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06-23-15 TSHA Agenda Packet
Page 1 of 2 AGENDA BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) June 23, 2015 6:00 PM 3 VILLAGE CIRCLE 2nd FLOOR, COUNCIL CHAMBERS WESTLAKE, TEXAS 76262 1. CALL TO ORDER 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JANUARY 27, 2015. 3. REVIEW AND APPROVE MINUTES FOR THE MEETING ON APRIL 21 , 2015. 4. DISCUSS AND CONSIDER APPROVAL AUTHORIZING THE EXECUTIVE DIRECTOR TO SUBMIT PAYMENT TO WEAVER ASSURANCE SERVICES FOR AUDITING SERVICES RELATED TO THE BALLPARK IN AUSTIN. 5. DISCUSS AND CONSIDER APPROVAL OF THE CAMBRIDGE ANNUAL BUDGET FOR FY 2015-2016. 6. DISCUSS AND CONSIDER APPROVAL OF THE TOWN LAKE, AUSTIN ANNUAL BUDGET FOR FY 2015-2016. 7. DISCUSS AND CONSIDER APPROVAL OF THE TSHA ANNUAL BUDGET FOR FY 2015-2016. 8. EXECUTIVE DIRECTOR’S REPORT Page 2 of 2 9. EXECUTIVE SESSION The Board will conduct a closed session pursuant to Texas Government Code, annotated, Chapter 551, Subchapter D for the following: a. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate the appointment, employment, evaluation, reassignment, duties, of a public officer or employee: Executive Director 10. RECONVENE MEETING 11. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS. 12. ADJOURN ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS 551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT CODE. CERTIFICATION I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, Westlake, Texas, on June 17, 2015 , by 5:00 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code. _____________________________________ Kelly Edwards, Secretary If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you. TSHA Min 01/27/15 Page 1 of 4 MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) January 27, 2015 PRESENT: Directors, Scott Bradley, Liz Garvin, Gregg Malone, and Tracy Schornack. ABSENT: President Jim Carter and George Ledak OTHERS PRESENT: Executive Director Pete Ehrenberg and Secretary Kelly Edwards. 1. CALL TO ORDER Director Bradley called the meeting to order at 6:12 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JUNE 17, 2014. MOTION: Director Schornack made a motion to approve the minutes. Director Malone seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER APPROVAL OF TSHA, CAMBRIDGE, TOWN LAKE, AND AUSTIN BALLPARK ANNUAL AUDITS FOR FY 2013-2014 PRESENTED BY WEAVER TIDWELL, L.L.P. Mr. Jerry Gaither, Partner, Assurance Services with Weaver Tidwell, L.L.P, provided a presentation and overview of Ballpark, Town Lake, Cambridge, and the Authority financials. Discussion ensued regarding the management recommendation regarding a segregation of duties, creating an agreement with properties determining the cost per student, and dormant JPI liability accounts. TSHA Min 01/27/15 Page 2 of 4 Mr. Gaither provided an overview Authority’s statement of revenue and expenditures. MOTION: Director Garvin made a motion to approve the FY 2013-2014 Financial Audit for the Authority. Director Schornack seconded the motion. The motion carried by a vote of 4-0. Mr. Gaither then provided an overview Authority’s statement of revenue and expenditures. Discussion ensued regarding the legal fees and payments to the C and D bond holders. MOTION: Director Malone made a motion to approve the FY 2013-2014 Financial Audit for the Cambridge. Director Schornack seconded the motion. The motion carried by a vote of 4-0. Mr. Gaither then provided an overview Town Lake statement of revenue and expenditures. Discussion ensued regarding capital expenditures. MOTION: Director Garvin made a motion to approve the FY 2013-2014 Financial Audit for the Town Lake. Director Schornack seconded the motion. The motion carried by a vote of 4-0. Mr. Gaither then provided an overview Austin Ballpark statement of revenue and expenditures. Discussion ensued regarding a final audit for this property since its foreclosure in October 2014, MOTION: Director Schornack made a motion to approve the FY 2013-2014 Financial Audit for the Ballpark. Director Malone seconded the motion. The motion carried by a vote of 4-0. Director Bradley recessed the meeting at 7:20 p.m., to convene the Denton Project meeting. Director Bradley reconvened the meeting at 7:42 p.m. TSHA Min 01/27/15 Page 3 of 4 4. DISCUSSION REGARDING PENDING LITIGATION - TEXAS STUDENT HOUSING AUTHORITY v. BRAZOS COUNTY APPRAISAL DISTRICT AND APPRAISAL REVIEW BOARD FOR BRAZOS COUNTY APPRAISAL DISTRICT. Executive Director Ehrenberg provided an overview of the Supreme Court oral argument. Discussion ensued regarding both positive and negative outcomes of the courts decisions and managing the current scholarships. 