & LEASING:
4,199 $ 1,942 $ 4,829 $ 5,116 22% 6%
ADVERTISING 2,904 1,945 11,808 4,800 65% 59%
PROMOTIONAL EVENTS 309 900 700 127% 22%
TOTAL MARKETING & LEASING 3,213 1,945 12,708 5,500 71% 57%
HOUSEKEEPING:
CONTRACT LABOR 11,894 5,775 12,480 12,360 4% 1%
CLEANING SUPPLIES 1,282 508 1,440 1,320 3% 8%a
TOTAL HOUSEKEEPING 13,176 6,283 13,920 100% 100%
BUILDINGS & GROUNDS:
CABLE TV EXPENSE 1,432 722 1,476 1,500 5% 2%
UTILITIES -ELECTRIC 23,148 10,945 27,436 25,300 9% 8%
UTILITIES -WATER & SEWER 12,087 6,023 12,040 12,380 2% 3%
UTILITILS-GAS 18,645 17,601 18,793 22,700 22% 21%
WATER SOFTENING EXPENSE 1,640 1,062 1,692 2,184 33% 29%
CONTRACT LABOR nla nla
DOORS, KEYS & WINDOWS 1,285 133 1,116 1,116 13% 0%a
FIRE SYSTEM SERVICE 4,011 1,200 3,852 3,852 4°/ 0°/
LAWN CAREISNOW REMOVAL 13,080 13,343 18,000 14,700 12% 18%
PEST CONTROL 5,177 1,389 5,672 5,672 10% 0%
VICKSBURG CROSSING
2014 BUDGET -DRAFT Percentage Percentage
94 INDEPENDENT UNITS - rentable, 96 constructed 2012 2013 2013 2014 Difference Difference
ACTUAL Jan -Jun BUDGET BUDGET Budget 13 Budget 14
TOTALS ACTUALS TOTALS TOTALS Actual 12 Budget 13
TRASH REMOVAL 9,499 5,430 9,600 3,600 62% 63%
UNIT TURNOVER 25,620 23,691 32,000 33,150 29% 4%
ELEVATOR REPAIRS & MAINT 4,805 2,467 5,520 6,404 33% 16%
REPAIRS & MAINTENANCE 24,581 28,120 27,400 27,400 11% 0%
BUILDING & GROUNDS SUPPLIES 8,414 4,370 9,600 9,000 7% 6%
HVAC SUPPLIES & REPAIR 6,826 4,287 8,520 8,880 30% 4%
MISC UNBUDGETED BUILDINGS & GROUNDS 6,826 4,287 8,520 10,000 46% 17%
TOTAL BUILDINGS & GROUNDS 160,250 120,783 182,717 187,838 17% 3%
OTHER OPERATING EXPENSES
PROPERTY & LIABILITY INSURANCE 30,151 15,399 32,033 32,523 8% 2%
PILOT (payment in lieu of taxes) 54,589 27,294 53,880 55,965 3% 4%
TOTAL OTHER OPERATING EXPENSES 84,740 42,693 85,913 88,488 4% 3%
TOTAL OPERATING EXPENSES 430,518 254,378 468,047 489,122 14% 5%
NET OPERATING INCOME I (LOSS) 738,663 346,697 708,443 715,308 3% 1%
OTHER EXPENSES:
DEPRECIATION EXPENSE 367,749 184,336 367,749 368,676 0% 0%
AMORTIZATION 107,248 1,247 3,635 2,496 98% 31°%
RESFRVEIREPLACEICAP EXP 42,100 nla n/a
INTEREST EXPENSE 634,789 226,881 460,975 449,475 29% 2%
CONTRIBUTIONS FROM PLYMOUTH TOWNE SQUARE nla n/a
TOTAL OTHER EXPENSES: 1,109,786 412,464 832,359 862,747 22% 4%
NET INCOME: 371,123) 65,767) 123,916) 147,439) 60°/ 19%
PERCENT OF INCOME 32% 11% 11% 12% 61% 16%
CASHFLOW ADJUSTMENTS:
REPLACEIRESERVE TRANS OUT 60,000) 30,000) 60,000) 60,000) 0% 0%
CAPITAL IMPROVE FUNDED BY REPLACE RES 2,500 42,100 1584% n/a
DEPRECIATION 367,749 184,336 367,749 368,676 0% 0%
AMORTIZATION 107,248 1,247 3,635 2,496 98% 31%
PRINCIPAL ON DEBT 170,000) 92,500) 185,000) 205,000) 21% 11%
BOND SALE CAPITALIZED INTEREST n/a n/a
n/a n/a
NETCASHFLOW: 123,626) 2,684) 2,468 833 101% 66%
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PLYMOUTH HOUSING REDEVELOPMENT AUTHORITY
HRA RESOLUTION NO. 2013-05
AUTHORIZING THE 2014 OPERATING BUDGET FOR VICKSBURG CROSSING
WHEREAS, pursuant to Minnesota Statutes, sections 469.001 to 469.047 (the "HRA
Act"), the City Council of the City of Plymouth, Minnesota (the "City"), declared the need for a
housing and redevelopment authority to function in the City and granted to the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota (the "Authority") all of the
powers and duties of a housing and redevelopment authority under the provisions of the HRA
Act; and
WHEREAS, the Authority owns and operates a senior independent apartment building
named Vicksburg Crossing; and
WHEREAS, the Authority is required to adopt an operating budget for Vicksburg
Crossing; and
WHEREAS, Grace Management, Inc., the ERA's contract property management
company has provided a proposed 2014 budget for Vicksburg Crossing; and
WHEREAS, staff from the Authority and the City have reviewed the proposed budget;
and
WHEREAS, the Authority has before it for its consideration a copy of the budget for the
operations of Vicksburg Crossing for the fiscal year 2014.
NOW, THEREFORE, be it resolved by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota:
The Vicksburg Crossing Operating Budget for the fiscal year of 2014 has a total
operating expense amount of $489,122 and other expenses of $862,747 for a total budget
of $1,351,869.
Passed and duly adopted by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Plymouth, Minnesota on this 20' day of
October, 2013.