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HomeMy WebLinkAbout2014-2015 Townlake BudgetTown Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed Unit Projected Beds-->635 635 635 635 635 635 635 635 635 633 633 635 OCCUPANCY %97.99%97.99%97.99%97.99%97.99%97.99%97.99%97.99%97.99%97.69%97.69%97.99%97.94% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 283,140 283,140 283,140 283,140 283,140 283,140 283,140 283,140 283,140 283,140 283,140 283,140 3,397,680 5,243 15,730 Contract Gain (Loss) to Lease 5010-0000 2,248 2,248 2,248 2,248 2,248 2,248 2,248 2,248 2,248 2,248 (10,922) (10,922) 636 1 3 Total Gross Potential Rent 285,388 285,388 285,388 285,388 285,388 285,388 285,388 285,388 285,388 285,388 272,218 272,218 3,398,316 5,244 15,733 Economic Variances Concessions - New Leases 5030-0200 (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (9,570) (114,840) (177) (532) Concessions - Renewals 5030-0400 (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (5,710) (68,520) (106) (317) Employee Units 5045-0000 (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (7,559) (90,710) (140) (420) Model Units 5055-0000 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (4,247) (2,831) (2,831) (2,831) (4,955) (2,831) (2,831) (2,831) (2,831) (2,831) (2,831) (5,663) (40,347) (62) (187) Vacancy Loss 5065-0000 (5,680) (5,680) (5,680) (5,680) (5,680) (5,680) (5,680) (5,680) (5,680) (6,554) (6,554) (5,680) (69,911) (108) (324) Total Economic Variances (32,767) (31,351) (31,351) (31,351) (33,474) (31,351) (31,351) (31,351) (31,351) (32,225) (32,225) (34,182) (384,328) (593) (1,779) 88.43%88.93%88.93%88.93%88.18%88.93%88.93%88.93%88.93%88.62%88.62%87.93%88.69% NET RENTAL INCOME 252,621 254,037 254,037 254,037 251,914 254,037 254,037 254,037 254,037 253,163 239,993 $238,036 $3,013,988 $4,651 $13,954 88.7% 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 2,500 1,500 500 500 500 500 500 500 500 500 500 5,500 14,000 22 65 Deposit Forfeitures 5265-0000 1,050 - - - - - - - - - - - 1,050 2 5 Carport/Garages/Parking Income 5235-0000 960 960 960 960 960 960 960 960 960 960 960 960 11,520 18 53 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 2,650 2,650 2,650 2,600 2,650 2,650 2,650 2,650 2,650 2,650 2,650 2,650 31,750 49 147 Month-to-Month Fees 5320-0000 200 250 200 250 200 250 200 250 200 - - - 2,000 3 9 NSF Check Fees 5325-0000 90 60 60 90 90 60 30 60 60 60 60 60 780 1 4 Pet Fees 5330-0000 400 200 - 200 200 - 200 - 200 - - 600 2,000 3 9 Premium Fees 5335-0000 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 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 9,825 7,195 5,945 6,575 6,975 6,395 6,115 6,395 7,345 6,545 6,945 14,145 90,400 140 419 2.7% EFFECTIVE GROSS INCOME 262,446 261,232 259,982 260,612 258,889 260,432 260,152 260,432 261,382 259,708 246,938 252,181 3,104,388 4,791 14,372 Account Descriptions 6/5/2014 6/5/2014 Page 1of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 91.4% OPERATING EXPENSES General & Administrative 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 260 260 260 260 260 260 260 260 260 260 260 260 3,120 5 14 Rent - Water Cooler 6085-0500 - - - - - - - - - - - - - - - Rent Refunds - Residents 6090-0000 5,000 - - - - - - - - - - - 5,000 8 23 Supplies 6100-0000 - - - - - - - - - - - - - - - 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 210 210 210 210 210 210 210 210 210 210 210 210 2,520 4 12 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 10,081 6,447 11,981 4,647 8,931 6,147 