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HomeMy WebLinkAbout06-23-15 TSH Denton Agenda Packet AGENDA THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION – DENTON PROJECT (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) June 23, 2015 6:15 P.M. 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. DISCUSS AND CONSIDER APPROVAL OF TSHC – DENTON PROJECT ANNUAL BUDGET FOR FY 2015-2016. 4. EXECUTIVE DIRECTORS REPORT 5. ADJOURN 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. TSH-Denton Minutes 01/27/15 Page 1 of 2 MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING CORPORATION – DENTON PROJECT (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 7:21 p.m. 2. REVIEW AND APPROVE MINUTES FOR THE MEETING ON JUNE 17, 2014. MOTION: Director Garvin made a motion to approve the minutes. Director Schornack seconded the motion. The motion carried by a vote of 4-0. 3. DISCUSS AND CONSIDER APPROVAL OF TSHC – DENTON PROJECT ANNUAL AUDIT FOR 2013-2014 PRESENTED BY WEAVER TIDWELL, L.L.P. Mr. Gaither then provided an overview the statement of revenue and expenditures. Discussion ensued regarding the non-payment of B bonds, principal payments, and interest payments. MOTION: Director Malone made a motion to adjourn the meeting. Director Schornack seconded the motion. The motion carried by a vote of 4-0. TSHA – Denton Minutes 01/27/15 Page 2 of 2 4. DISCUSS AND CONSIDER THE NUMBER OF SCHOLARSHIPS TO OFFER FOR THE 2015-2016 SCHOOL YEAR. Executive Director Ehrenberg provided an overview of the occupancy, number of scholarships, and rental rate. MOTION: Director Garvin made a motion to renew one (1) full scholarship and offer the remaining balance of incremental scholarships. Director Schornack seconded the motion. The motion carried by a vote of 4-0. 5. EXECUTIVE DIRECTORS REPORT Director Ehrenberg stated that the Denton property has seen an increase of revenue, occupancy and the unexpected death of a student on the property. 6. ADJOURN Director Bradley asked for a motion to adjourn. MOTION: Director Schornack made a motion to adjourn the meeting. Director Malone seconded the motion. The motion carried by a vote of 4-0. There being no further business before the board, President Carter declared the meeting adjourned at 7:42 p.m. APPROVED BY THE TEXAS STUDENT HOUSING DENTON PROJECT BOARD OF DIRECTORS ON JUNE 23, 2015. ______________________________________ Scott Bradley, Director ATTEST ____________________________________ Kelly Edwards, Secretary 6/10/2015 Page 1of7 Ridge at North Texas Denton, TX 2015-2016 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = 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-->861 861 861 861 841 841 841 841 841 841 841 841 OCCUPANCY %98.29%98.29%98.29%98.29%96.00%96.00%96.00%96.00%96.00%96.00%96.00%96.00%96.77% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 5,435,280 6,205 18,873 Contract Gain (Loss) to Lease 5010-0000 - - - - - - - - - - - - - - - Total Gross Potential Rent 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 452,940 5,435,280 6,205 18,873 Economic Variances Concessions - New Leases 5030-0200 (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (120,000) (137) (417) Concessions - Renewals 5030-0400 (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (12,800) (153,600) (175) (533) Employee Units 5045-0000 (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (3,102) (37,228) (42) (129) Courtesy