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Niagara Regional Housing - Quarter 2 Financial Update (2016)

  Year to Date Annual
Budget Actual Budget vs. Actual Variance Favourable/(Unfavourable) Budget Forecast Budget vs. Forecast Variance Favourable/(Unfavourable)
Expenses
Compensation $2,254,123 $2,206,629 $47,494 2.2% $4,501,892 $4,487,937 $13,955 0.3%
Administrative 272,726 331,182 (58,456) (17.7%) 538,462 651,918 (113,456) (21.1%)
Operational & Supply 39,525 76 39,449 51586.9% 79,050 66,751 12,299 15.6%
Occupancy & Infrastructure 7,165,594 7,447,991 (282,396) (3.8%) 14,309,068 14,498,528 (189,460) (1.3%)
Equipment, Vehicles, Technology 408,875 169,094 239,781 141.8% 817,750 835,707 (17,957) (2.2%)
Community Assistance 16,329,726 15,510,025 819,701 5.3% 32,659,458 32,404,175 255,283 0.8%
Partnership, Rebate, Exemption - 204 (204) (100.0%) - 204 (204) 0.0%
Financial Expenditures 1,327,510 1,332,890 (5,380) (0.4%) 2,655,021 2,660,401 (5,380) (0.2%)
Total Expenses 27,798,079 26,998,090 799,989 3.0% 55,560,701 55,605,620 (44,920) (0.1%)
Revenues
Federal & Provincial Grants (7,512,065) (5,768,196) (1,743,869) 30.2% (15,024,131) (15,037,128) 12,997 (0.1%)
Other Revenue (6,736,952) (6,829,631) 92,679 (1.4%) (13,473,903) (13,566,582) 92,679 (0.7%)
Total Revenues (14,249,017) (12,597,827) (1,651,190) 13.1% (28,498,034) (28,603,710) 105,676 (0.4%)
Intercompany Charges
Intercompany Charges 31,134 23,158 7,976 34.4% 62,105 54,129 7,976 12.8%
Total Intercompany Charges 31,134 23,158 7,976 34.4% 62,105 54,129 7,976 12.8%
Net Expenditure (Revenue) Before Transfers & Indirect Allocations 13,580,196 14,423,421 (843,224) (5.8%) 27,124,772 27,056,039 68,733 0.3%
Transfers
Transfers from Funds (635,119) (635,119) (0) 0.0% (1,235,990) (1,235,990) - 0.0%
Transfers to Funds 404,298 534,298 130,000 24.3% 808,595 938,595 (130,000) (16.1%)
Total Transfers 230,821 (100,821) (130,000) 128.9% (427,395) (297,395) (130,000) 30.4%
Indirect Allocations & Debt
Indirect Allocations 790,109 827,723 (37,614) (4.5%) 1,592,695 1,637,968 (45,273) (2.8%)
Capital Financing Allocation 832,908 914,637 (81,729) (8.9%) 3,460,096 3,455,237 4,858 0.1%
Total Indirect Allocations & Debt 1,623,017 1,742,361 (119,343) (6.8%) 5,052,791 5,093,206 (40,415) (0.8%)
Net Expenditure (Revenue) After Transfers & Indirect Allocation $14,972,393 $16,064,960 $(1,092,568) (6.8%) $31,750,167 $31,851,850 $(101,682) (0.3%)

Variance Analysis

Administrative

The unfavourable year-to-date and forecasted variances of $58,456 and $113,456 are primarily a result of communications costs and insurance premiums being greater than budgeted.

Operational & Supply

The favourable year-to-date variances of $39,449 is primarily due to the timing of spending related to the Community Resource programs.

Occupancy & Infrastructure

The unfavourable year-to-date and forecasted variances of $282,396 and $189,460 are primarily due to higher than budgeted move-out costs due to changes in tenant eligibility criteria, offset by less than budgeted utilities costs and the timing of property tax payments.

Equipment, Vehicle, Technology

The favourable year-to-date variance of $239,781 is primarily due to lower than anticipated minor equipment repairs & maintenance, in addition to delays in implementation of mobile workforce and office reorganization.

Community Assisstance

The favourable year-to-date and forecasted variances of $819,701 and $255,283 are driven by the timing of payments for the Investment in Affordable Housing (IAH) New Development projects.

Federal & Provincial Grants

The unfavourable year-to-date variance of $1,743,869 is driven by timing of revenue recognized for the IAH New Development projects. This unfavourable variance is offset by the favourable variance in Community Assistance.

Community Impacts & Achievements

Niagara Regional Housing is responsible for administration and oversight of 66 social housing providers who operate 3,940 social housing units across Niagara. NRH is also responsible for subsidies to 66 providers and landlords; direct ownership and management of a residential rental portfolio; the management of the affordable housing waiting list; and the delivery of federal/provincial programs.

Public Housing Operations

NRH provides property and asset management services for a portfolio of 2,758 units including 36 apartment buildings and over 900 townhouses/houses. These units are home to over 6,500 people. This portfolio represents 41% of the operating budget for building-related expenses (maintenance, taxes, utilities, etc.)

Social Housing Programs

Through rental subsidy programs with private landlords and non-profit/co-operative housing providers, an additional 5,000 units of affordable housing are available. The subsidies which account for 55% of the operating budget are calculated based on legislative requirements.

Affordable Housing Programs

NRH maintains the affordable housing waiting list for the Region. The demand for housing increased 0.5% over the same quarter last year. At the end of the second quarter, 4,547 households were waiting for permanent subsidized accommodation while 168 received housing.

Federal & Provincial Funding

NRH receives time-limited funding under the "Investment in Affordable Housing (IAH)" and the "Investment in Affordable Housing Extension Program (IAH-E)" programs from the federal and provincial governments that provides affordable housing solutions for homeowners (renovation, down payment assistance), as well as assistance to applicants on the waitlist (housing allowances). The IAH-E funding is also being used to develop 85 new affordable housing units with land purchased in St. Catharines in 2016.

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