4,481 5,667 5,081 4,997 5,331 4,597 78,393 121 363 2.5% Payroll & Benefits Office Salaries 6205-0000 9,331 8,331 8,331 8,331 12,497 8,331 8,331 8,331 8,331 8,331 8,331 12,753 109,565 169 507 Commissions 6265-0000 6,500 - - - - 1,500 1,500 1,500 500 - - - 11,500 18 53 Bonuses 6260-0000 - 6,500 - - - - - - - - - - 6,500 10 30 Maintenance 6225-0000 8,716 7,216 7,216 7,216 10,825 7,216 7,216 7,216 7,216 7,216 7,216 10,825 95,312 147 441 Payroll Taxes 6270-0100 2,933 2,635 1,858 1,858 2,787 2,037 2,037 2,037 1,918 1,858 1,858 2,818 26,634 41 123 Worker's Compensation 6270-0200 2,713 2,436 1,718 1,718 2,577 1,884 1,884 1,884 1,773 1,718 1,718 2,605 24,628 38 114 Group Insurance 6280-0000 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 25,200 39 117 Employee Recruiting 6290-0000 - 50 - 50 - 50 - 50 - 50 - 50 300 0 1 Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 32,294 29,269 21,224 21,274 30,786 23,119 23,069 23,119 21,839 21,274 21,224 31,151 299,639 462 1,387 9.7% 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 6/5/2014 Page 2of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 2.7% Repairs & Maintenance Appliances 6410-0000 450 450 450 450 450 450 450 450 450 450 450 450 5,400 8 25 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 1,000 1,000 400 400 800 400 600 1,200 800 800 1,400 1,000 9,800 15 45 Keys & Locks 6500-0000 100 100 100 100 100 100 100 100 100 100 100 1,100 2,200 3 10 Landscaping 6510-0000 5,000 4,500 - - - - - - - - - - 9,500 15 44 Lights, Fixtures, Light Bulbs 6520-0000 200 200 200 700 200 200 200 200 700 200 200 1,200 4,400 7 20 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 825 175 175 425 175 175 425 175 175 175 175 3,825 6,900 11 32 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 9,650 11,400 3,100 3,850 4,700 3,100 6,150 4,800 4,300 3,500 7,000 14,350 75,900 117 351 2.4% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 11,785 10,785 - - 450 - 600 - 450 - - - 24,070 37 111 Cleaning 6615-0000 14,875 14,875 - - - - - - - - - - 29,750 46 138 Painting 6635-0000 24,000 24,000 - - 300 - - - 300 - - - 48,600 75 225 Total Make-Ready Contract Services 50,660 49,660 - - 750 - 600 - 750 - - - 102,420 158 474 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 `1,000 100 100 100 100 100 100 100 100 100 100 100 2,100 3 10 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 9,750 4,100 125 125 125 125 125 125 625 125 1,125 2,125 18,600 29 86 Total Make-Ready Maintenance 60,410 53,760 125 125 875 125 725 125 1,375 125 1,125 2,125 121,020 187 560 6/5/2014 Page 3of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 3.9% Marketing Advertising Print 6705-0200 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 8 Publications 6730-0000 - 500 1,500 500 - 500 - - 500 1,500 500 - 5,500 8 25 Direct Mail 6715-0000 - - 1,500 - - 1,500 - - - - - - 3,000 5 14 Radio 6705-0300 - - - - - - 2,500 - - - - - 2,500 4 12 Signs 6735-0000 - 300 - - 300 - - 1,000 - - 300 - 1,900 3 9 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 1,956 4,156 1,762 1,456 3,156 3,656 2,156 1,656 2,656 1,956 1,356 27,078 42 125 Other Marketing Brochures 6750-0000 - - 2,250 - 4,250 - - - - - - - 6,500 10 30 Locator Fees 6760-0000 7,500 7,500 - - - - - - - - - - 15,000 23 69 Portal Expense 6770-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 17,500 - - - - - - - - - - - 17,500 27 81 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 26,550 9,050 3,800 1,050 5,300 1,050 1,050 1,050 1,050 750 750 750 52,200 81 242 Total Marketing 