Officer Discount 5050-0000 (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (1,650) (19,800) (23) (69) Model Units 5055-0000 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (3,397) (40,765) (47) (142) TSHA Incremental Scholarship 5064-0000 (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (6,000) (72,000) (82) (250) Vacancy Loss 5065-0000 (7,756) (7,756) (7,756) (7,756) (18,097) (18,097) (18,097) (18,097) (18,097) (18,097) (18,097) (18,097) (175,799) (201) (610) Total Economic Variances (44,705) (44,705) (44,705) (44,705) (55,046) (55,046) (55,046) (55,046) (55,046) (55,046) (55,046) (55,046) (619,191) (707) (2,150) 90.13%90.13%90.13%90.13%87.85%87.85%87.85%87.85%87.85%87.85%87.85%87.85%88.61% NET RENTAL INCOME 408,235 408,235 408,235 408,235 397,894 397,894 397,894 397,894 397,894 397,894 397,894 $397,894 $4,816,089 $5,498 $16,723 88.6% Other Operating Income Accelerated Rent 5205-0000 - - - - - - - - - - - - - - - Administrative Fees 5210-0000 - - - - - - - - - - - 4,125 4,125 5 14 Application Fees 5220-0000 - - - - - - - - - - - - - - - Bad Debt Recovery 5225-0000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 21 63 Clubhouse Rental 5240-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 1,600 100 50 700 1,250 2,500 5,000 400 700 150 100 2,500 15,050 17 52 Deposit Forfeitures 5265-0000 - - - - - - - - - - - - - - - Carport/Garages/Parking Income 5235-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 16 50 Key & Access Card Income 5290-0000 250 50 50 50 50 50 50 50 50 50 50 600 1,350 2 5 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 6,250 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 3,750 3,750 3,750 57,500 66 200 Month-to-Month Fees 5320-0000 1,250 1,250 1,250 1,250 750 750 750 750 750 750 750 1,250 11,500 13 40 NSF Check Fees 5325-0000 320 280 320 280 320 280 320 280 320 280 320 280 3,600 4 13 Pet Fees 5330-0000 550 550 550 550 550 550 550 550 550 550 550 7,000 13,050 15 45 Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 2,400 1,800 - 2,400 6,000 3,000 1,200 - 2,400 2,400 1,200 10,200 33,000 38 115 Reservation Fees 5350-0000 - - - - - - - - - - - - - - - Sublease Fee 5366-0000 - - - - - - - - - - - - - - - Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 RUBS Income - Electric 5370-0100 7,835 20,733 12,909 8,909 7,771 15,449 10,949 15,449 9,771 271 7,834 18,334 136,213 155 473 RUBS Income - Water 5370-0300 - - - - - - - - - - - - - - - Interest Income 5285-0000 - - - - - - - - - - - - - - - Total Other Operating Income 23,205 32,513 22,879 21,889 24,441 30,329 26,569 25,229 22,291 10,951 17,304 50,789 308,388 352 1,071 5.7% EFFECTIVE GROSS INCOME 431,440 440,748 431,114 430,124 422,335 428,223 424,463 423,123 420,185 408,845 415,198 448,683 5,124,477 5,850 17,793 Account Descriptions 6/10/2015 6/10/2015 Page 2of7 Ridge at North Texas Denton, TX 2015-2016 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = 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 6/10/2015 94.3% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - 8,000 - 3,500 - - - - - - - 11,500 13 40 Legal 6002-0300 100 500 100 100 400 100 100 100 100 500 100 100 2,300 3 8 Bank Charges/Fees 6005-0000 620 620 620 620 620 620 620 620 620 620 620 620 7,444 8 26 Data Processing/Computer Expense 6030-0000 1,275 625 525 625 525 625 525 845 525 625 525 625 7,865 9 27 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 