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REVENUE <br />Actual: $178,723.91 <br />RIDGEVIEW COMMONS <br />May 2019 — Variance Report <br />Budget: $179,826.00 <br />Project Revenue is slightly under budget due to vacancy loss. <br />ADMINISTRATIVE EXPENSES <br />Variance: $(1,102.09) <br />Actual: $30,863.76 Budget: $28,279.00 Variance: $(2,584.76) <br />Administrative expenses are slightly over budget due to the purchase of a new reception computer. <br />UTILITIES <br />Actual: $5,074.24 Budget: $14,569.00 Variance: $9,494.76 <br />Utility expenses are under budget, because RVC received the annual Climate Credit refund. <br />OPERATING & MAINTENANCE EXPENSES <br />Actual: $37,180.37 Budget: $33,249.00 Variance: $(3,931.37) <br />During May RVC paid $6,565 for annual dryer vent cleaning, $3,500 for fire sprinkler riser repairs, and $7,700 to <br />install magnets on the community room doors that are tied into the fire panel. The magnets will hold the doors open, <br />and release them if the fire alarm goes off. This upgrade was a required by the local fire marshal. <br />TAXES & INSURANCE <br />Actual: $13,449.72 <br />Budget: $12,146.00 <br />Tax and Insurance are slightly over budget due to increase Earthquake Insurance impounds. <br />SERVICE EXPENSE <br />Actual: $4,056.09 <br />Budget: $3,350.00 <br />Service Expense is entirely comprised of RVC's Social Service Coordinator wages. <br />Total Operating Expenses <br />Actual: $90,624.18 <br />Net Operating Income for May <br />Actual: $88,099.73 <br />Variance Report completed by Sean Barcelon <br />Budget: $91,593.00 <br />Budget: $88,233.00 <br />Variance: $(1,303.72) <br />Variance: $(706.09) <br />Variance: $968.82 <br />Variance: $(133.27) <br />