HomeMy WebLinkAbout05-26-09 TSHA Agenda Packet TEXAS1W
STUDENT �-, HousING
AGENDA
BOARD OF DIRECTORS OFT E
TEXAS STUDENT HOUSING AUTHORITY
(AN INSTRUMENTALITY OFT E TOWN OF WESTLA )
Y 26,2009
5:30 P.M.
TEXAS STUDENT HOUSING OFFICE
3 VILLAGE CIRCLE, COUNCIL CHAMBERS/MUNICIPAL COU T ROOM
WESTLAKE, TEXAS
1. CALL TO ORDER.
2. DISCUSS AND CONSIDER APPROVAL OF MINUTES FROM FEBRUARY 24, 2009,
FETING.
3. CONSIDER APPOINTING TWO MEMBERS TO A WORK GROUP TO RESEARCH
AND EVALUATE TSHA PROGRAMS AN SERVICES.
4. CONSIDER AND TAKE ACTION REGARDING REQUEST BY MUNIMAE
FINANCIAL TO FOREGO ASSET MANAGEMENT FEES FORT E TOWN LAKE
PROPERTY.
5. DISCUSS AND CONSIDER APPROVAL OF THE FY 2009-10 AUTHORITY BUDGET.
6. DISCUSS AND CONSIDER APPROVAL OF FY 2009-2010 BUDGET FOR
CAMBRIDGE FACILITY.
7. DISCUSS AND CONSIDER APPROVAL OF FY 2009-2010 BUDGET FOR
BALLPARK FACILITY.
S. DISCUSS AND CONSIDER APPROVAL OF FY 2009-2010 BUDGET FOR
TOWNLAKE FACILITY.
9. EXECUTIVE DIRECTOR'S REPORT.
10. 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 Friday,May 22,
2009,by 5 p.m.under the Open Meetings Act,Chapter 551 of the Texas Government Code.
Kim Sutter,TRMC,Town 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.
6ts i,,;,L
9:30 AM TEXAS STUDENT HOUSING AUTHORITY
05/27/09 Profit & Loss Budget Overview
Accrual Basis September 2009 through August 2010
Sep'09-Aug 10
Ordinary Income/Expense
Income
2000•Scholarship Value 527,016.00
4200•Austin Ballpark Fees
4201 -Basic Administration 31,524.00
4204-Asset Management 36,528,00
Total 4200-Austin Ballpark Fees 68,052.00
4210-Austin Townlake Fees
4214-Asset Management 28,380.00
Total 4210•Austin Townlake Fees 28,380.00
4220-Cambridge Fees
4224•Asset Management 102,084.00
Total 4220-Cambridge Fees 102,084.00
4230•Denton Fees
4234•Asset Management 37,296.00
Total 4230•Denton Fees 37,296.00
4290•Administrative Scholarship Fees
4291 -Austin Ballpark 52,700,00
4292•Austin Townlake 54,400.00
4293-Cambridge 2.000.00
4294-Denton 81,640,00
Total 4290-Administrative Scholarship Fees 190,740.00
Total Income 953,568.00
Expense
4400•Scholarships 527,016.00
4500•Scholarship Expense
4509•Lofts 21,730.00
4508-Gateway 33,100.00
4501 •Austin Ballpark 42,000-00
4502-Austin Town Lake 41,000.00
4603-Cambridge 50,700.00
4504-Denton 31,000.00
4505•San Marcos 10,000-00
Total 4500-Scholarship Expense 229,530.00
6000•Contract Labor 137,000.00
6121 •CC Merchant Expense 480.00
6180-Insurance
6181 •D&O 13,500.00
Total 6180-Insurance 13,500.00
6240-Miscellaneous 600.00
6250•Postage and Delivery 3,000.00
6260-Printing and Reproduction 3,000.00
6270-Professional Fees
6274-Audit Fees 5,500.00
Total 6270-Professional Fees 5,500.00
6290-Rent 6,520.00
6350-Travel 1,800.00
6385•Board Meetings 600-00
6550-Office Supplies 900.00