150 50 50 50 400 400 600 700 1,000 1,200 1,200 1,200 7,000 8 24 Dues & Subscriptions 6035-0000 - - - - - - - - - - - - - - - Equipment & Supplies 6045-0000 1,000 650 650 650 650 650 650 650 650 650 650 750 8,250 9 29 Postage & Delivery 6070-0000 650 500 500 300 300 250 500 450 250 500 300 250 4,750 5 16 Licenses, Fees & Permits 6060-0000 - - 500 - 375 - - 275 - - 100 - 1,250 1 4 Professional Fees 6080-0000 330 330 330 330 330 330 330 330 330 330 330 330 3,960 5 14 Telephone 6105-0000 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 19 58 Telephone-Answering Service 6110-0000 140 140 140 140 140 140 140 140 140 140 140 140 1,680 2 6 Training 6115-0000 1,181 231 81 81 1,681 81 81 231 931 81 231 81 4,968 6 17 Travel 6120-0000 200 200 200 200 200 200 200 300 300 450 300 450 3,200 4 11 Uniforms 6135-0000 700 - - - 400 - - - 500 - - - 1,600 2 6 Miscellaneous 6065-0000 150 150 150 150 150 150 150 150 150 150 150 750 2,400 3 8 Total General & Administrative 7,896 5,396 13,246 4,646 11,071 4,946 5,296 6,191 6,896 6,646 6,046 6,696 84,967 97 295 1.7% Payroll & Benefits Office Salaries 6205-0000 16,498 16,498 16,498 16,498 24,747 16,498 16,498 16,498 16,498 16,498 24,747 16,498 214,478 245 745 Commissions 6265-0000 15,000 - - - - - - - - - - - 15,000 17 52 Bonuses 6260-0000 - 8,000 - - - - - - - - - - 8,000 9 28 Maintenance 6225-0000 15,671 10,271 10,271 10,271 15,407 10,271 10,271 10,271 10,271 10,271 15,407 17,671 146,328 167 508 Payroll Taxes 6270-0100 5,637 4,155 3,199 3,199 4,798 3,199 3,199 3,199 3,199 3,199 4,798 4,083 45,865 52 159 Worker's Compensation 6270-0200 5,085 3,748 2,886 2,886 4,329 2,886 2,886 2,886 2,886 2,886 4,329 3,683 41,374 47 144 Group Insurance 6280-0000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000 24 73 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 59,641 44,423 34,604 34,604 51,032 34,604 34,604 34,604 34,604 34,604 51,032 43,686 492,045 562 1,708 9.6% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 235 235 235 235 235 235 235 235 235 235 235 235 2,820 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 3,000 3,000 3,000 3,000 3,000 3,000 5,000 3,000 5,000 3,000 3,000 3,000 40,000 46 139 Contract-Other Contract Services 6345-0000 600 600 600 600 600 600 600 600 600 600 600 600 7,200 8 25 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 - - - - - - - - - - - - - - - Contract-Pest Control 6350-0000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 27 83 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 6,000 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 3,780 6,000 49,800 57 173 Total Contract Services 11,835 9,615 9,615 9,615 9,615 9,615 11,615 9,615 11,615 9,615 9,615 11,835 123,820 141 430 6/10/2015 Page 3of7 Ridge at North Texas Denton, TX 2015-2016 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = 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 6/10/2015 2.4% Repairs & Maintenance Appliances 6410-0000 4,000 3,500 3,500 3,500 3,500 2,500 2,500 2,500 2,500 2,500 2,500 4,000 37,000 42 128 Blind/Drapes 6415-0000 200 30 30 20 20 20 20 20 20 20 1,000 500 1,900 2 7 Boilers 6420-0000 - - - - - - - - - - - - - - - Building - Interior 6425-0100 5,000 100 100 100 100 100 100 100 100 100 100 100 6,100 7 21 Building - Exterior 6425-0200 3,700 200 200 200 200 200 200 200 200 200 200 200 5,900 7 20 Common Areas 6440-0000 2,500 - - 1,000 1,000 - - - - - - 2,000 