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FY 2013-2014 PRESTON PARK BUDGET REQUESTED BOARD ACTION

FY 2013-2014 PRESTON PARK BUDGET REQUESTED BOARD ACTION. Approve FY 2013/2014 Preston Park Housing Operating Budget with 2.4% Rent Increase and the Capital Expenditure Budget with Life Safety Expenditures. FY 2013-2014 PRESTON PARK BUDGET.

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FY 2013-2014 PRESTON PARK BUDGET REQUESTED BOARD ACTION

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  1. FY 2013-2014 PRESTON PARK BUDGETREQUESTED BOARD ACTION Approve FY 2013/2014 Preston Park Housing Operating Budget with 2.4% Rent Increase and the Capital Expenditure Budget with Life Safety Expenditures

  2. FY 2013-2014 PRESTON PARK BUDGET • FORA staff recommends proposed FY 2013-2014 Preston Park budget for the following reasons: • Budget meets all FORA Board policies with respect to sustaining Preston Park as a quality residential area and rent levels. • Capital Expenditures are necessary to address safety and health issues.

  3. FY 2013-2014 PRESTON PARK BUDGET RENT CALCULATION • The primary source of revenue is rents, Section 8 voucher payments from the Housing Authority of the County of Monterey and associated charges to residents such as late fees. • The proposed FY 2013/14 Budget – Option 1 assumes a 2.4% increase for in-place residents using the approved formula of three percent (3%) or the Department of Labor’s Consumer Price • Index for San Francisco-Oakland-San Jose, All Items, for All Urban Consumers (referred to as CPI-U) documented as 2.4%.

  4. Preston Park Market Rent Variance • Two Bedroom (Traditional Finish) Current In Place Rent Range: $1,146 – $1,645 Average In Place Rent: $1,380 Average Rent for New Move-Ins: $1,691 Difference between In Place New Move-Ins: $311/18.39% Proposed Increase for In Place Residents: $27 - $39

  5. Preston Park Market Rent Variance • Three Bedroom (Traditional Finish) Current In Place Rent Range: $1,499 – $1,950 Average In Place Rent: $1,572 Average Rent for New Move-Ins: $1,997 Difference between In Place New Move-Ins: $425/21.28% Proposed Increase for In Place Residents: $36 - $47

  6. FY 2013-2014 PRESTON PARK BUDGET • Budget Summary • Expenses in Attachment E include Operating Expense projections, delineating FY 2012/13 budget changes • Overall, total FY2013/14 operating expenses proposed are 7.0% higher than estimated actual for FY 2012/13 expenses ($96,927). • Expenses categorized as Capital expenses directly impact the long term value of the community.

  7. FY 2013-2014 PRESTON PARK BUDGET

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