6800-Contingency Fund 25,000.00
Total Expense 953,446.00
Not Ordinary Income 122.00
Net Income 122.00
Pagel
11:12 Ann TEXAS STUDENT HOUSING AUTHORITY
05126/09 Profit & Loss Budget Overview
Accrual Basis September 2009 through August 2090
Sep'09-Aug 10
Ordinary Income/Expense
Income
2000•Scholarship Value 527,016.00
4200•Austin Ballpark Fees
4201 • Basic Administration 31,524.00
4204-Asset Management 36,528.00
Total 4200•Austin Ballpark Fees 68,052.00
4210•Austin Townlake Fees
4214•Asset Management 28,380.00
Total 4210•Austin Townlake Fees 28,380.00
4220-Cambridge Fees
4224•Asset Management 102,084.00
Total 4220•Cambridge Fees 102,084.00
4230• Denton Fees
4234•Asset Management 37,296.00
Total 4230• Denton Fees 37,296.00
4290•Administrative Scholarship Fees
4291 •Austin Ballpark 52,700.00
4292•Austin Townlake 54,400.00
4293•Cambridge 2,000.00
4294-Denton 81,640.00
Total 4290•Administrative Scholarship Fees 190,740.00
Total Income 953,568.00
Expense
4400•Scholarships 527,016.00
4500•Scholarship Expense
4509•Lofts 21,730.00
4508-Gateway 33,100.00
4501 •Austin Ballpark 42,000.00
4502•Austin Town Lake 41,000.00
4503•Cambridge 50,700.00
4504• Denton 31,000.00
4505•San Marcos 10,000.00
Total 4500-Scholarship Expense 229,530.00
6000•Contract Labor 137,000.00
6121 •CC Merchant Expense 600.00
6180• Insurance
6181 • D&O 13,500.00
Total 6180 -Insurance 13,500.00
6240• Miscellaneous 700.00
6250• Postage and Delivery 3,000.00
6260- Printing and Reproduction 3,500.00
6270•Professional Fees
6274•Audit Fees 5,500.00
Total 6270•Professional Fees 5,500.00
6290•Rent 5,520.00
6350•Travel 2,400.00
6385•Board Meetings 900.00
6550•Office Supplies 1,200.00
6800-Contingency Fund 50,000.00
Total Expense 980,366.00
Net Ordinary Income -26,798.00
Net Income -26,798.00
Pagel
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The Ballpark @ Austin Units 282
Fiscal Year Ending August 31,2009 Beds 768
Operating Budget
Prepared 5/12/08
Budget Reforecast Budget
Year Ending Per Per Year Ending Difference Year Ending 2009
8/31/2010 Unit Bed 8/3112009 +/.
RENTAL INCOME $ 3,953,880 $ 14,021 $ 5,148 $ 3,850,560 $ 103,320 23% $ 3,850,560
Accelerated Rent $ 3,600 $ 13 $ 5 $ 3,000 $ 600 20.0% 0
Short Term Rent Premium $ 14,700 $ 52 $ 19 $ 15,300 $ (600) -3.9% $ 15,300
Vacancy $ (118,616) $ (421) $ (154) $ (131,000) $ 12,384 -9.5% $ (105,894)
Concessions $ (198,000) $ (702) $ (258) $ (219,000) $ 21,000 -9.6% $ (212,500)
Gain(Loss)To Lease: $ (38,860) $ (138) $ (51) $ (35,000) $ (3,860) 11.0% $ (42,770)
Other Concess-Scholorship $ - $ - $ - $ 0 $ (0) -100.0% $ 0
Write-offs Rental Income $ (35,808) $ (127) $ (47) $ (35,000) $ (808) 2.3% $ (28,872)
Non-Resident/Emp.Rnt.Disc.Units $ 64,940 $ 230 $ 85 $ 64,040 $ 900 1.4% $ 64,040
