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2015-2016 Townlake Budget
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