02 - Laserfiche WebLink

RIDGEVIEW COMMONS February 2019 — Variance Report REVENUE Actual: $178,242.00 Budget: $179,826.00 Variance: $(1,584.00) Project Revenue is under budget due to higher than normal vacancy loss. We experienced an unusually high number of vacancies due to death or tenants moving to skilled nursing in December and January. ADMINISTRATIVE EXPENSES Actual: $29,040.89 Budget: $28,279.00 Variance: $(761.89) Administrative expenses are slightly over budget due to high copier usage and high phone bills. The high phone bills are an error on the part of our phone company, and we are working on a resolution with them to reduce our rate and receive a substantial credit for incorrect charges. UTILITIES Actual: $14,375.39 Budget: $22,303.00 Variance: $(7,927.61) February utilities are under budget due to low water usage. OPERATING S MAINTENANCE EXPENSES Actual: $34,189.66 Budget: $33,249.00 Variance: $940.66 During February RVC paid $1,890 to paint 3 units, $4,133 for quarterly hvac preventative maintenance and repairs, $1,350 for RVC's annual fire alarm monitoring, and $845 for irrigation repairs. TAXES & INSURANCE Actual: $12,705.55 Budget: $12,146.00 Variance: $(559.55) Tax and Insurance expenses are slightly over budget due to higher than anticipated Earthquake Insurance Impounding by the mortgage company. SERVICE EXPENSE Actual: $1,128.60 Budget: $3,350.00 Variance: $2,221.40 RVC's new Service Coordinator started on 3/11/19. REPLACEMENT RESERVE Actual: $15,543.36 Budget: $6,716.00 Variance: $8,827.36 Replacement Reserve includes payments for misc. replacement items such as toilets, sinks, vanities, flooring, PTAC units, awnings, appliances, and other building systems. During February RVC paid the $4,128 as 50% payment for a new water heater, $6,663 for new irrigation rain sensor timers, and $4,498 for LED apartment lights. Variance Report completed by Sean Barcelon