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REVENUE <br />Actual: $180,004.03 <br />Project Revenue is right on budget. <br />ADMINISTRATIVE EXPENSES <br />RIDGEVIEW COMMONS <br />March 2019 — Variance Report <br />Budget: $179,826.00 <br />Variance: $178.03 <br />Actual: $29,814.91 Budget: $28,279.00 Variance: $(1,535.91) <br />Administrative expenses are slightly over budget due to high copier usage and high phone bills. The high phone bills <br />are an error on the part of our phone company, and we are working on a resolution with them to reduce our rate and <br />receive a substantial credit for incorrect charges. <br />UTILITIES <br />Actual: $14,657.82 Budget: $14,569.00 Variance: $(88.82) <br />Utility expenses are right on budget. <br />OPERATING & MAINTENANCE EXPENSES <br />Actual: $29,249.37 Budget: $33,249.00 Variance: $3,999.63 <br />During March RVC paid $5,733 for annual FA testing, $900 for elevator permit fees, and $1,771 for tree removal. <br />TAXES & INSURANCE <br />Actual: $12,537.15 Budget: $12,146.00 Variance: $(391.15) <br />Tax and Insurance are righto n budget <br />SERVICE EXPENSE <br />Actual: $1,701.45 <br />Budget: $3,350.00 <br />Variance: $1,648.55 <br />RUC's new Service Coordinator started on 3/11/19, and did not have a full month of payroll. Normal budgeted <br />amounts will resume in April. <br />Total Operating Expenses <br />Actual: $87,960.70 Budget: $91,593.00 Variance: $3,632.30 <br />Net Operating Income for March <br />Actual: $92,043.33 Budget: $88,233.00 Variance: $3,810.33 <br />Variance Report completed by Sean Barcelon <br />