HomeMy WebLinkAbout06-17-08 TSHC San Marcos Agenda Packet TEXAS:1*'
STUDENT HOUSING
AGENDA
BOARD OF DIRECTORS OFT E
TEXAS STUDENT HOUSING AUTHORITY- SAN MARCOS PROJECT
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
JUNE 17,2008
5:30 P.M.
TEXAS STUDENT HOUSING OFFICE
3 VILLAGE CIRCLE, SUITE 207
WESTLAKE, TEXAS
1. CALL TO ORDER.
2. CONSIDER APPROVAL OF MINUTES O F T HE MEETING OF THE TEXAS
STUDENT HOUSING CORPORATION-SAN MARCOS PROJECT HELD
JANUARY 29,2008.
3. CONSIDER APPROVAL OF FY 2008-2009 BUDGET.
4. ADJOURN.
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle,and Westlake
Civic Campus, 2650 J.T. Ottinger Road, Westlake,Texas,on Friday,June 13,2007,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.
Y E -AS1
STUDENT HOUSING
BOARD OF DIRECTORS OFT E
TEXAS STUDENT HOUSING AUTHORITY—SAN MARCOS PROJECT
(AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE)
JANUARY 29,2008
PRESENT: Chairman Jim Carter and Directors George Ledak, Jac Irvine, and Chuck Schultz.
ABSENT: Directors Larry Darlage, Jill McKean, and Melanie Lekkos.
OTHERS PRESENT: President Hank Smyth, General Counsel Scott Bradley, Finance
Manager Pete Ehrenberg, and Secretary Kim Sutter.
1. CALL TO ORDER.
Chairman Carter called the meeting to order at 6:41 p.m.
2. DISCUSS AND CONSIDER APPROVAL OF SAN MARCOS PROPERTY AUDIT
FOR FY 2006-2007 PRESENTED BY PATILLO BROWN & MILL, L.L.P.
Mr. John Manning, partner with Patillo Brown & Hill, L.L.P., presented the draft audit and
reviewed the audit report, financial statements, interest income, revenues, and expenditures,
and offered to address any questions of the Board.
After discussion by the Board, Chairman Carter asked for a motion to accept the audit.
MOTION: Director Irvine made a motion to accept the 2006-2007 San Marcos property audit.
Director Schultz seconded the motion. The motion carried by a vote of 4-0.
3. REVIEW AND APPROVE MINUTES OF NOVEMBER 20, 2007.
Chairman Carter introduced the item and asked for a motion to approve the minutes.
MOTION: Director Schultz made a motion to approve the minutes as presented.
Director Irvine seconded the motion. The motion carried by a vote of 4-0.
TSHA—San MarcosProject Page 2 of 2
January 29,2008
4. ADJOURNMENT.
There being no further business before the board, Chairman Carter declared the meeting
adjourned at 6:52 p.m.
APPROVED BY THE TEXAS STUDENT HOUSING AUTHORITY BOARD F
DIRECTORS ON JUNE 17, 2008.
The Minutes are approved and certified to be a true and correct reflection of the actions of the
officers and members of the Board, and is hereby certified to be an official copy thereof, on file
among the official records of the Board, on this the 17TH day of June 2008.
Jim Carter, Chair
ATTEST
Kim Sutter, Secretary
Ridge @ San Marcos Units 173
Fiscal Year Ending August 31,2009 Beds s5_3
Operating Budget
Prepared 6120105
Budget Reforecast
Year Ending Per Per Year Ending Difference
813112009 14nit aed - -
�131�2008 ±1
RENTAL INCOME $ 21421,000 $ 13,994 $ 4,378 $ 2,551,320 $ ('130,320) -5.1%
Accelerated Rent $ 1,200 $ 7 $ 2 $ 5,912 $ (4,712) -79,7%
Short Term Rent Premium $ 11,500 $ 66 $ 21 $ 7,830 $ 3,670 46,9%
Vacancy $ (139r208) $ (805) $ (252) $ (157,009) $ 17,801 -11,3%
Concessions $ (60,195) $ (348) $ (109) $ (64,742) $ 4,547 -T0%
Gain(Loss)to Lease $ (9,020) $ (52) $ (16) $ (165,808) $ 156,788 94.6%
Other Concess-Scholorship $ - $ - $ - $ 0 $ (G) -100.0%
Write-offs Rental Income $ (18,180) $ (1051 $ (33) $ (58,009) $ 39.829 -68.7%
Non-Resident/Emp.Rnt.Disc,Units $ (54,720) $ (316) $ (99) $ (43,408) $ (11,312) 26.1%
NET RENTAL INCOME $ 2.152,378 $ 12,441 $ 3.892 $ 2,076,086 $ 76,291 3,7%
Other Income $ 68,900 $ 398 $ 125 $ 68,588 $ 312 - 0,5%
TOTAL INCOME $ 2,221,278 $ 12.840 $ 4,017 $ 2,144,674 $ 76,603 3.6%
EXPENSES
Total Personnel Expense $ 285,268 $ 1,649 $ 516 $ 236.751 $ 43.517 205%
Total Utilities $ 397,150 $ 2,296 $ 718 $ 3E9.236 $ 37,914 10,6%
Total Administration Expense $ 48,395 $ 280 $ 88 $ 41.202 $ 7,193 17,5%
Total Contract Services $ 28,380 $ 164 $ 51 $ 29,811 $ (1,431) -4.81
Total Interior Maintenance $ 17,125 $ 99 $ 31 $ 16,747 $ 378 2.3%
Total Exterior Maintenance $ 13.500 $ 78 $ 24 $ 23,831 $ (10,331) -43A%
Total Turnover Expense $ 164.350 $ 950 $ 297 $ 118,920 $ 45,430 38.2%
Total Advertising&Promotions $ 53.950 $ 312 $ 98 $ 55,978 $ (2,028) -3.6%
Total Legal Fees $ 2,400 $ 14 $ 4 $ 400 $ 2.000 500.0%
Total Professional Fees $ 10.000 $ 58 $ 18 $ 10,000 $ - 0,0%
Total Travel $ - $ - $ - $ 0 $ (0) -10a0%
Property Mgmt Fee $ 88,851 $ 514 $ 161 $ 85,598 $ 3.253 3.8%
0 $ - $ - $ - $ 21,399 $ (21,399) -1000%
Total Insurance and Taxes $ 65;759 $ 380 $ 119 $ 65,595 $ 164 03%
Total Dues and Membership Fees $ - $ - $ - $ 937 S (937) -1000%
TOTAL EXPENSES $ 1,175,128 $ 6.793 $ 2,125 $ 1,049,350 $ 125,778 12,0%
NOI before Capital Improvements and
Debt Service $ 1,046,150 $ 6,047 $ 1,892 $ 1,111,291 $ (49,174) -4.4%
CAPITAL EXPENSES $ 57,200 $ 331 $ 103 $ 125,730 $ (68,580) -54,5%
OTHER EXPENSES $ 28,812 1$ 167 $ 52 11 0 $ 28,812
NET CASH FLOW $ 960,1381$ 5,550 $ 1,736 $ 961.770 $ (1,632) -02%
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