Terrace on the Lake (20150)

12 Month Forecasted to Budget

Period = Jan 2017-Dec 2017

Total Total
Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Actual+ Variance
Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul 2016 Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Budget Budget (FY17-FY16)/FY17

Market Rent 182,872.38 182,872.38 190,400.65 189,875.35 182,104.00 154,438.20 158,151.35 155,710.25 153,773.85 160,420.44 151,770.50 158,455.20 2,020,844.55 1,961,985.00 2.91%
Less: Loss to Lease 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 5,000.00 5,000.00 4,000.00 4,000.00 4,000.00 4,000.00 50,000.00 74,181.00 -48.36%
GROSS POTENTIAL RENT 186,872.38 186,872.38 194,400.65 193,875.35 186,104.00 158,438.20 163,151.35 160,710.25 157,773.85 164,420.44 155,770.50 162,455.20 2,070,844.55 2,036,166.00 1.67%

RENTAL DEDUCTIONS
Vacancy Loss -2,752.59 -1,095.07 -5,837.63 -5,607.55 -6,182.09 -12,012.12 -16,920.11 -15,660.05 -18,545.78 -21,999.55 -18,840.50 -14,655.39 -140,108.42 -136,027.59 2.91%
Associate Apt Discount -1,090.89 -1,118.12 -1,118.12 -1,118.12 -1,118.12 -1,945.82 -1,401.48 -1,401.48 -1,401.48 -1,401.48 -1,101.91 -1,101.91 -15,318.94 -15,018.57 1.96%
Concessions -61.90 -490.00 -1,106.17 -343.00 -502.75 -1,065.80 -3,584.92 -3,099.16 -5,124.77 -1,487.98 -1,276.94 -2,404.25 -20,547.64 -20,966.98 -2.04%
Preferred Resident -2,399.74 -2,487.94 -2,493.56 -2,454.44 -2,451.51 -2,307.00 -2,124.61 -1,942.52 -1,762.55 -1,560.95 -1,536.63 -1,497.07 -25,018.52 -27,798.36 -11.11%
Bad Debt write off - Rent Only -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -250.00 -3,000.00 -3,175.58 -5.85%
TOTAL RENTAL DEDUCTIONS -6,555.12 -5,441.13 -10,805.48 -9,773.11 -10,504.47 -17,580.74 -24,281.12 -22,353.20 -27,084.58 -26,699.97 -23,005.98 -19,908.61 -203,993.52 -20298708.00% 0.49%

TOTAL RENTAL REVENUES 180,317.26 181,431.25 183,595.17 184,102.24 175,599.53 140,857.46 138,870.23 138,357.05 130,689.27 137,720.47 132,764.52 142,546.59 1,866,851.03 183317892.00% 1.80%

OTHER PROPERTY REVENUES

Furniture 1,209.98 1,209.98 1,048.38 931.79 2,000.57 2,724.00 1,811.38 1,302.31 1,118.88 595.28 417.46 606.00 14,976.02 14,827.74 0.99%
Late Charges 851.30 520.97 1,387.62 347.32 607.80 477.56 395.67 263.45 351.27 887.14 351.27 395.18 6,836.55 6,637.43 2.91%
Lease Termination Fees 2,030.46 2,234.40 2,181.73 1,660.45 1,625.76 13,240.28 1,321.27 8,765.45 6,877.84 8,005.57 2,054.84 36.75 50,034.80 51,055.92 -2.04%
Month-to-Month Fees 715.17 775.53 546.91 597.80 578.51 561.85 1,049.54 1,157.04 895.06 502.64 392.00 392.00 8,164.07 8,330.68 -2.04%
Move-in-Fees 800.00 575.00 2,025.00 925.00 1,800.00 450.00 1,525.00 1,800.00 2,075.00 1,800.00 1,025.00 850.00 15,650.00 15,650.00 0.00%
NSF Fee 196.00 98.00 98.00 0.00 0.00 49.00 98.00 0.00 49.00 147.00 49.00 49.00 833.00 850.00 -2.04%
Pet Fees 3,656.28 2,803.31 4,305.97 2,762.00 3,933.89 2,778.13 3,284.16 2,885.32 3,603.62 3,921.14 2,313.83 2,973.27 39,220.92 39,220.92 0.00%
Damages-Resident Reimbursement 0.00 9.00 236.25 109.71 150.21 0.00 0.00 85.50 9.00 85.50 9.00 0.00 694.17 771.30 -11.11%
Phone and Electric Rebates 0.00 0.00 0.00 0.00 80.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80.71 82.36 -2.04%
Move-out-Charges 1,279.18 1,386.02 1,729.92 3,565.32 1,859.21 2,929.44 613.80 2,523.48 3,312.96 2,621.40 1,521.84 719.87 24,062.42 23,590.61 1.96%
Bad Debt write off - non rent 828.36 -15.79 -2,789.10 -1,971.62 -819.84 -7,330.19 -1,746.67 -223.44 -3,067.14 -5,214.40 -1,118.94 -179.27 -23,648.03 -23,184.34 1.96%
Bad Debt Collection 2,744.32 0.00 279.99 1,374.28 1,447.56 0.00 0.00 1,860.36 1,206.04 2,937.86 1,380.46 665.00 13,895.86 13,623.39 1.96%
Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.00 100%
TOTAL OTHER PROPERTY REVENUES 14,311.06 9,596.42 11,050.66 10,302.04 13,264.39 15,880.07 8,352.15 20,419.47 16,431.53 16,289.13 8,395.77 6,507.80 150,800.49 151,471.01 -0.44%
TOTAL OPERATING REVENUES 194,628.31 191,027.67 194,645.84 194,404.28 188,863.92 156,737.54 147,222.38 158,776.52 147,120.79 154,009.60 141,160.29 149,054.38 2,017,651.52 1,984,649.93 1.64%