5. DISCUSS AND CONSIDER THE NUMBER OF SCHOLARSHIPS TO OFFER FOR THE 2015-2016 SCHOOL YEAR. Discussion ensued regarding the number of full and incremental scholarships at the Cambridge property in College Station. MOTION: Director Schornack made a motion to authorize the Executive Director to renew three (3) full scholarships and issue forty-seven (47) incremental scholarships. Director Garvin seconded the motion. The motion carried by a vote of 4-0. Discussion ensued regarding the number of full and incremental scholarships for Town Lake due to the foreclosure of the Ballpark property and to discontinue issuing provisional renewals. MOTION: Director Garvin made a motion to authorize the Executive Director to renew two (2) full scholarships, renew current incremental scholarships, and offer any new available incremental scholarships negotiated with the property. Director Malone seconded the motion. The motion carried by a vote of 4-0. 6. EXECUTIVE DIRECTORS REPORT Executive Director Ehrenberg provided an overview of the Ballpark foreclosure proceedings, redevelopment in the Town Lake area, and new developments in College Station. 7. EXECUTIVE SESSION The Board convened into executive session at 8:16 p.m. The Board will conduct a closed session pursuant to Texas Government Code, annotated, Chapter 551, Subchapter D for the following: a. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate the appointment, employment, evaluation, reassignment, duties, of a public officer or employee: Executive Director TSHA Min 01/27/15 Page 4 of 4 8. RECONVENE MEETING Director Bradley reconvened the meeting at 8:59 p.m. 9. TAKE ANY ACTION, IF NEEDED, FROM EXECUTIVE SESSION ITEMS. MOTION: Director Malone made a motion to continue the employment of the Executive Director Pete Ehrenberg effective February 1, 2015, reducing office hours to two (2) days per week and flexible schedule due to workload at a salary of $43,500 Director Schornack seconded the motion. The motion carried by a vote of 4-0. 10. ADJOURN Director Bradley asked for a motion to adjourn. MOTION: Director Schornack made a motion to adjourn the meeting. Director Garvin seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, Director Bradley declared the meeting adjourned at 9:03 p.m. THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON JUNE 23 , 2015. ATTEST __________________________________ Scott Bradley, Director _______________________________ Kelly Edwards, Secretary TSHA Min 04/21/14 Page 1 of 2 MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) April 21, 2015 PRESENT: Directors, Scott Bradley, Liz Garvin, Gregg Malone, and Tracy Schornack. ABSENT: President Jim Carter and George Ledak OTHERS PRESENT: Executive Director Pete Ehrenberg and Secretary Kelly Edwards. 1. CALL TO ORDER Director Bradley called the meeting to order at 6:21 p.m. 2. DISCUSS AND CONSIDERATION REGARDING THE NUMBER OF SCHOLARSHIPS INCLUDING AN ADDITIONAL FULL OFFER AT CAMBRIDGE. Discussion ensued regarding the offer of an additional full scholarship to a Westlake Academy graduate and the acceptance rate. MOTION: Director Malone made a motion to authorize the additional full scholarship bring the total to five (5). Director Schornack seconded the motion. The motion carried by a vote of 4-0. TSHA Min 04/21/15 Page 2 of 2 3. ADJOURN Director Bradley asked for a motion to adjourn. MOTION: Director Garvin made a motion to adjourn the meeting. Director Schornack seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, Director Bradley declared the meeting adjourned at 6:30 p.m. THE TEXAS STUDENT HOUSING AUTHORITY BOARD OF DIRECTORS ON JUNE 23 , 2015. ATTEST __________________________________ Scott Bradley, Director _______________________________ Kelly Edwards, Secretary 4. DISCUSS AND CONSIDER APPROVAL AUTHORIZING THE EXECUTIVE DIRECTOR TO SUBMIT PAYMENT TO WEAVER ASSURANCE SERVICES FOR AUDITING SERVICES RELATED TO THE BALLPARK IN AUSTIN. Texas Student Housing Authority Item # 4 6/16/2015 Page 1of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed Unit Projected Beds-->504 504 504 504 504 504 504 504 504 5 5 504 OCCUPANCY %95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%1.00%1.00%95.00%79.33% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 5,329,781 10,056 30,283 Food Revenue 5005-0100 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 2,262,499 4,269 12,855 Contract Gain (Loss) to Lease 5010-0000 (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) - - (31,805) (318,054) (600) (1,807) Total Gross Potential Rent 600,885 600,885 600,885 600,885 600,885 600,885 600,885 600,885 600,885 632,690 632,690 600,885 7,274,226 13,725 41,331 Economic Variances Concessions - New Leases 5030-0200 (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) - - (9,000) (90,000) (170) (511) Bad Debt 5025-0000 (2,221) (2,221) (2,221) (2,221) (2,221) (2,221) (2,221) (2,221) (2,221) - - (2,221) (22,207) (42) (126) TSHA Incremental Scholarship 5064-0000 (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) (19,050) - - (19,050) (190,500) (359) (1,082) Vacancy Loss 5065-0000 (55,380) (55,380) (55,380) (55,380) (55,380) (55,380) (55,380) (55,380) (55,380) (626,363) (626,363) (55,380) (1,806,521) (3,409) (10,264) Total Economic Variances (85,650) (85,650) (85,650) (85,650) (85,650) (85,650) (85,650) (85,650) (85,650) (626,363) (626,363) (85,650) (2,109,229) (3,980) (11,984) 80.72%80.72%80.72%80.72%80.72%80.72%80.72%80.72%80.72%-41.03%-41.03%80.72%60.43% NET RENTAL INCOME 515,234 515,234 515,234 515,234 515,234 515,234 515,234 515,234 515,234 6,327 6,327 $515,234 $5,164,997 $9,745 $29,347 71.0% Other