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Overall the budget reflects a decrease in expenses of approximately 19.4% as compared to 2018's <br />Year End expenses. The changes are summarized below. <br />Administrative <br />+16.9% <br />Utilities <br />-11.8% <br />Maintenance <br />+6.0% <br />Tax and Insurance <br />+18.6% <br />Service Expenses <br />+29.2% <br />Replacement <br />-68.9% <br />Other Cash Payments -56.4% <br />Total Expenses -19.6% <br />2020 Surplus is substantially higher than prior years because no debt service payments will be <br />made for half of 2020. This high level of surplus is not anticipated to continue, and it is important to <br />resume gradual rent increases to avoid large rent increases in the future. <br />Most expense categories remain consistent with prior years' expenses with little variation. Payroll <br />is budgeted to increase during 2020 to allow for additional support during the rehabilitation. Once <br />the rehabilitation is complete, payroll will return to typical levels. <br />STAFF RECOMMENDATION <br />Staff believes that the changes to the Ridgeview Commons operating budget are generally necessary <br />and consistent with the prior year budget and recommends approval. <br />Page - 2 - <br />