TOTAL REVENUES 194,628.31 191,027.67 194,645.84 194,404.28 188,863.92 156,737.54 147,222.38 158,776.52 147,120.79 154,009.60 141,160.29 149,054.38 2,017,651.52 1,984,649.93 1.64%

PROPERTY LEVEL EXPENSE

PAYROLL:
GROSS WAGES:
TOTAL GROSS WAGES 11,305.99 11,777.29 11,711.63 11,782.06 16,160.40 11,205.38 11,894.70 12,780.77 12,523.14 12,565.26 12,392.21 10,875.26 146,974.10 144,092.25 1.96%

PAYROLL - OTHER CHARGES

Bonus - CD - Service Mgr 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 3,197.34 -6.58%
Bonus - Other Onsite 166.67 166.67 166.67 166.67 166.67 166.67 166.67 166.67 166.67 166.67 166.67 166.67 2,000.00 1,838.00 8.10%
Bonus - Leasing 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 300.00 216.56 27.81%
Payroll Taxes 956.67 1,023.24 941.24 944.52 1,707.09 939.60 1,046.41 1,140.29 1,049.82 1,033.74 983.49 826.55 12,592.67 12,225.89 2.91%
Workers Comp 776.96 807.99 708.98 1,040.18 1,217.03 766.14 727.95 784.32 724.81 770.97 745.29 510.18 9,580.80 9,301.75 2.91%
Medical Insurance 1,436.09 1,606.60 1,490.34 1,560.00 1,558.99 1,505.53 1,570.75 1,530.98 1,542.50 1,519.81 1,549.71 1,521.01 18,392.30 17,856.60 2.91%
401K Retirement Plan 159.16 170.96 174.02 171.27 299.62 68.03 96.68 83.98 71.17 89.98 70.93 70.12 1,525.90 1,481.46 2.91%
Payroll Processing Fees 92.80 80.25 108.73 78.97 77.68 92.22 86.01 127.13 54.40 113.14 139.46 62.07 1,112.85 1,080.44 2.91%
TOTAL OTHER CHARGES 3,863.35 4,130.71 3,864.97 4,236.60 5,302.07 3,813.19 3,969.46 4,108.37 3,884.37 3,969.29 3,930.53 3,431.60 48,504.52 47,198.04 2.69%
TOTAL PAYROLL 15,169.33 15,908.00 15,576.60 16,018.66 21,462.47 15,018.57 15,864.16 16,889.15 16,407.51 16,534.55 16,322.75 14,306.86 195,478.62 191,290.29 2.14%
 UTILITIES:
Electricity 28,303.33 24,362.35 22,636.86 22,145.79 16,519.68 14,857.04 13,765.08 12,507.03 12,984.84 13,571.75 19,834.97 26,010.73 227,499.46 220,873.26 2.91%
Electricity - Chargeback -11,418.29 -14,280.11 -10,940.81 -9,697.49 -10,090.48 -14,457.00 -13,795.54 -13,560.43 -11,795.05 -10,865.37 -9,832.25 -15,588.68 -146,321.49 -142,059.70 2.91%
Water-Sewer 5,213.80 4,293.60 3,933.99 4,568.59 4,473.39 4,674.40 4,442.69 4,367.64 4,218.85 3,953.13 4,760.89 4,420.78 53,321.74 51,768.68 2.91%
Water-Sewer - Chargeback -4,650.71 -5,341.09 -4,581.00 -4,089.60 -4,874.22 -4,859.38 -4,773.00 -4,909.97 -4,649.06 -4,265.97 -4,528.67 -3,857.32 -55,379.98 -53,766.97 2.91%
Garbage 846.65 861.87 1,200.80 830.02 592.95 1,103.16 1,164.00 824.01 806.30 1,155.29 750.56 847.38 10,983.00 10,663.11 2.91%
Telephone 160.43 132.71 133.08 140.96 161.57 208.74 151.73 91.65 136.81 148.17 140.06 143.09 1,748.98 1,698.04 2.91%
Internet Services 41.19 41.19 41.19 41.19 41.19 41.19 120.84 122.94 99.60 184.22 140.49 149.48 1,064.71 1,033.70 2.91%
Cell Phone 0.00 36.58 36.78 36.77 0.00 73.54 36.77 36.77 39.09 39.09 39.09 39.09 413.57 401.52 2.91%
Cable 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 2,030.13 24,361.56 23,652.00 2.91%
Cable - Chargeback -2,922.54 -2,975.27 -2,889.99 -2,925.77 -2,950.47 -2,932.81 -2,699.24 -2,774.88 -2,691.29 -2,732.66 -2,651.89 -2,729.20 -33,876.01 -32,889.33 2.91%
Bad Debt write off - utilities 0.00 -15.17 742.68 0.00 0.00 1,233.18 967.92 1,697.91 1,838.12 1,292.02 848.25 281.31 8,886.22 9,067.57 -2.04%
TOTAL UTILITIES 17,603.99 9,146.79 12,343.71 13,080.58 5,903.74 1,972.20 1,411.38 432.80 3,018.35 4,509.79 11,531.63 11,746.80 92,701.76 90,441.88 2.44%