Operating Income Application Fees 5220-0000 - - - 500 500 1,000 2,000 5,000 5,000 - - - 14,000 26 80 Banquet/Catering Income 5227-0000 - - - - - - - - - - - - - - - Camp - Food 5231-0100 - - - - - - - - - 101,500 101,500 - 203,000 383 1,153 Camp - Room 5231-0200 - - - - - - - - - 103,500 103,500 - 207,000 391 1,176 Cancellation Fees 5232-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 350 350 350 250 350 350 350 300 4,500 2,500 1,000 350 11,000 21 63 Carport/Garages/Parking Income 5235-0000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 - - 3,500 35,000 66 199 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Laundry Income 5300-0000 1,500 1,500 1,025 900 1,000 1,250 900 750 500 - - 1,800 11,125 21 63 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 225 225 225 225 225 225 225 225 - - 225 225 2,250 4 13 Meals - Transient 5312-0000 2,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 2,000 250 100 20,000 33,100 62 188 Meals - Others 5313-0000 - - - - - - - - - - - - - - - NSF Check Fees 5325-0000 25 25 25 25 25 25 25 25 - - 25 25 250 0 1 Outside Board Sales 5327-0000 - - - - - - - - - - - - - - - Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 - - - 2,250 1,500 - - - - - 1,500 6,750 12,000 23 68 Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 - - - - - - - - - - - - - - - RUBS Income - Electric 5370-0100 - - - - - - - - - (12,627) (8,381) - (21,008) (40) (119) RUBS Income - Water 5370-0300 - - - - - - - - - (0) (0) - (0) (0) (0) Telephone Income 5372-0000 - - - - - - - - - - - - - - - Transient Income 5374-0000 - - - - - - - - - - - - - - - Interest Income 5285-0000 90 200 190 140 - - - 100 100 100 100 - 1,020 2 6 Total Other Operating Income 7,690 7,050 6,565 9,040 8,350 7,600 8,250 11,150 15,600 195,223 199,569 32,650 508,737 960 2,891 7.0% EFFECTIVE GROSS INCOME 522,924 522,284 521,799 524,274 523,584 522,834 523,484 526,384 530,834 201,550 205,896 547,884 5,673,734 10,705 32,237 Account Descriptions 6/16/2015 6/16/2015 Page 2of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 6/16/2015 78.0% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - 7,500 3,500 - - - - - - - - 11,000 21 63 Legal 6002-0300 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 113 341 Bank Charges/Fees 6005-0000 332 332 332 332 332 332 332 332 332 332 332 332 3,983 8 23 Data Processing/Computer Expense 6030-0000 662 662 662 662 662 1,212 662 882 662 662 662 662 8,714 16 50 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 - - - 500 500 600 600 600 600 600 500 500 5,000 9 28 Dues & Subscriptions 6035-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Equipment & Supplies 6045-0000 1,000 1,000 1,000 1,000 500 500 1,000 1,000 1,000 1,000 1,000 1,000 11,000 21 63 Postage & Delivery 6070-0000 150 150 600 600 600 600 600 600 600 600 600 300 6,000 11 34 Licenses, Fees & Permits 6060-0000 - - - 500 200 200 200 200 200 200 200 200 2,100 4 12 Professional Fees 6080-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Rent Refunds - Residents 6090-0000 1,000 - - 1,000 - - - - - - 1,000 1,000 4,000 8 23 Telephone 6105-0000 1,200 1,200 1,200 1,200 1,200 1,300 1,500 1,500 1,500 1,300 1,400 1,300 15,800 30 90 Telephone-Answering Service 6110-0000 - - - - - - - - - - - - - - - Training 6115-0000 649 199 49 49 699 49 49 199 649 49 199 49 2,891 5 16 Travel 6120-0000 500 150 500 150 500 500 150 500 150 150 150 500 3,900 7 22 Uniforms 6135-0000 - - - - 500 - - - - - - 4,500 5,000 9 28 Miscellaneous 6065-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 5 14 Total General & Administrative 10,893 9,093 17,243 14,893 11,093 10,693 10,493 11,213 11,093 10,293 11,443 15,743 144,189 272 819 2.5% Food Department Accompaniments 6155-0000 10,390 9,087 8,692 5,235 5,455 8,620 7,142 8,824 4,881 6,812 7,024 5,385 87,547 165 497 Baked Goods 6156-0000 2,808 2,456 2,349 1,415 1,474 2,330 1,930 2,385 1,319 1,841 1,898 1,455 23,660 45 134 Beverages 6157-0000 4,774 4,175 3,994 2,405 2,506 3,961 3,282 4,054 2,243 3,130 3,227 2,474 40,225 76 229 Dairy 6158-0000 4,774 4,175 3,994 2,405 2,506 3,961 3,282 4,054 2,243 3,130 3,228 2,474 40,226 76 229 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 6,346 5,550 5,309 3,198 3,332 5,265 4,362 5,390 2,982 4,161 4,290 3,289 53,474 101 304 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 19,656 17,191 16,445 9,905 10,321 16,309 13,512 16,694 9,235 12,888 13,288 10,187 165,631 313 941 Milk 6163-0000 1,966 1,719 1,644 990 1,032 1,631 1,351 1,669 924 1,289 1,329 1,019 16,563 31 94 Produce 6164-0000 5,448 4,764 4,558 2,745 2,860 4,520 3,745 4,627 2,559 3,572 3,683 2,823 45,904 87 261 China/Glass/Silver 6171-0000 1,000 - - - 1,000 - - - - 500 - 1,000 3,500 7 20 Contract Cleaning 6172-0000 450 350 300 500 1,000 300 100 250 400 500 500 1,350 6,000 11 34 Decorations 6173-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Equipment Rental 6174-0000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 5 15 Kitchen Equipment Repair 6175-0000 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 15,600 29 89 Linen Laundry/Rental 6176-0000 370 370 370 270 190 370 370 370 270 370 370 275 3,965 7 23 Other Expense 6178-0000 405 405 