NET RENTAL INCOME $ 3,515,956 $ 12,468 $ 4,578 $ 3,384,820 $ 131,136 3.9% $ 3,411,784
Other Income $ 98,220 $ 348 $ 128 $ 120,000 $ 21,780 -182% $ 100,020
TOTAL INCOME $ 3,614,176 $ 12,816 $ 4,706 $ 3,504,820 $ 109,356 3.1% $ 3,511,804
EXPENSES
Total Personnel Expense $ 332,839 $ 1,180 $ 433 $ 319,214 $ 13,625 4.3% $ 329,986
Total Utilities $ 622,150 $ 2,206 $ 810 $ 696,302 $ (74,152) -10.6% $ 695,500
Total Administration Expense $ 66,095 $ 234 $ 86 $ 64,395 $ 1,700 2.6% $ 64,395
Total Contract Services $ 60,000 $ 213 $ 78 $ 58,786 $ 1,214 2.1% $ 61,480
Total Interior Maintenance $ 28,010 $ 99 $ 36 $ 52,340 $ (24,330) -46.5% $ 45,310
Total Exterior Maintenance $ 182,520 $ 647 $ 238 $ 193,414 $ (10,894) -5.6% $ 211,525
Total Turnover Expense $ 216,500 $ 768 $ 282 $ 183,192 $ 33,308 18.2% $ 211,150
Total Advertising&Promotions $ 85,950 $ 305 $ 112 $ 71,000 $ 14,950 211% $ 83,150
Total Legal Fees $ 3,000 $ 11 $ 4 $ 3,000 $ - 0.0% $ 3,000
Total Professional Fees $ 9,750 $ 35 $ 13 $ 9,750 $ - 0.0% $ 10,500
Total Travel and Entertainment $ - $ - $ - $ 0 $ (0) -100.0% $ 0
Total Management Fee $ 181,095 $ 642 $ 236 $ 161,127 $ 19,968 12.4% $ 171,995
Total Insurance and Taxes $ 90,000 $ 319 $ 117 $ 87,000 $ 3,000 3.4% $ -
The Ballpark @ Austin Units 282
Fiscal Year Ending August 31,2009 Beds 768
Operating Budget
Prepared 5112108
Budget Reforecast Budget
Year Ending Per Per Year Ending Difference Year Ending 2009
8/31/2010 Unit Bed 8/31/2009 +/-
Total Dues and Membership Fees $ $ $ $ 0 $ (0) -100.0% $ 0
Total Depreciation and Amoritization $ $ $ $ 0 $ (0) -100.0% $ 0
Total Interest Expense $ $ $ $ 0 $ (0) -100.0% $ 0
Start-up Costs $ $ $ $ 0 $ (0) -100.0% $ 0
TOTAL EXPENSES $ 1,877,909 $ 6,659 $ 2,445 $ 1,753,976 $ 123,933 7.1% $ 1,856,467
NOI before Capital Improvements
and Debt Service $ 1,736,266 $ 6,157 $ 2,261 $ 1,759,954 $ (14,578) -0.8% $ 1,655,337
CAPITAL EXPENSES $ - $ - $ - $ - $ #DIV/01 $ -
OTHER EXPENSES $ 5,004 $ 18 $ 7 $ 5,004 $ 0.0% $ 36,528
NET CASH FLOW $ 1,731,262 $ 6,139 $ 2,254 $ 1,698,658 $ 32,605 1.9% $ 1,618,809
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N O N to O W M
Ridge @ North 'texas Units 288
Fiscal Year Ending August 31,20010 Beds 876
Operating Budget
Prepared 5/12JO8
Budget Reforecast Budget
Year Ending Per Per Year Ending Difference Year Ending 2009
8/3112010 Unit Bed 8/31/2009
RENTAL INCOME $ 4,818,960 $ 16,733 $ 5,501 $ 4,975,920 $ (156,960) -3.2% $4,975,920
Accelerated Rent $ 6,000 $ 21 $ 7 $ 34,000 $ (28,000) -82.4% $2,400
Short Term Rent Premium $ 18,750 $ 65 $ 21 $ 38,000 $ (19,250) -50.7% $32,300
Vacancy $ (915,602) $ (3,179) $ (1,045) $ (600,000) $ (315,602) 52.6% $ (746,388)
Concessions $ (153,200) $ (532) $ (175) $ (160,500) $ 7,300 -4.5% $ (160,500)