6,500 7 23 Doors/Windows 6450-0000 1,000 1,000 50 50 50 50 50 50 50 50 50 200 2,650 3 9 Electrical 6455-0000 200 - - 200 - 200 - 200 - 200 - 200 1,200 1 4 Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 250 250 250 2,250 250 250 250 250 250 250 250 2,250 7,000 8 24 Fire/Safety 6475-0000 500 2,000 1,000 100 100 100 100 650 100 100 500 2,000 7,250 8 25 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Golf Carts 6490-0000 - 500 - 500 - 500 - 500 - 500 - 500 3,000 3 10 HVAC 6495-0000 4,250 2,250 2,000 2,000 2,000 2,000 2,850 2,750 2,350 3,250 3,250 4,150 33,100 38 115 Keys & Locks 6500-0000 500 100 100 100 100 100 100 100 100 100 100 1,000 2,500 3 9 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 1,500 750 200 1,000 750 500 500 300 300 300 300 1,000 7,400 8 26 Miscellaneous 6525-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Painting 6530-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Parking Lots & Sidewalks 6535-0000 500 1,100 100 1,000 100 100 100 100 100 100 100 100 3,500 4 12 Plumbing 6540-0000 1,500 750 750 750 1,250 1,500 1,500 1,500 750 1,500 750 750 13,250 15 46 Pools 6545-0000 350 300 300 300 300 400 600 600 500 500 400 600 5,150 6 18 Recreation 6550-0000 500 50 50 50 5,000 50 50 50 50 50 50 50 6,000 7 21 Roofs 6555-0000 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4 13 Signs 6560-0000 1,000 - - 200 - - - - - - - - 1,200 1 4 Supplies 6570-0000 500 500 300 300 400 350 350 300 300 700 500 350 4,850 6 17 Tools 6575-0000 500 100 100 100 100 100 100 100 100 100 100 200 1,700 2 6 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 29,450 14,480 10,030 14,720 16,220 10,020 10,370 11,270 8,770 11,520 11,150 21,150 169,150 193 587 3.3% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 35,000 20,000 - - 2,370 - - - 1,820 - - 625 59,815 68 208 Cleaning 6615-0000 18,000 18,000 - - 1,600 - - - 1,600 - - - 39,200 45 136 Painting 6635-0000 24,000 24,000 - - 4,450 325 325 325 4,450 - - - 57,875 66 201 Total Make-Ready Contract Services 77,000 62,000 - - 8,420 325 325 325 7,870 - - 625 156,890 179 545 Supplies Interior Repairs 6630-0000 33,000 2,000 - - - - - 33,000 - - 4,000 3,000 75,000 86 260 Appliance Supplies 6652-0000 5,000 - - - - - - - - - 1,000 5,000 11,000 13 38 Cleaning Supplies 6655-0000 2,500 - - - - - - - - - - - 2,500 3 9 Paint Supplies 6660-0000 6,000 6,000 - - - - - - - - - - 12,000 14 42 Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 46,500 8,000 - - - - - 33,000 - - 5,000 8,000 100,500 115 349 Total Make-Ready Maintenance 123,500 70,000 - - 8,420 325 325 33,325 7,870 - 5,000 8,625 257,390 294 894 6/10/2015 Page 4of7 Ridge at North Texas Denton, TX 2015-2016 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = 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 6/10/2015 5.0% Marketing Advertising Print 6705-0200 200 200 200 2,500 250 250 250 500 500 500 200 200 5,750 7 20 Publications 6730-0000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 3,000 1,500 1,500 19,500 22 68 Direct Mail 6715-0000 - - - - - - - 2,000 3,500 2,000 - - 7,500 9 26 Radio 6705-0300 - - - - - - - - - - - - - - - Signs 6735-0000 - - - - 300 - - - 300 - - - 600 1 2 Internet Ads 6720-0000 1,556 2,231 1,556 1,661 2,231 1,556 1,556 2,231 1,556 1,556 2,231 1,756 21,673 25 75 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 3,256 3,931 3,256 5,661 4,281 3,306 3,306 6,231 7,356 7,056 3,931 3,456 55,023 63 191 Other