405 405 730 405 405 405 405 405 730 405 5,510 10 31 Linen Replacement 6177-0000 - - - - - - - - - - - - - - - Paper 6179-0000 500 500 500 250 250 500 500 500 350 500 500 350 5,200 10 30 Supplies 6180-0000 - - - - - - - - - - - - - - - Supplies - Cleaning 6180-0100 1,350 1,200 1,000 600 935 800 800 800 1,200 750 750 900 11,085 21 63 Supplies - Dining Room 6180-0200 1,200 350 350 350 350 350 350 350 350 350 350 650 5,350 10 30 Supplies - Kitchen 6180-0300 600 450 450 100 600 450 300 450 100 450 450 400 4,800 9 27 Uniforms 6185-0000 100 100 100 100 1,350 100 100 100 100 100 100 1,350 3,700 7 21 Supplies - Laundry 6190-0000 - - - - - - - - - - - - - - - Total Food Department 63,762 54,467 52,085 32,498 37,516 51,497 43,156 52,547 31,186 42,373 43,342 37,411 541,840 1,022 3,079 9.5% Payroll & Benefits Office Salaries 6205-0000 13,591 13,591 13,591 20,386 13,591 13,591 13,591 13,591 13,591 20,386 13,591 13,615 176,703 333 1,004 Commissions 6265-0000 - - - - - - 1,500 1,500 1,500 1,500 - - 6,000 11 34 Bonuses 6260-0000 - - 12,000 - - - - - - - - - 12,000 23 68 Maintenance 6225-0000 8,049 8,049 8,049 12,073 8,049 8,049 8,049 8,049 9,049 13,073 9,049 10,949 110,536 209 628 Food Service 6225-0700 35,094 33,494 33,990 42,401 18,958 33,966 38,118 33,904 34,137 40,340 34,558 28,018 406,977 768 2,312 Payroll Taxes 6270-0100 6,808 6,616 8,116 8,983 4,872 6,673 7,351 6,845 6,993 9,036 6,864 6,310 85,466 161 486 6/16/2015 Page 3of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 6/16/2015 Worker's Compensation 6270-0200 3,852 3,744 4,592 5,083 2,757 3,776 4,159 3,873 3,957 5,113 3,884 3,570 48,359 91 275 Group Insurance 6280-0000 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 88,200 166 501 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 74,743 72,843 87,687 96,277 55,576 73,403 80,117 75,112 76,577 96,799 75,295 69,812 934,241 1,763 5,308 16.5% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - Contract-Bus Service 6310-0000 135,000 - - - - - - - - - - - 135,000 255 767 Contract-Cleaning 6315-0000 11,000 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 11,000 127,000 240 722 Contract-Elevator 6325-0000 2,000 625 625 2,000 625 625 2,000 625 625 2,000 625 625 13,000 25 74 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 2,000 2,000 2,000 2,000 2,000 3,000 2,000 2,000 2,000 2,000 2,000 2,500 25,500 48 145 Contract-Other Contract Services 6345-0000 1,250 1,000 2,000 1,300 2,500 1,000 1,500 2,000 1,850 1,200 1,100 1,850 18,550 35 105 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 4,200 4,200 4,200 5,300 4,800 4,150 4,150 4,150 5,100 4,200 4,200 4,200 52,850 100 300 Contract-Pest Control 6350-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 9 27 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,830 1,330 1,330 1,830 16,960 32 96 Total Contract Services 157,180 20,055 21,055 22,830 22,155 21,005 21,880 21,005 22,305 21,630 20,155 22,405 393,660 743 2,237 6/16/2015 Page 4of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 6/16/2015 6.9% Repairs & Maintenance Appliances 6410-0000 250 500 250 500 250 500 250 500 250 500 250 500 4,500 8 26 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 23 68 Building - Interior 6425-0100 5,000 150 150 150 150 150 150 150 6,000 3,000 750 150 15,950 30 91 Building - Exterior 6425-0200 - - - - - - - - - - - - - - - Common Areas 6440-0000 - - - - - - - - - - - - - - - Doors/Windows 6450-0000 - - - - - - - - - - - - - - - Electrical 6455-0000 - - - - - - - - - - - - - - - Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - - - - - - - - - - - - - - - Fire/Safety 6475-0000 2,300 150 150 150 150 150 150 2,500 150 150 150 150 6,300 12 36 Furniture 6478-0000 - - - - - - - - 2,250 2,250 1,250 - 5,750 11 33 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - 150 - - 150 - - 150 - - 150 - 600 1 3 HVAC 6495-0000 4,500 2,500 1,500 1,500 1,500 2,000 1,600 1,600 3,000 3,600 3,600 4,200 31,100 59 177 Keys & Locks 6500-0000 125 125 125 125 125 125 125 125 875 125 125 125 2,250 4 13 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 750 350 350 350 350 350 350 350 750 750 750 550 6,000 11 34 Miscellaneous 6525-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Painting 6530-0000 100 100 100 100 1,000 100 100 100 5,000 5,000 5,000 100 16,800 32 95 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 4,500 100 100 5,600 11 32 Plumbing 6540-0000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 14 41 Pools 6545-0000 800 500 500 500 500 500 500 500 800 500 500 800 6,900 13 39 Recreation 6550-0000 200 500 200 500 200 500 200 500 200 500 200 500 4,200 8 24 Roofs 6555-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 8 24 Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 16,800 32 95 Tools 6575-0000 - 200 - 200 - 200 - 200 - 200 - 200 1,200 2 7 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 17,525 8,725 6,825 7,575 7,875 8,075 6,925 10,175 22,775 24,475 16,225 10,775 147,950 279 841 2.6% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 500 - 500 - 500 - 500 - - - 5,000 10,000 17,000 32 97 Cleaning 6615-0000 - - - - - - - - - - - - - - - Painting 6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services 