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.
© Niagara Region - 1815 Sir Isaac Brock Way, Thorold, ON, L2V 4T7 - Phone: 905-980-6000, Toll-free: 1-800-263-7215