Marketing Brochures 6750-0000 - - - - 3,000 - 3,000 - 3,000 - - - 9,000 10 31 Locator Fees 6760-0000 1,200 200 200 200 200 200 200 200 200 200 200 200 3,400 4 12 Portal Expense 6770-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 22,000 - - - - - - 1,000 - - - - 23,000 26 80 Resident Activities/Tenant Relations 6790-0000 1,500 1,000 750 500 500 750 500 750 500 500 250 250 7,750 9 27 Websites 6740-0000 650 650 650 650 650 650 650 650 650 650 650 650 7,800 9 27 Total Other Marketing 25,500 2,000 1,750 1,500 4,500 1,750 4,500 2,750 4,500 1,500 1,250 1,250 52,750 60 183 Total Marketing 28,756 5,931 5,006 7,161 8,781 5,056 7,806 8,981 11,856 8,556 5,181 4,706 107,773 123 374 2.1% Cable & Internet Cable TV 6805-0000 6,823 6,823 6,823 6,823 6,823 6,823 6,846 6,823 6,823 6,823 6,823 6,823 81,896 93 284 Internet 6825-0000 10,810 10,810 10,810 10,810 10,810 10,810 10,810 10,810 10,810 10,810 10,810 10,810 129,718 148 450 Total Cable / Internet 17,633 17,633 17,633 17,633 17,633 17,633 17,656 17,633 17,633 17,633 17,633 17,633 211,614 242 735 4.1% Utilities Electricity Elec-Common Area 6910-0100 2,800 2,800 2,800 2,600 2,600 2,600 2,200 2,000 2,000 2,200 2,200 2,400 29,200 33 101 Elec-Residential Units 6910-0200 36,360 42,258 32,434 32,434 28,796 36,474 36,474 36,474 28,796 28,796 39,359 39,359 418,013 477 1,451 Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 39,160 45,058 35,234 35,034 31,396 39,074 38,674 38,474 30,796 30,996 41,559 41,759 447,213 511 1,553 Other Utilities - - Gas 6920-0000 125 225 225 550 625 300 300 200 300 150 100 100 3,200 4 11 Water / Sewer 6930-0000 16,790 15,068 13,432 16,790 16,400 12,279 11,438 13,120 7,569 13,120 14,297 13,456 163,755 187 569 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 16,915 15,293 13,657 17,340 17,025 12,579 11,738 13,320 7,869 13,270 14,397 13,556 166,955 191 580 Total Utilities 56,075 60,350 48,890 52,373 48,420 51,653 50,412 51,794 38,665 44,265 55,956 55,315 614,168 701 2,133 Property Management Fee 6990-0000 17,258 17,630 17,245 17,205 16,893 17,129 16,979 16,925 16,807 16,354 16,608 17,947 204,979 234 712 Asset Management 8915-0000 3,667 3,746 3,664 3,656 3,590 3,640 3,608 3,597 3,572 3,475 3,529 3,814 43,558 50 151 Total Management Fees 20,925 21,376 20,909 20,861 20,483 20,769 20,586 20,521 20,379 19,829 20,137 21,761 248,537 234 712 6/10/2015 Page 5of7 Ridge at North Texas Denton, TX 2015-2016 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = 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 6/10/2015 4.9% 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 6,264 6,264 - - - - - - 24,070 6,264 6,264 6,264 55,388 63 192 Total Insurance 6,264 6,264 - - - - - - 24,070 6,264 6,264 6,264 55,388 63 192 1.1% TOTAL OPERATING EXPENSES 361,973 255,467 159,933 161,613 191,674 154,620 158,669 193,933 182,357 158,931 188,012 197,670 2,364,852 2,650 8,060 46.1% 69,467 185,281 271,181 268,511 230,661 273,603 265,793 229,189 237,828 249,913 227,186 251,013 2,759,626 3,150 9,582 53.9% 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 - - - - - - - - - - - - - - - Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - - - - - Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital - - - - - - - - - - - - - - - NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL Texas Student Housing Authority Item # 4 Executive Director’s Report Texas Student Housing Authority Item # 5 - Adjournment