500 - 500 - 500 - 500 - - - 5,000 10,000 17,000 32 97 Supplies Interior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 31 94 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 900 850 1,100 1,100 1,100 750 1,100 750 2,650 2,650 2,650 900 16,500 31 94 Total Make-Ready Maintenance 1,400 850 1,600 1,100 1,600 750 1,600 750 2,650 2,650 7,650 10,900 33,500 63 190 6/16/2015 Page 5of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 6/16/2015 0.6% Marketing Advertising Print 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - 1,000 1,000 2,000 3,500 1,500 - - - - - 9,000 17 51 Direct Mail 6715-0000 - - - - - - - 12,000 10,000 - - - 22,000 42 125 Radio 6705-0300 - - - - - 3,300 - 1,600 - - - - 4,900 9 28 Signs 6735-0000 - - - - - 750 - - - - - 2,500 3,250 6 18 Internet Ads 6720-0000 2,276 2,276 2,276 2,382 2,276 2,276 2,276 2,276 2,276 2,276 2,276 2,476 27,618 52 157 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 2,276 2,276 3,276 3,382 4,276 9,826 3,776 15,876 12,276 2,276 2,276 4,976 66,768 126 379 Other Marketing Brochures 6750-0000 1,000 - - 15,000 - 1,500 - - - - - - 17,500 33 99 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 40,000 - - - 1,000 11,100 2,500 - - - - - 54,600 103 310 Resident Activities/Tenant Relations 6790-0000 2,500 1,500 1,500 2,250 5,000 1,500 1,500 1,500 2,250 - - 2,000 21,500 41 122 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Total Other Marketing 44,000 2,000 2,000 17,750 6,500 14,600 4,500 2,000 2,750 500 500 2,500 99,600 188 566 Total Marketing 46,276 4,276 5,276 21,132 10,776 24,426 8,276 17,876 15,026 2,776 2,776 7,476 166,368 314 945 2.9% Cable & Internet Cable TV 6805-0000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 5,600 5,600 6,000 71,200 134 405 Internet 6825-0000 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 5,600 67,200 127 382 Total Cable / Internet 11,600 11,600 11,600 11,600 11,600 11,600 11,600 11,600 11,600 11,200 11,200 11,600 138,400 261 786 2.4% Utilities Electricity Elec-Common Area 6910-0100 47,000 37,000 27,000 26,000 16,500 23,750 24,000 30,000 30,000 32,500 37,000 35,000 365,750 690 2,078 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 47,000 37,000 27,000 26,000 16,500 23,750 24,000 30,000 30,000 32,500 37,000 35,000 365,750 690 2,078 Other Utilities - - Gas 6920-0000 4,450 4,450 4,450 4,000 3,000 5,000 5,000 3,350 3,350 3,750 3,750 4,450 49,000 92 278 Water / Sewer 6930-0000 6,848 6,848 7,049 6,148 6,042 6,646 6,243 6,243 6,243 6,360 6,360 5,790 76,821 145 436 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 11,298 11,298 11,499 10,148 9,042 11,646 11,243 9,593 9,593 10,110 10,110 10,240 125,821 237 715 Total Utilities 58,298 48,298 38,499 36,148 25,542 35,396 35,243 39,593 39,593 42,610 47,110 45,240 491,571 927 2,793 8.7% Property Management Fee 6990-0000 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 23,400 280,800 530 1,595 Asset Management 8915-0000 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 10,720 128,640 243 731 Total Management Fees 34,120 34,120 34,120 34,120 34,120 34,120 34,120 34,120 34,120 34,120 34,120 34,120 409,440 1,700 5,119 Town Lake Austin, TX 78741 2015-2016 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed Unit Projected Beds-->638 638 638 638 638 638 638 638 638 635 635 635 OCCUPANCY %98.46%98.46%98.46%98.46%98.46%98.46%98.46%98.46%98.46%97.99%97.99%97.99%98.34% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 293,220 293,220 293,220 293,220 293,220 293,220 293,220 293,220 293,220 293,220 293,220 293,220 3,518,640 5,430 16,290 Contract Gain (Loss) to Lease 5010-0000 (4,255) (4,255) (4,255) (4,255) (4,255) (4,255) (4,255) (4,255) (4,255) (4,255) (18,415) (18,415) (79,380) (123) (368) Total Gross Potential Rent 288,965 288,965 288,965 288,965 288,965 288,965 288,965 288,965 288,965 288,965 274,805 274,805 3,439,260 5,308 15,923 Economic Variances Concessions - New Leases 5030-0200 (12,864) (12,864) (12,864) (12,864) (12,864) (12,864) (12,864) (12,864) (12,864) (12,864) - - (128,640) (199) (596) Concessions - Renewals 5030-0400 - - - - - - - - - - - - - - - Employee Units 5045-0000 (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (2,530) (30,365) (47) (141) Model Units 5055-0000 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (1,173) (14,075) (22) (65) Vacancy Loss 5065-0000 (4,525) (4,525) (4,525) (4,525) (4,525) (4,525) (4,525) (4,525) (4,525) (5,883) (5,883) (5,883) (58,373) (90) (270) Total Economic Variances (21,092) (21,092) (21,092) (21,092) (21,092) (21,092) (21,092) (21,092) (21,092) (22,450) (9,586) (9,586) (231,452) (357) (1,072) 92.81%92.81%92.81%92.81%92.81%92.81%92.81%92.81%92.81%92.34%96.73%96.73%93.42% NET RENTAL INCOME 267,873 267,873 267,873 267,873 267,873 267,873 267,873 267,873 267,873 266,515 265,219 $265,219 $3,207,808 $4,950 $14,851 93.3% Other Operating Income Accelerated Rent 5205-0000 - - - - - - - - - - - - - - - Administrative Fees 5210-0000 75 75 75 75 75 75 75 75 75 75 75 75 900 1 4 Application Fees 5220-0000 - - - - - - - - - - - - - - - Bad Debt Recovery 5225-0000 - - - - - - - - - - - - - - - Clubhouse Rental 5240-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 