27,706 11,006 7,956 2,812 6,756 4,206 4,706 3,206 2,706 3,406 2,706 2,106 79,278 122 367 2.6% Cable & Internet Cable TV 6805-0000 6,480 6,480 6,480 6,480 6,480 6,480 6,480 6,480 6,480 6,480 6,480 6,480 77,760 120 360 Internet 6825-0000 8,424 8,424 8,424 8,424 8,424 8,424 8,424 8,424 8,424 8,424 8,424 8,424 101,088 156 468 Total Cable / Internet 14,904 14,904 14,904 14,904 14,904 14,904 14,904 14,904 14,904 14,904 14,904 14,904 178,848 276 828 5.8% Utilities Electricity Elec-Common Area 6910-0100 3,120 2,903 4,008 1,981 4,377 3,830 2,426 2,342 2,885 3,628 4,886 5,740 42,126 65 195 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 13,000 1,950 - - 650 - - - - - - - 15,600 24 72 Total Electricity 16,120 4,853 4,008 1,981 5,027 3,830 2,426 2,342 2,885 3,628 4,886 5,740 57,726 89 267 Other Utilities - - Gas 6920-0000 103 196 158 100 227 192 185 404 312 235 126 160 2,398 4 11 Water / Sewer 6930-0000 36,830 35,560 34,290 33,020 33,020 34,290 34,290 36,195 37,465 39,246 39,879 40,640 434,725 671 2,013 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 36,933 35,756 34,448 33,120 33,247 34,482 34,475 36,599 37,777 39,481 40,005 40,800 437,123 675 2,024 Total Utilities 53,053 40,609 38,456 35,101 38,274 38,312 36,901 38,941 40,662 43,109 44,891 46,540 494,849 764 2,291 15.9% Management Fees 6990-0000 10,498 10,449 10,399 10,424 10,356 10,417 10,406 10,417 10,455 10,388 9,878 10,087 124,176 192 575 6/5/2014 Page 4of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 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 5,815 5,815 5,815 - - - - - 9,021 14,474 5,815 5,815 52,570 81 243 Total Insurance 5,815 5,815 5,815 - - - - - 9,021 14,474 5,815 5,815 52,570 81 243 1.7% TOTAL OPERATING EXPENSES 232,811 190,509 120,360 99,537 122,432 106,730 107,742 108,029 116,743 122,578 119,724 140,075 1,587,272 2,449 7,348 51.1% 29,635 70,723 139,622 161,075 136,457 153,702 152,410 152,403 144,639 137,131 127,215 112,105 1,517,115 2,341 7,024 48.9% Debt Service Interest Expense 7210-0000 - - - - - - - - - - - - - - - Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - - - - - - - - - - - - - - Total Interest / Financing Costs - - - - - - - - - - - - - - - 0.0% Capital Improvements 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 24,000 - - - - - - 24,000 - - - - 48,000 74 222 Total Recurring Capital 53,062 1,500 500 500 500 500 500 24,500 500 500 500 2,500 85,562 132 396 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 6/5/2014 Page 5of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 2.8% Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - Boilers 8315-0500 - - - - - - - - - - - - - - - Building 8315-0600 - - - - - - - - - - - - - - - Building - Exterior 8315-0700 - - - - - - - - - - - - - - - Building - Interior 8315-0800 - - - - - - - - - - - - - - - Building - Structural 8315-0900 - - - - - - - - - - - - - - - Clubhouse/Model 8315-1200 - - - - - - - - - - - - - - - Carports 8315-1100 - - - - - - - - - - - - - - - Computers 8315-4000 - - - - - - - - - - - - - - - Countertop/Sink/Cabinets 8315-1400 - - - - - - - - - - - - - - - Doors & Related Hardware 8315-1500 - - - - - - - - - - - - - - - Electrical 8315-1600 - - - - - - - - - - - - - - - Elevators 8315-1700 - - - - - - - - - - - - - - - Equipment (Office & Maintenance)8315-5100 3,000 300 - - - - - - - - - - 3,300 5 15 Fencing & Gates 8315-1800 3,000 - - - - - - - - - - - 3,000 5 14 Fire/Safety 8315-1900 - - - - - - - - - - - - - - - Glass, Mirrors & Screens 8315-2000 - - - - - - - - - - - - - - - Golf Cart 8315-8100 - - - - - - - - - - - - - - - HVAC 8315-2100 200 1,000 - - - - 1,000 1,000 1,000 1,000 1,000 1,000 7,200 11 33 Keys & Locks 8315-2200 - - - - - - - - - - - - - - - Landscaping 8315-2300 - - - - - - - - - - - - - - - Light Fixtures 8315-2500 - - - - - - - - - - - - - - - Miscellaneous 8315-2700 - - - - - - - - - - - - - - - Painting (Exterior)8315-2900 - - - - - - - - - - - - - - - Parking Lot & Sidewalks 8315-3000 - - - - - - - - - - - - - - - Personal Property 8315-8000 - - - - - - - - - - - - - - - Plumbing 8315-3100 - - - - - - - - - - - - - - - Pools 8315-3200 - - - - - - - - - - - - - - - Pool Furniture 8315-5900 10,000 - - - - - - - - - - - 10,000 15 46 Recreation/Amenity Areas 8315-3300 - - - - - - - - - - - - - - - Renovations (Units)8315-3400 - - - - - - - - - - - - - - - Roofs 8315-3600 - - - - - - - - - - - - - - - Signage 8315-3700 - - - - - - - - - - - - - - - Site Improvements 8315-3800 - - - - - - - - - - - - - - - Tenant Improvements 8315-3900 - - - - - - - - - - - - - - - Tubs/Showers 8315-3950 - - - - - - - - - - - - - - - Total Non Recurring Capital 16,200 1,300 - - - - 1,000 1,000 1,000 1,000 1,000 1,000 23,500 36 109 0.8% Escrow Accounts Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding 1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding 1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 - - - - - - - - - - - - - - - Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity - - - - - - - - - - - - - - - 6/5/2014 Page 6of10 Town Lake Austin, TX 78741 2014-2015 Town Lake Budget 216 = Units $0 648 = Beds 208,080 = Sq Ft G/L 2014-2015 Cost per Cost per Codes Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Forecast Bed UnitAccount Descriptions 6/5/2014 0.0% Other Expenses Accounting / Audit / Tax 8905-0000 - - - - - - - - - - - - - - - Administrative Expense 8910-0000 - - - - - - - - - - - - - - - Prior Year Operating Expenses 8965-0000 - - - - - - - - - - - - - - - Legal/LLC fees 8950-0000 - - - - - - - - - - - - - - - Travel 8995-0000 - - - - - - - - - - - - - - - Start Up Cost 8983-0000 - - - - - - - - - - - - - - - Miscellaneous 8960-0000 - - - - - - - - - - - - - - - Asset Management 8915-0000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - 0.0% INCOME (LOSS) Before Depr / Amort (39,627) 67,923 139,122 160,575 135,957 153,202 150,910 126,903 143,139 135,631 125,715 108,605 1,408,053 2,173 6,519 Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW (39,627) 67,923 139,122 160,575 135,957 153,202 150,910 126,903 143,139 135,631 125,715 108,605 1,408,053 2,173 6,519 45.4% Cumulative Cash Flow Estimate (39,627) 28,296 167,418 327,993 463,950 617,151 768,061 894,964 1,038,103 1,173,733 1,299,448 1,408,053 1,408,053 6/5/2014 Page 7of10 2014-2015 Exp 2013-2014 2014-2015 $ Ratio Reforcast Budget $ Variance % Variance Per Bed to NRI REVENUE Gross Potential Rent 3,302,271 3,398,316 96,045 2.91%5,244 Economic Losses (339,919)(384,328)(44,409)13.06%(593)X 9 more TSHA scholarships and greater renewal concessions due to early renewal velocity Net Rental Income 2,962,352 3,013,988 51,636 1.74%4,651 Other Income 99,064 90,400 (8,664)-8.75%140 X Less late fees due to on-time payments by residents EFFECTIVE GROSS INCOME 3,061,416 3,104,388 42,972 1.40%4,791 CONTROLLABLE OPERATING EXPENSES General & Administration 76,305 78,393 2,088 2.74%121 2.6% Payroll & Benefits 272,544 299,639 27,095 9.94%462 9.9%X Was not fully staffed entire 2013-2014 year Contract Services 56,191 82,600 