Gain(Loss)To Lease $ (25,940) $ (90) s (30) $ (66,000) $ 40,060 -60.7% $ (75,202)
Write-offs Rental Income $ (36,000) $ (125) $ (41) $ (37,320) $ 1,320 -3.5% $ (37,320)
Non-Resident/Emp.Rnt.Disc.Units_$ 87,000 $ 302 $ 99 $ 82,000 $ 5,000 6.1% $ 73,440
NET RENTAL INCOME $ 3,625,968 $ 12,590 $ 4,139 $ 4,102,100 $ (476,132) -11.6% $ 3,917,770
Other Income $ 104,240 $ 362 $ 119 $ 120,000 $ 15,760 -13.1% $ 95,030
TOTAL INCOME $ 3,730,208 $ 12,952 $ 4,258 $ 4,222,100 $ (491,892) -11.7% $ 4,012,800
EXPENSES
Total Personnel Expense $ 335,411 $ 1,165 $ 383 $ 332,924 $ 2,487 0.7% $ 332,924
Total Utilities $ 483,000 $ 1,677 $ 551 $ 504,440 $ (21,440) -4.3% $ 462,400
Total Administration Expense $ 67,770 $ 235 $ 77 $ 66,785 $ 985 1.5% $ 66,785
Total Contract Services $ 94,020 $ 326 $ 107 $ 45,000 $ 49,020 108.9% $ 42,520
Total Interior Maintenance $ 30,115 $ 105 $ 34 $ 45,000 $ (14,885) -33.11 $ 24,025
Total Exterior Maintenance $ 27,230 $ 95 $ 31 $ 26,000 $ 1,230 4.7% $ 24,650
Total Turnover Expense $ 126,300 $ 439 $ 144 $ 135,000 $ (8,700) -6.4% $ 144,250
Total Advertising&Promotions $ 78,960 $ 274 $ 90 $ 75,000 $ 3,960 5.3% $ 69,985
Total Legal Fees $ 3,600 $ 13 $ 4 $ 6,000 $ (2,400) -40.0% $ 2,400
Total Professional Fees $ 9,750 $ 34 $ 11 $ 9,750 $ 0.0% $ 10,000
Total Travel $ - $ - $ - $ - $ #DIV10! $ -
Total Management Fee $ 127,302 $ 442 $ 145 $ 102,000 $ 25,302 24.8% $ 102,000
Total Insurance and Taxes $ 82,300 $ 286 $ 94 $ 104,604 $ (22,304) -21.3% $ 104,604
Total Dues and Membership Fees $ - $ - $ - $ - $ - #DIV/0! $ -
TOTAL EXPENSES $ 1,465,758 $ 5,089 $ 1,673 $ 1,452,503 $ 13,255 0.9% $ 1,386,561
NOI before Capital Improvements and
Debt Service $ 2,264,450 $ 7,863 $ 2,585 $ 2,769,597 $ (505,147) -18.2% $ 2,626,239
CAPITAL EXPENSES $ 153,005 $ 531 $ 175 $ 166,900 $ (13,895) -8.3% $ 166,900
OTHER EXPENSES.1 5,000 $ 17 $ 6 $ 45,129 $ 40,129 -88.9% $ 45,129
NET CASH FLOW $ 2,106,445 1$ 7,314 $ 2,405 $ 2,557,568 $ 451,123 -17.6%1$ 2,414,210
Kim Sufter
From: Pete Ehrenberg
Sent: Tuesday, June 02, 2009 10:05 AM
To: Jim Carter(jim @jamespcarter.com);jill.mckean @ge.com; chuck schultz; Jac and Ginny
Irvine; George Ledak; Melanie Lekkos; Scott Bradley (paigebrooke @verizon.net)
Cc: Kim Sutter
Subject: Management Fees
At our last meeting we had briefly discussed Property Management Fees. Following is a brief recap by property:
Cambridge $23,400 per month plus 2.4%of gross income
Ballpark Occupancy below 85%-3%of gross income
Occupancy 85%to 92%-3.5%of gross income
Occupancy above 92%-4%of gross income
Town Lake Same as Ballpark
Denton Occupancy less than 92%-$7500 plus 3.5%of gross income(less the$7500)
Occupancy more than 92%-$8500 plus 3.5%of gross income(less the $8500)
Pete
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