MAINTENANCE EXPENSES:
Unit Cleaning-Painting - Turns 402.39 366.62 988.65 524.42 1,284.93 442.68 666.92 785.44 2,040.89 3,771.62 1,241.28 737.21 13,253.04 12,993.18 1.96%
Unit Repair-Maintenance - Turns 303.96 827.08 366.06 588.43 442.91 629.13 958.42 870.72 717.90 270.14 467.97 402.33 6,845.04 6,710.82 1.96%
Unit Repair-Maintenance - Residents 267.24 829.18 501.00 679.10 321.71 0.00 6.45 323.34 257.69 512.46 866.32 778.09 5,342.57 5,237.81 1.96%
Building Maintenance 122.40 260.10 376.94 149.72 40.33 86.70 161.18 0.00 0.00 1,392.30 1,193.40 199.92 3,982.99 3,904.89 1.96%
Exterminator 0.00 0.00 0.00 0.00 178.50 0.00 0.00 459.00 0.00 0.00 0.00 26.52 664.02 651.00 1.96%
Fire Alarm-Security Services 817.02 126.89 389.74 238.68 807.84 367.20 367.20 787.32 0.00 1,358.64 950.10 1,050.48 7,261.10 7,118.73 1.96%
Landscape-Grounds-Parking 957.97 1,208.04 1,891.92 925.65 1,997.98 2,167.58 1,669.06 1,899.52 1,828.46 1,718.32 962.81 364.32 17,591.62 17,246.69 1.96%
Health Club Supplies 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 0.00 100.00%
Furniture-W.D.-Wtr Htr Rental 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00 3,000.00 3,051.39 -1.71%
Vehicles 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 200.00 167.17 16.42%
TOTAL MAINTENANCE EXPENSE 3,187.65 3,934.57 4,830.97 3,422.66 5,390.87 4,009.95 4,145.89 5,442.00 5,161.61 9,340.15 5,998.54 3,875.53 58,740.38 57,166.68 2.68%

PROPERTY LEVEL ADMIN EXP:

Office Expense 243.31 201.95 528.17 112.20 109.14 -163.16 171.22 174.27 172.53 386.34 230.78 312.38 2,479.11 2,430.50 1.96%
Direct Payment Fee 110.77 116.79 114.39 111.44 85.63 80.12 111.38 76.14 99.20 120.72 0.00 92.87 1,119.45 1,097.50 1.96%
Credit Checks 123.60 123.60 123.60 123.60 159.30 123.60 123.60 123.60 123.60 123.60 123.60 123.60 1,518.94 1,489.16 1.96%
Legal and Collection Fees 0.00 413.10 687.99 -56.10 0.00 0.00 0.00 153.00 0.00 443.70 0.00 0.00 1,641.69 1,609.50 1.96%
Advertising - Print ads 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 200.00 0.00 100.00%
Advertising - On-line ads 511.71 520.91 520.91 520.91 658.08 658.08 658.08 658.08 658.08 658.08 748.69 658.08 7,429.65 7,075.86 4.76%
Advertising - Resident Referrals 41.67 41.67 41.67 41.67 41.67 41.67 41.67 41.67 41.67 41.67 41.67 41.67 500.00 400.00 20.00%
Advertising - Signage 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 33.33 400.00 360.95 9.76%
Advertising - Other 416.67 416.67 416.67 416.67 416.67 416.67 416.67 416.67 416.67 416.67 416.67 416.67 5,000.00 4,459.60 10.81%
Resident Activities 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 600.00 0.00 100.00%
Corporate Units 78.56 78.56 78.81 78.74 78.74 79.59 78.74 133.84 122.80 80.05 80.05 157.45 1,125.92 1,093.13 2.91%
Uniforms 0.00 0.00 0.00 0.00 0.00 0.00 105.81 122.30 0.00 97.86 0.00 0.00 325.97 319.58 1.96%
Drug Testing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 52.50 100.00%
Misc Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00%
TOTAL PROP LEVEL ADMIN EXP 1,626.28 2,013.24 2,612.20 1,449.12 1,649.23 1,336.56 1,807.17 1,999.56 1,734.54 2,468.68 1,741.46 1,902.71 22,340.74 20,388.28 8.74%

