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REVENUE <br />Actual: $179,448.75 <br />Project Revenue is right on budget. <br />ADMINISTRATIVE EXPENSES <br />RIDGEVIEW COMMONS <br />June 2019 — Variance Report <br />Budget: $179,826.00 <br />Variance: $(377.25) <br />Actual: $22,512.97 Budget: $28,279.00 Variance: $5,766.03 <br />Administrative expenses are under budget due a significant credit from RVC's phone company for over a year of <br />overcharging RVC. For several months we have been attempting to resolve this issue with them, and it is finally <br />complete. <br />UTILITIES <br />Actual: $15,383.14 Budget: $14,569.00 Variance: $(814.14) <br />Utility expenses are right on budget. <br />OPERATING & MAINTENANCE EXPENSES <br />Actual: $34,299.94 Budget: $33,249.00 Variance: $(1,050.94) <br />June maintenance expense are slightly over budget, because RVC paid both May and June's custodial contract <br />fees during June. <br />TAXES & INSURANCE <br />Actual: $13,266.67 Budget: $12,146.00 Variance: $(1,120.67) <br />Tax and Insurance are slightly over budget due to increased Earthquake Insurance impounds. <br />SERVICE EXPENSE <br />Actual: $3,910.16 <br />Budget: $3,350.00 <br />Service Expense is entirely comprised of RVC's Social Service Coordinator wages. <br />Total Operating Expenses <br />Actual: $89,372.88 <br />Net Operating Income for June <br />Actual: $90,075.87 <br />Variance Report completed by Sean Barcelon <br />Budget: $91,593.00 <br />Budget: $88,233.00 <br />Variance: $(560.16) <br />Variance: $2,220.12 <br />Variance: $1,842.87 <br />