1,500 200 200 200 200 200 200 200 200 200 200 3,500 7,000 11 32 Deposit Forfeitures 5265-0000 1,050 - - - - - - - - - - - 1,050 2 5 Carport/Garages/Parking Income 5235-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 19 56 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 33,000 51 153 Month-to-Month Fees 5320-0000 150 150 150 150 - - - - - - - - 600 1 3 NSF Check Fees 5325-0000 90 90 90 150 90 240 90 90 240 90 90 90 1,440 2 7 Pet Fees 5330-0000 400 200 - 200 200 - 200 - 200 - - 600 2,000 3 9 Premium Fees 5335-0000 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 1,150 13,800 21 64 Relet/Cancellation Fees 5340-0000 800 400 400 800 1,200 800 400 800 1,600 1,200 1,600 3,200 13,200 20 61 Reservation Fees 5350-0000 - - - - - - - - - - - - - - - Sublease Fee 5366-0000 - - - - - - - - - - - - - - - Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 RUBS Income - Electric 5370-0100 - - - - - - - - - - - - - - - RUBS Income - Water 5370-0300 - - - - - - - - - - - - - - - Interest Income 5285-0000 - - - - - - - - - - - - - - - Total Other Operating Income 9,065 6,115 5,915 6,575 6,765 6,315 5,965 6,165 7,315 6,565 6,965 12,465 86,190 133 399 2.5% EFFECTIVE GROSS INCOME 276,938 273,988 273,788 274,448 274,638 274,188 273,838 274,038 275,188 273,080 272,184 277,684 3,293,998 5,083 15,250 Account Descriptions 5/27/2015 5/27/2015 Page 1of10 Town Lake Austin, TX 78741 2015-2016 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 5/27/2015 95.8% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - - - 3,500 7,500 - - - - - - 11,000 17 51 Legal 6002-0300 - 300 - - 300 - - 300 - - 300 - 1,200 2 6 Bank Charges/Fees 6005-0000 454 454 454 454 454 454 454 454 454 454 454 454 5,447 8 25 Data Processing/Computer Expense 6030-0000 467 467 467 467 467 467 467 687 467 467 467 467 5,824 9 27 Collection & Eviction Processing 6020-0000 - 716 - 116 - 116 - 116 - 116 - 116 1,296 2 6 Resident Screening 6095-0000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 11 33 Dues & Subscriptions 6035-0000 - - - - - - - - - - - - - - - Equipment & Supplies 6045-0000 750 750 750 750 750 750 750 750 750 750 750 750 9,000 14 42 Postage & Delivery 6070-0000 315 315 315 315 315 315 315 315 315 315 315 315 3,780 6 18 Licenses, Fees & Permits 6060-0000 - 800 - 50 500 - - 400 - 400 400 - 2,550 4 12 Professional Fees 6080-0000 - 900 - - 900 - - 900 - - 900 - 3,600 6 17 Rent Refunds - Residents 6090-0000 3,000 - - - - - - - - - - - 3,000 5 14 Telephone 6105-0000 900 900 900 900 900 900 900 900 900 900 900 900 10,800 17 50 Telephone-Answering Service 6110-0000 165 165 165 165 165 165 165 165 165 165 165 165 1,980 3 9 Training 6115-0000 660 210 60 60 210 1,610 60 210 660 60 210 60 4,076 6 19 Travel 6120-0000 135 135 135 135 135 135 135 135 135 135 135 135 1,620 3 8 Uniforms 6135-0000 200 200 200 200 200 200 200 200 200 200 200 200 2,400 4 11 Miscellaneous 6065-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Total General & Administrative 7,746 7,012 4,146 4,312 9,496 13,312 4,146 6,232 4,746 4,662 5,896 4,262 75,973 117 352 2.3% Payroll & Benefits Office Salaries 6205-0000 15,105 14,105 14,105 14,105 21,157 14,105 14,105 14,105 14,105 14,105 14,105 21,157 184,362 285 854 Commissions 6265-0000 6,500 - - - - 1,500 1,500 1,500 500 - - - 11,500 18 53 Bonuses 6260-0000 - 7,000 - - - - - - - - - - 7,000 11 32 Maintenance 6225-0000 8,884 7,384 7,384 7,384 11,076 7,384 7,384 7,384 7,384 7,384 7,384 11,076 97,496 150 451 Payroll Taxes 6270-0100 3,430 3,205 2,418 2,418 3,626 2,586 2,586 2,586 2,474 2,418 2,418 3,626 33,790 52 156 Worker's Compensation 6270-0200 3,049 2,849 2,149 2,149 3,223 2,299 2,299 2,299 2,199 2,149 2,149 3,223 30,036 46 139 Group Insurance 6280-0000 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 16,800 26 78 Employee Recruiting 6290-0000 - 50 - 50 - 50 - 50 - 50 - 50 300 0 1 Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 38,368 35,993 27,455 27,505 40,483 29,324 29,274 29,324 28,062 27,505 27,455 40,533 381,284 588 1,765 11.6% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 3 10 Contract-Bus Service 6310-0000 - - - - - - - - - - - - - - - Contract-Cleaning 6315-0000 - - - - - - - - - - - - - - - Contract-Elevator 6325-0000 - - - - - - - - - - - - - - - Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,675 32,100 50 149 Contract-Other Contract Services 6345-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 15,600 24 72 Contract-Pest Control 6350-0000 600 1,050 600 600 1,050 600 600 1,050 600 600 1,050 600 9,000 14 42 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 3,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 3,350 20,200 31 94 Total Contract Services 8,400 6,850 6,400 6,400 6,850 6,400 6,400 6,850 6,400 6,400 6,850 8,400 82,600 127 382 5/27/2015 Page 2of10 Town Lake Austin, TX 78741 2015-2016 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 5/27/2015 2.5% Repairs & Maintenance Appliances 6410-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 6 17 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 - - - - - - - - - - - - - - - Building - Interior 6425-0100 500 200 200 200 200 200 200 200 200 