REPLACEMENTS:
Furniture 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 249.00 100.00%
Hot Water Tanks 0.00 0.00 0.00 0.00 389.38 0.00 344.50 800.46 420.63 375.18 772.80 414.97 3,517.92 3,318.79 5.66%
Appliances 0.00 0.00 284.08 0.00 0.00 0.00 522.58 0.00 461.10 0.00 0.00 0.00 1,267.76 1,196.00 5.66%
Washer-Dryer - units 0.00 531.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 962.48 443.08 1,937.48 1,827.81 5.66%
Carpets 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 750.00 9,000.00 8,587.40 4.58%
Vinyl-Tile - Flooring 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 3,500.00 3,469.89 0.86%
Drapes and Blinds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.00 100.00%
Lighting Fixtures and Ceiling Fans 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 16.67 200.00 174.94 12.53%
TOTAL REPLACEMENTS 1,058.33 1,590.25 1,342.41 1,058.33 1,447.71 1,058.33 1,925.41 1,858.79 1,940.06 1,433.51 2,793.62 1,916.38 19,423.16 18,885.83 2.77%

TOTAL PROPERTY LEVEL EXP 38,645.59 32,592.85 36,705.89 35,029.35 35,854.03 23,395.62 25,154.02 26,622.30 28,262.07 34,286.68 38,387.98 33,748.27 388,684.66 378,172.96 2.70%
 PROPERTY LEVEL INCOME 155,982.73 158,434.82 157,939.94 159,374.93 153,009.89 133,341.92 122,068.37 132,154.22 118,858.72 119,722.92 102,772.30 115,306.11 1,628,966.86 1,606,476.97 1.38%

GENERAL AND ADMINISTRATION:

Mgmt and Acctg Fees - WIS-WPM 8,142.17 8,373.53 8,198.82 7,975.81 8,082.99 8,274.46 7,978.10 7,317.66 7,806.71 7,158.43 7,139.41 6,825.54 93,273.63 90,556.92 2.91%
Customer Service - Pickle 149.09 0.00 289.07 0.00 0.00 0.00 0.00 59.16 351.18 123.55 0.00 729.26 1,701.31 1,651.76 2.91%
On-site Shop Reports 0.00 0.00 0.00 0.00 0.00 36.05 0.00 97.85 0.00 110.65 0.00 0.00 244.55 237.43 2.91%
Insurance 1,429.19 1,429.19 1,429.19 1,429.19 1,429.19 1,284.39 1,356.76 1,356.76 1,356.76 1,356.76 1,356.76 1,356.76 16,570.87 16,088.22 2.91%
Property Taxes 9,501.65 9,501.65 9,501.65 9,501.65 9,501.65 12,188.04 9,949.39 9,949.39 9,949.39 9,949.39 9,949.39 9,949.39 119,392.63 119,273.36 0.10%
Property Taxes - Other 0.00 0.00 0.00 250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 250.00 250.00 0.00%
Personal Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 820.97 0.00 0.00 0.00 0.00 820.97 820.97 0.00%
Software Licensing 380.73 150.00 0.00 0.00 0.00 1,150.48 0.00 0.00 0.00 0.00 0.00 0.00 1,681.21 1,681.21 0.00%
Software Licensing - Rev Mgmt 0.00 0.00 0.00 41.80 160.60 160.60 160.60 160.60 160.60 160.60 160.60 160.60 1,326.60 1,326.60 0.00%
Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.92 100.00%
TOTAL GENERAL AND ADMIN EXP 19,310.22 19,159.36 19,120.39 18,915.02 18,887.88 22,802.38 19,163.02 19,495.22 19,337.57 18,597.52 18,348.76 18,752.05 235,261.77 231,889.39 1.43%

NOI 136,672.51 139,275.46 138,819.55 140,459.91 134,122.01 110,539.54 102,905.35 112,659.00 99,521.15 101,125.40 84,423.54 96,554.06 1,393,705.09 1,374,587.58 1.37%