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Tower Budget 2000-01 Texas Student Housing Corporation - Tower Budget to Actual Comparison For the Fiscal Year ended August 31, 2000 BUDGET ACTUAL VARIANCE % OPERATING REVENUES: Rents $ 4,596,796 $ 4,705,211 $ 108,415 2.36% Property activity, processing and - maintenance fees 298,267 294,353 (3,914) -1.31% Phone service 135,604 102,977 (32,627) -24.06% Other 31,250 91,804 60,554 193.77% 5,061,917 5,194,345 132,428 2.62% OPERATING EXPENDITURES: Property operations 879,100 948,661 (69,561) -7.91% Food cost of sales 730,215 887,745 (157,530) -21.57% Phone expense 172,640 159,233 13,407 7.77% General and administrative 290,944 283,525 7,419 2.55% Maintenance and property operations 604,780 753,051 (148,271) -24.52% (before capitalization of asset costs) - Energy costs 388,000 378,196 9,804 2.53% Real estate taxes and insurance 255,200 264,185 (8,985) -3.52% Management fees 139,992 139,992 - 0.00% Total Expenditures before Minimum installment obligation payments and capitalized assets 3,460,871 3,814,588 (353,717) -10.22% Net Operating Revenue over(under) Expenditures 1,601,046 1,379,757 (221,289) -13.82% Minimum Installment Obligation payments 2,546,544 893,100 1,653,444 64.93% Capital Assets costs (1) 234,000 (1) 843,946 (609,946) -260.66% Total Expenditures 6,241,415 5,551,634 689,781 11.05% Net Revenue less Expenditures $(1,179,498) $ (357,289) $ (1,264,787) 107.23% Note (1): The budget for capital asset costs represent the amount of additions to the reserve for replacement of capital improvements account. Texas Student Housing Corporation - Colony Budget to Actual Comparison For the Fiscal Year ended August 31, 2000 BUDGET ACTUAL VARIANCE % OPERATING REVENUES: Rents $ 1,238,628 $ 1,225,419 $ (13,209) -1.07% Property activity, processing and - maintenance fees 211,680 216,162 4,482 2.12% Phone service 24,500 23,956 (544) -2.22% Other 5,400 9,033 3,633 67.28% 1,480,208 1,474,570 (5,638) -0.38% OPERATING EXPENDITURES: Property operations 84,000 139,447 (55,447) -66.01% Food cost of sales - - - DIV/O! Phone expense 18,000 21,904 (3,904) -21.69% General and administrative 64,710 119,002 (54,292) -83.90% Maintenance and property operations 283,300 329,820 (46,520) -16.42% (before capitalization of asset costs) Energy costs 104,800 109,336 (4,536) -4.33% Real estate taxes and insurance 139,800 133,294 6,506 4.65% Management fees 32,520 32,520 - 0.00% Total Expenditures before Minimum installment obligation payments and capitalized assets 727,130 885,323 (158,193) -21.76% Net Operating Revenue over(under) Expenditures 753,078 589,247 (163,831) -21.75% Minimum Installment Obligation payments 620,690 450,893 169,797 27.36% Capital Assets costs (1) 66,000 (1) 237,900 (171,900) -260.45% Total Expenditures 1,413,820 1,574,116 (160,296) -11.34% Net Revenue less Expenditures $ 66,388 $ (99,546) $ (161,728) -243.61% Note (1): The budget for capital asset costs represent the amount of additions to the reserve for replacement of capital improvements account.