200 200 700 3,200 5 15 Building - Exterior 6425-0200 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Common Areas 6440-0000 75 75 75 75 75 75 75 75 75 75 75 75 900 1 4 Doors/Windows 6450-0000 - - - - 300 - - - 300 - - 500 1,100 2 5 Electrical 6455-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - 400 - - 400 - - 400 - - 2,400 - 3,600 6 17 Fire/Safety 6475-0000 300 2,600 300 300 300 300 2,900 300 300 300 300 2,800 11,000 17 51 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 HVAC 6495-0000 1,150 1,150 550 550 950 550 750 1,350 950 950 1,550 1,150 11,600 18 54 Keys & Locks 6500-0000 150 150 150 150 150 150 150 150 150 150 150 1,150 2,800 4 13 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 300 300 300 800 300 300 300 300 800 300 300 1,300 5,600 9 26 Miscellaneous 6525-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Painting 6530-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 6 Plumbing 6540-0000 975 325 325 575 325 325 575 325 325 325 325 3,975 8,700 13 40 Pools 6545-0000 425 425 425 425 425 425 425 425 425 425 425 425 5,100 8 24 Recreation 6550-0000 - - - - - - - - - - - - - - - Roofs 6555-0000 - 500 - - 500 - - 500 - - 500 - 2,000 3 9 Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 100 100 100 100 100 100 100 100 100 100 100 1,600 2,700 4 13 Tools 6575-0000 125 125 125 125 125 125 125 125 125 125 125 125 1,500 2 7 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 4,950 7,200 3,400 4,150 5,000 3,400 6,450 5,100 4,600 3,800 7,300 14,650 70,000 108 324 2.1% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 12,850 11,850 - - 450 - 600 - 450 - - - 26,200 40 121 Cleaning 6615-0000 15,250 15,250 - - - - - - - - - - 30,500 47 141 Painting 6635-0000 24,000 19,020 - - 300 - - - 300 - - - 43,620 67 202 Total Make-Ready Contract Services 52,100 46,120 - - 750 - 600 - 750 - - - 100,320 155 464 Supplies Interior Repairs 6630-0000 3,500 - - - - - - - - - 1,000 1,000 5,500 8 25 Appliance Supplies 6652-0000 - - - - - - - - - - - 500 500 1 2 Cleaning Supplies 6655-0000 `1,100 - - - - - - - - - - - 1,100 2 5 Paint Supplies 6660-0000 4,000 4,000 25 25 25 25 25 25 25 25 25 25 8,250 13 38 Sheetrock 6665-0000 1,250 - - - - - - - 500 - - 500 2,250 3 10 Total Make-Ready Supplies 9,850 4,000 25 25 25 25 25 25 525 25 1,025 2,025 17,600 27 81 Total Make-Ready Maintenance 61,950 50,120 25 25 775 25 625 25 1,275 25 1,025 2,025 117,920 182 546 5/27/2015 Page 3of10 Town Lake Austin, TX 78741 2015-2016 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 5/27/2015 3.6% Marketing Advertising Print 6705-0200 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 8 Publications 6730-0000 - - 1,500 - - - - - - 1,500 - - 3,000 5 14 Direct Mail 6715-0000 - - - - - - - - - - - - - - - Radio 6705-0300 - - - - - - - - - - - - - - - Signs 6735-0000 - 400 - - - - - 400 - - - - 800 1 4 Internet Ads 6720-0000 1,006 1,006 1,006 1,112 1,006 1,006 1,006 1,006 1,006 1,006 1,006 1,206 12,378 19 57 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 1,156 1,556 2,656 1,262 1,156 1,156 1,156 1,556 1,156 2,656 1,156 1,356 17,978 28 83 Other Marketing Brochures 6750-0000 - - 2,250 - 4,250 - - - - - - - 6,500 10 30 Locator Fees 6760-0000 5,000 - - - - - - - - - - - 5,000 8 23 Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 19,650 - - - - - - - - - - - 19,650 30 91 Resident Activities/Tenant Relations 6790-0000 1,000 1,000 1,000 500 500 500 500 500 500 200 200 200 6,600 10 31 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 9 28 Total Other Marketing 26,150 1,500 3,750 1,000 5,250 1,000 1,000 1,000 1,000 700 700 700 43,750 68 203 Total Marketing 27,306 3,056 6,406 2,262 6,406 2,156 2,156 2,556 2,156 3,356 1,856 2,056 61,728 95 286 1.9% Cable & Internet Cable TV 6805-0000 3,942 3,942 3,942 3,942 3,942 3,942 3,942 3,942 3,942 3,942 3,942 3,942 47,304 73 219 Internet 6825-0000 9,402 9,402 9,402 9,402 9,402 9,402 9,402 9,402 9,402 9,402 9,402 9,402 112,830 174 522 Total Cable / Internet 13,344 13,344 13,344 13,344 13,344 13,344 13,344 13,344 13,344 13,344 13,344 13,344 160,134 247 741 4.9% Utilities Electricity Elec-Common Area 6910-0100 2,500 2,900 3,000 2,000 2,900 3,600 2,500 2,500 2,885 3,628 4,886 5,740 39,039 60 181 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 10,000 1,500 - - 500 - - - - - - - 12,000 19 56 Total Electricity 12,500 4,400 3,000 2,000 3,400 3,600 2,500 2,500 2,885 3,628 4,886 5,740 51,039 79 236 Other Utilities - - Gas 6920-0000 103 196 158 250 500 350 300 250 250 235 126 160 2,878 4 13 Water / Sewer 6930-0000 34,567 33,291 32,653 30,739 30,739 32,015 32,646 34,203 35,205 36,716 37,351 37,992 408,116 630 1,889 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 34,670 33,487 32,811 30,989 31,239 32,365 32,946 34,453 35,455 36,951 37,477 38,152 410,994 634 1,903 Total Utilities 47,170 37,887 35,811 32,989 34,639 35,965 35,446 36,953 38,340 40,579 42,363 43,892 462,033 713 2,139 14.0% Management Fees 6990-0000 11,078 10,960 10,952 10,978 10,986 10,968 10,954 10,962 11,008 10,923 10,887 11,107 131,760 203 610 5/27/2015 Page 4of10 Town Lake Austin, TX 78741 2015-2016 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 5/27/2015 