26,409 47.00%127 2.7%X Did not have landscape for 2013-2014 Repairs & Maintenance 82,557 75,900 (6,657)-8.06%117 2.5%X The rentention ponds had to be redone in 2013-2014. Not anticipating expenses this large in 2014-2015 Make Ready 92,398 121,020 28,622 30.98%187 4.0%X Not as many renewals for 2014 Turn Marketing 48,932 79,278 30,346 62.02%122 2.6%X Anticipating more difficult market conditions due to competition renovations Utilities Expense 404,034 494,849 90,815 22.48%764 16.4%X Water rates increased 15% Cable & Internet 163,162 178,848 15,686 9.61%276 5.9%X increase in rates Management Fees 122,527 124,176 1,649 1.35%192 4.1% TOTAL CONTROLLABLE OPERATING EXPENSES 1,318,650 1,534,702 216,052 16.38%2,368 50.9% NON-CONTROLLABLE OPERATING EXPENSES Taxes 0 0 0 0.00%0 0.0% Insurance 43,195 52,570 9,375 21.70%81 1.7%X insurance increase 0.0% TOTAL NON-CONTROLLABLE OPERATING EXPENSES 43,195 52,570 9,375 21.70%81 1.7% CASH FLOW FROM OPERATIONS 1,699,571 1,517,115 (182,456)-10.74%2,341 DEBT SERVICE Interest and Principal 0 0 0 0.00%0 TOTAL DEBT SERVICE 0 0 0 0 CASH FLOW AFTER DEBT SERVICE 1,699,571 1,517,115 (182,456)-10.74%2,341 Escrow Activity 0 0 0 0.00%0 Non-Operating Partnership Costs 0 0 0 0.00%0 Capital Expenditures 129,619 109,062 (20,557)-15.86%168 Distributions 0 0 0 0.00%0 NET CASH FLOW 1,569,952 1,408,053 (161,899)-10.31%2,173 DEBT COVERAGE RATIO 0.00 0.00 - all marked by red X. Town Lake Budget Comparisons 2014-2015 Enter Explanation for Variances over +/- 3% 2014-2015 Exp 2013-2014 2014-2015 $ Ratio Reforcast Budget $ Variance % Variance Per Bed to NRI - all marked by red X. Town Lake Budget Comparisons 2014-2015 Enter Explanation for Variances over +/- 3% Units 216 # Paychecks/Month 2 2 2 2 3 2 2 2 2 2 2 3 52 Bi-Weekly Pay %7.69%7.69%7.69%7.69%11.54%7.69%7.69%7.69%7.69%7.69%7.69%11.54%100.00% Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Manager Sheil Lopez FT 40 $21.15 $44,000 100%1 12 $3,385 $3,385 $3,385 $3,385 $5,077 $3,385 $3,385 $3,385 $3,385 $3,385 $3,385 $5,077 $44,000 Assistant Manager Conner Nobles FT 40 $14.42 $30,000 100%1 12 $2,308 $2,308 $2,308 $2,308 $3,462 $2,308 $2,308 $2,308 $2,308 $2,308 $2,308 $3,462 $30,000 Asst. Leasing Mgr.100%1 12 TBD 100%1 12 TBD 100%1 12 TBD 100%1 12 Salary Adjustments 3.0%PT 1 $42.69 $2,220 100%$256 $256 Overtime - Management ----------------------------------------------------------------$0 Management Total $5,692 $5,692 $5,692 $5,692 $8,538 $5,692 $5,692 $5,692 $5,692 $5,692 $5,692 $8,795 $74,256 Leasing Manager Bryce Brinkley FT 40 $12.00 $24,960 100%1 12 $1,920 $1,920 $1,920 $1,920 $2,880 $1,920 $1,920 $1,920 $1,920 $1,920 $1,920 $2,880 $24,960 Resident Director 100%1 12 Receptionist 100%1 12 TBD 100%1 12 TBD 100%1 12 TBD 100%1 12 Salary Adjustments 3.0%PT 1 $14.40 $749 100%1 12 $58 $58 $58 $58 $86 $58 $58 $58 $58 $58 $58 $86 $749 Overtime - Office Salaries ----------------------------------------------------------------$0 Office Salaries Total $1,978 $1,978 $1,978 $1,978 $2,966 $1,978 $1,978 $1,978 $1,978 $1,978 $1,978 $2,966 $25,709 Leasing Agent 100%1 12 Leasing Agent 100%1 12 Leasing Agent Lillian Situ PT 14 $4.40 $3,200 100%1 12 $246 $246 $246 $246 $369 $246 $246 $246 $246 $246 $246 $369 $3,200 CA #1 Norma Acosta PT 18 $0.64 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #2 Joe Benjarano PT 14 $0.82 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #3 Jose Villapando PT 13 $0.89 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #4 Garrett Jackson PT 13 $0.89 