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RIDGEVIEW COMMONS <br />April 2019 — Variance Report <br />REVENUE <br />Actual: $181,354.49 Budget: $179,826.00 <br />Variance: $1,528.49 <br />Project Revenue is right on budget. <br />ADMINISTRATIVE EXPENSES <br />Actual: $29,599.15 Budget: $28,279.00 <br />Variance: $(1,320.15) <br />Administrative expenses are slightly over budget due to several small over budget line items. <br />UTILITIES <br />Actual: $8,551.76 Budget: $14,569.00 <br />Variance: $6,017.24 <br />Utility expenses are under budget due to the electric Solar adjustment and low overall usage. <br />OPERATING & MAINTENANCE EXPENSES <br />Actual: $33,427.95 Budget: $33,249.00 <br />Variance: $(178.95) <br />During April RVC paid $8,457 for mulch to fill in trip hazards resulting from deteriorating dirt around sidewalks. <br />TAXES & INSURANCE <br />Actual: $13,378.06 Budget: $12,146.00 <br />Variance: $(1,232.06) <br />Tax and Insurance are slightly over budget due to increase Earthquake Insurance impounds. <br />SERVICE EXPENSE <br />Actual: $3,872.53 Budget: $3,350.00 <br />Variance: $(522.53) <br />Service Expense is entirely comprised of RVC's Social Service Coordinator wages. <br />Total Operating Expenses <br />Actual: $88,829.45 Budget: $91,593.00 Variance: $2,763.55 <br />Net Operating Income for April <br />Actual: $92,525.04 Budget: $88,233.00 Variance: $4,292.04 <br />Variance Report completed by Sean Barcelon <br />