4.0% Taxes Property Taxes 7005-0000 - - - - - - - - - - - - - - - Personal Property Taxes 7010-0000 - - - - - - - - - - - - - - - Property Tax Consultant 7020-0000 - - - - - - - - - - - - - - - Franchise Taxes 7060-0000 - - - - - - - - - - - - - - - Total Taxes - - - - - - - - - - - - - - - 0.0% Insurance Ins-Property & Casualty Insurance 7105-0100 5,029 5,029 5,029 - - - - - 19,270 5,180 5,180 5,180 49,895 77 231 Total Insurance 5,029 5,029 5,029 - - - - - 19,270 5,180 5,180 5,180 49,895 77 231 1.5% TOTAL OPERATING EXPENSES 225,341 177,451 112,968 101,966 127,979 114,894 108,796 111,347 129,201 115,775 122,157 145,450 1,593,327 2,459 7,377 48.4% 51,597 96,537 160,819 172,482 146,658 159,293 165,042 162,691 145,986 157,305 150,027 132,234 1,700,672 2,624 7,873 51.6% Debt Service Interest Expense 7210-0000 - - - - - - - - - - - - - - - Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - - - - - - - - - - - - - - Total Interest / Financing Costs - - - - - - - - - - - - - - - 0.0% Capital Improvements Appliances 8315-0200 3,000 1,500 500 500 500 500 500 500 500 500 500 2,000 11,000 17 51 Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 3,000 - - - - - - - - - - 500 3,500 5 16 Carpet/Vinyl/Tile 8315-1000 23,062 - - - - - - - - - - - 23,062 36 107 Furniture 8315-5000 25,232 - - - - - - 25,000 - - - - 50,232 78 233 Total Recurring Capital 54,294 1,500 500 500 500 500 500 25,500 500 500 500 2,500 87,794 135 406 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 5/27/2015 Page 5of10 Sep '15 - Aug 16 Ordinary Income/Expense Income 2000 · Scholarship Value 352,360.00 4200 · Austin Ballpark Fees 4201 · Basic Administration 0.00 4204 · Asset Management 0.00 Total 4200 · Austin Ballpark Fees 0.00 4210 · Austin Townlake Fees 4214 · Asset Management 0.00 Total 4210 · Austin Townlake Fees 0.00 4220 · Cambridge Fees 4224 · Asset Management 128,640.00 Total 4220 · Cambridge Fees 128,640.00 4230 · Denton Fees 4234 · Asset Management 43,992.00 Total 4230 · Denton Fees 43,992.00 4290 · Administrative Scholarship Fees 4291 · Austin Ballpark 0.00 4292 · Austin Townlake 100,370.00 4293 · Cambridge 12,000.00 4294 · Denton 103,440.00 Total 4290 · Administrative Scholarship Fees 215,810.00 Total Income 740,802.00 Expense 7002 · FUTA 300.00 7001 · Texas Unemployment 300.00 7000 · Payroll Taxes 1,278.13 4400 · Scholarships 352,360.00 4500 · Scholarship Expense 4501 · Austin Ballpark 0.00 4502 · Austin Town Lake 62,500.00 4503 · Cambridge 21,500.00 4504 · Denton 37,500.00 Total 4500 · Scholarship Expense 121,500.00 6000 · Contract Labor 40,913.00 6121 · CC Merchant Expense 1,450.00 6180 · Insurance 6181 · D&O 12,000.00 Total 6180 · Insurance 12,000.00 6230 · Licenses and Permits 100.00 6240 · Miscellaneous 1,800.00 6250 · Postage and Delivery 2,400.00 6260 · Printing and Reproduction 2,300.00 6270 · Professional Fees 6271 · Legal Fees 0.00 6274 · Audit Fees 6,000.00 Total 6270 · Professional Fees 6,000.00 6290 · Rent 7,200.00 6300 · Repairs 6320 · Computer Repairs 400.00 Total 6300 · Repairs 400.00 6350 · Travel 3,000.00 2:35 PM TEXAS STUDENT HOUSING AUTHORITY 06/16/15 Profit & Loss Budget Overview Accrual Basis September 2015 through August 2016 Page 1 Sep '15 - Aug 16 6385 · Board Meetings 250.00 6390 · Utilities 900.00 6550 · Office Supplies 400.00 6560 · Payroll Expenses 50,400.00 6770 · Supplies 6790 · Office 0.00 Total 6770 · Supplies 0.00 6800 · Contingency Fund 100,000.00 Total Expense 705,251.13 Net Ordinary Income 35,550.87 Other Income/Expense Other Income 7010 · Interest Income 400.00 Total Other Income 400.00 Other Expense 8010 · Other Expenses 0.00 Total Other Expense 0.00 Net Other Income 400.00 Net Income 35,950.87 2:35 PM TEXAS STUDENT HOUSING AUTHORITY 06/16/15 Profit & Loss Budget Overview Accrual Basis September 2015 through August 2016 Page 2 Texas Student Housing Authority Item # 8 Executive Director’s Report The Board will conduct a closed session pursuant to Texas Government Code, annotated, Chapter 551, Subchapter D for the following: a. Section 551.074(a)(1): Deliberation Regarding Personnel Matters – to deliberate the appointment, employment, evaluation, reassignment, duties, of a public officer or employee: Executive Director Texas Student Housing Authority Item # 9 Executive Session Texas Student Housing Authority Item # 10 Reconvene Meeting Texas Student Housing Authority Item # 11 Necessary Action Texas Student Housing Authority Item # 12 - Adjournment 2O15-2O16TSHAbudgetssurnnnery | Denton -- Cambridge Town Lake TSHA Incone � 5,673,794 $ 5,124,477 $__ 3,293,998 $ 748,802 Operating E $ 2,364,852________ $ 1,593,3[27 $ 705,251 3/464,877 NOI � 2,U]O,O58 $ 2,759,626 $ 1,700,672 $ 35,91 Debt Service $ 1885/000 $ 2/)2/}5 $ 1,677,120 N/A % Occu 96.7796_______ 88.3496___ N/A 79.3396__ 1 1-Cambridge includes on| A and BCertificates-if all 4 are indudedbeoornes$3,6D79S6 2-Cambridge budget assumes 95% occ for 10 months; 1% during summer when cam 3-Denton Debt Servivce includes only Senior A Bonds; if A and B are included it becomes $2,512,405 -----------' 4-Town Lake Debt Service A-1 Bonds; if A-2 are included it becomes ��-----' includes only $2,174,784 | ---'