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #5 Christine Alcaraz PT 18 $0.64 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #6 Walida Hassan PT 12 $0.96 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #7 Vincente Rangle PT 13 $0.89 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #8 Denise Marquez PT 13 $0.89 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #9 Marcela Amaro PT 13 $0.89 $600 100%1 12 $46 $46 $46 $46 $69 $46 $46 $46 $46 $46 $46 $69 $600 CA #10 100%1 12 CA #11 100%1 12 CA #12 100%1 12 CA #13 100%1 12 CA #14 100%1 12 CA #15 100%1 12 CA #16 100%1 12 Overtime - Leasing ----------------------------------------------------------------$1,000 $1,000 Leasing Total $1,662 $662 $662 $662 $992 $662 $662 $662 $662 $662 $662 $992 $9,600 Lead Maintenance Terry Wilburn FT 40 $20.19 $42,000 100%1 12 $3,231 $3,231 $3,231 $3,231 $4,846 $3,231 $3,231 $3,231 $3,231 $3,231 $3,231 $4,846 $42,000 Maintenance Ben Flouer FT 40 $13.50 $28,080 100%1 12 $2,160 $2,160 $2,160 $2,160 $3,240 $2,160 $2,160 $2,160 $2,160 $2,160 $2,160 $3,240 $28,080 Porter Victor Valdez FT 40 $10.10 $21,000 100%1 12 $1,615 $1,615 $1,615 $1,615 $2,423 $1,615 $1,615 $1,615 $1,615 $1,615 $1,615 $2,423 $21,000 Maintenance 100%1 12 TBD 100%1 12 TBD 100%1 12 Salary Adjustments 3.0%PT 1 $52.55 $2,732 100%1 12 $210 $210 $210 $210 $315 $210 $210 $210 $210 $210 $210 $315 $2,732 Overtime - Maintenance ----------------------------------------------------------------$1,500 $1,500 Maintenance Total $8,716 $7,216 $7,216 $7,216 $10,825 $7,216 $7,216 $7,216 $7,216 $7,216 $7,216 $10,825 $95,312 Turn Help TBD 100%1 12 TBD TBD 100%1 12 TBD TBD 100%1 12 TBD TBD 100%1 12 TBD TBD 100%1 12 TBD TBD 100%1 12 TBD TBD 100%1 12 Overtime - Turn Help ----------------------------------------------------------------$0 Contract Labor Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 62600000 Bonuses Admin Bonuses NA --------------------------------------------------------$0 $6,500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,500 62650000 Leasing Cmmssns Leasing Bonuses NA --------------------------------------------------------$6,500 $0 $0 $0 $0 $1,500 $1,500 $1,500 $500 $0 $0 $0 $11,500 Other Payroll Costs Total $6,500 $6,500 $0 $0 $0 $1,500 $1,500 $1,500 $500 $0 $0 $0 $18,000 TOTAL PAYROLL COSTS $24,548 $22,048 $15,548 $15,548 $23,322 $17,048 $17,048 $17,048 $16,048 $15,548 $15,548 $23,578 $222,877 62700100 Payroll Taxes 11.95%----------------------------------------1 12 $2,933 $2,635 $1,858 $1,858 $2,787 $2,037 $2,037 $2,037 $1,918 $1,858 $1,858 $2,818 $26,634 62700200 Worker's Comp 11.05%----------------------------------------1 12 $2,713 $2,436 $1,718 $1,718 $2,577 $1,884 $1,884 $1,884 $1,773 $1,718 $1,718 $2,605 $24,628 62800000 Group Insurance $350 --------6 ------------------------1 12 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $25,200 TOTAL BENEFITS COSTS $7,746 $7,171 $5,676 $5,676 $7,464 $6,021 $6,021 $6,021 $5,791 $5,676 $5,676 $7,523 $76,462 TOTAL PAYROLL & BENEFITS COSTS $32,294 $29,219 $21,224 $21,224 $30,786 $23,069 $23,069 $23,069 $21,839 $21,224 $21,224 $31,101 $299,339 Cost per door $1,386 Cost per bed $462 Contract Labor or Additional Maintenance Total 62050000 Management 62050000 Office Salaries 62050000 Leasing Month End Interval 2014-2015 62250000 Maintenance MRI Code Department JOB TITLE/ POSITION 62250000 Town Lake Hours worked per week Annual Salary % of Salary Alloc. to First Month Start STATUS FT/PT Hourly Rate EMPLOYEE NAME Payroll 2014-2015