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Niagara Regional Housing - Quarter 4 Financial Update (2016)

  Year to Date (in thousands of dollars)
Budget Actual Budget vs Actual Variance
Favourable/(Unfavourable)
Expenses
Compensation   $4,560 $4,586 $(26) (0.6%)
Administrative   553 533 20 3.8%
Operational & Supply   79 43 36 83.2%
Occupancy & Infrastructure   14,309 14,343 (34) (0.2%)
Equipment, Vehicles, Technology   818 623 195 31.2%
Community Assistance   32,659 31,291 1,369 4.4%
Financial Expenditures   2,655 2,762 (107) (3.9%)
Total Expenses   55,634 54,181 1,453 2.7%
Revenues
Federal & Provincial Grants   (15,082) (14,229) (853) 6.0%
Other Revenue   (13,474) (14,723) 1,249 (8.5%)
Total Revenues   (28,556) (28,952) 395 (1.4%)
Intercompany Charges
Intercompany Charges   62 57 5 9.0%
Total Intercompany Charges   62 57 5 9.0%
Net Expenditure (Revenue) Before Transfers & Indirect Allocations   27,140 25,286 1,853 7.3%
Transfers
Transfers from Funds   (1,236) (1,236) - 0.0%
Transfers to Funds   809 1,930 (1,122) (58.1%)
Total Transfers   (427) 694 (1,122) (161.6%)
Indirect Allocations & Debt
Indirect Allocations   1,578 1,463 115 7.9%
Capital Financing Allocation   3,460 3,682 (222) (6.0%)
Total Indirect Allocations & Debt   5,038 5,145 (107) (2.1%)
Net Expenditure (Revenue) After Transfers & Indirect Allocation   $31,750 $31,126 $624 2.0%

Variance Analysis (in thousands of dollars)

Niagara Regional Housing operated at a surplus after indirect allocations of $624. The following factors have contributed to this surplus:

Operational & Supply

The favourable variance of $36 is driven by lower community resources program spend and reduced internal purchasing of maintenance materials.

Equipment, Vehicle, Technology

The favourable variance of $195 is due to timing delays in the implementation of the housing programs software, timing delays related to the selection of asset management software and lower than budgeted generator repair and maintenance costs; partially offset by higher than anticipated replacement costs for appliances in public housing units. $98 of this variance has been committed to the implementation of housing program software and a mobile workforce initiative and has been included in the 2016 encumbrances reported in Transfers to Funds.

Community Assisstance

The favourable variance of $1,369 is primarily due to lower than budgeted non-profit and co-op subsidy costs, as well as the timing of federal and provincial funding for the Investment in Affordable Housing (IAH) New Development project completion.

Financial Expenditures

The unfavourable variance of $107 is driven by higher than budgeted bad-debt costs correlating to higher than anticipated public housing turnover in 2016.

Federal & Provincial Grants

The unfavourable variance of $853 is driven by the timing of federal and provincial funding for the IAH New Development program, partially offset by higher funding received for the Strong Communities program.

Other Revenue

The favourable for variance of $1,249 is driven by the restricted proceeds of sale from seven public housing units, higher than budgeted investment income driven by the timing of NRH cash flow and higher rental and other miscellaneous revenues.

Transfer to Funds

The unfavourable variance of $1,122 relates to the 2016 encumbrances and the restricted proceeds from the sale of seven housing units which was transferred to reserves.

Community Impacts & Achievements

Niagara Regional Housing (NRH) 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 per cent 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 per cent 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 per cent over the same quarter last year. At the end of the third quarter, 4,446 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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