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Ridgeview Commons 2020 Budget Footnotes INCOME Tenant Rent: We are proposing a 2% increase for tenants this year. Stores and Commercial: The lease for Open Heart Kitchen's use of RVC Commercial Income will remain at $1076 Vacancy Loss: Based a 1.5% vacancy loss. Interest Income: Interest Income is based on YTD income annualized. Laundry Income: Based on YTD income annualized. Cable TV: This covers the Income from the mass cable service provided to residents at RVC. In prior years, residents were offered waivers for the cable fee. This policy is no longer in effect, and waivers are no longer being issued. Tenants are charged $39/month for basic and expanded cable. Budget includes 193 residents paying the bulk cable fee. PROJECT EXPENSES Administrative Expenses: Office Salaries: Office salaries includes the wages of the Occupancy Specialist and Receptionist. This year we are budgeting to have an extra office staff member for the year to assist with the initial certification process for the resyndication and the extra tenant attention that will be needed during the rehabilitation. Office Supplies: Based on YTD expenses annualized with a 2% increase. Equipment Leases: Based on a 2% increase over the current lease fee. Postage: Based on YTD expenses annualized. Management Fee: Based on the agreed upon Management fee of $7656/month for the management of RVC effective 10/1/18. Manager Salary: Budget allows for an increase for performance and cost of Living. Staff Rent Free Units: This covers the expense of two rent free units for On -Site staff. The staff live on site in a free apartment in exchange for On -Call work. Legal Expenses: This is the estimated cost one eviction at RVC. As a policy we budget for one eviction, but hope to not incur any eviction expenses. Audit/Tax Prep: This covers the estimated cost of the 2019 YE Audit and other Tax documents. Accounting Services: This is based on Eden's monthly Bookkeeping fee of $1,900. Telephone/Answering Service: Based on the current telephone costs with 3% increases for each vendor. Bank Charges: Based on YTD expenses annualized. Payroll Costs: Based on 2.9% of total payroll.