|Year to Date||Annual|
|Budget||Actual||Budget vs. Actual Variance Favourable/(Unfavourable)||Budget||Forecast||Budget vs. Forecast Variance Favourable/(Unfavourable)|
|Operational & Supply||40||21||19||47.3%||79||83||-3||(4.4%)|
|Occupancy & Infrastructure||7,124||7,617||-493||(6.9%)||14,247||14,244||4||0.0%|
|Equipment, Vehicles, Technology||235||111||125||52.9%||372||369||4||1.0%|
|Federal & Provincial Grants||-11,031||-9,298||-1,733||15.7%||-20,738||-18,956||-1,782||8.6%|
|Total Intercompany Charges||30||32||-1||(4.3%)||61||63||-2||(2.9%)|
|Net Expenditure (Revenue) Before Transfers & Indirect Allocations||13,715||13,487||228||1.7%||27,260||26,765||496||1.8%|
|Transfers from Funds||-412||-412||0||(0.0%)||-677||-677||0||(0.0%)|
|Transfers to Funds||198||198||0||0.0%||396||396||0||0.0%|
|Indirect Allocations & Debt|
|Capital Financing Allocation||903||893||10||1.1%||4,033||4,023||10||0.2%|
|Total Indirect Allocations & Debt||1,789||1,632||157||8.8%||5,768||5,666||101||1.8%|
|Net Expenditure (Revenue) After Transfers & Indirect Allocation||15,290||14,905||385||2.5%||32,747||32,150||597||1.8%|
Niagara Regional Housing (NRH) is operating a year-to-date surplus before indirect allocations of $228 and forecasting a total surplus before indirect allocations of $496. The following factors have contributed to these variances:
The favourable variance year-to-date of $141 is a result of delays in timing to fill vacant and Ministry-funded roles.
The favourable variance year-to-date of $187 is a result of timing related to building condition assessments and implementation of consulting projects which will attribute to the year-end surplus.
The favourable year-to-date variance of $19 is mainly driven by timing of spend related to Community Resource programs that are expected to be complete by year-end.
The unfavourable year-to-date variance of $493 is driven mainly by the timing of property tax payments for NRH-owned units and no variances are anticipated for year-end.
The favourable year-to-date variance of $125 is driven mainly by delays in implementation of HSC software implementation to support housing programs.
The favourable year-to-date and forecasted variance of $1,725 is driven by timing of payments for the Ministry-funded programs, mainly provider delays in the Social Housing Infrastructure Program.
The unfavourable year-to-date variance of $1,733 is driven by timing of revenue recognized for the Ministry-funded programs, including the Social Housing Infrastructure Program.
The favourable year-to-date variance of $248 is driven by higher than anticipated investment income, in addition to higher than budgeted rental revenues for NRH-owned units.
NRH is responsible for administration and oversight of 65 social housing providers who operate 3,940 social housing units across Niagara. NRH is also responsible for subsidies to 65 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.
NRH provides property and asset management services for a portfolio of 2,751 units including 32 apartment buildings and over 900 townhouses/houses. These units are home to over 5,000 people. This portfolio represents 41% of the operating budget for building-related expenses (maintenance, taxes, utilities, etc.)
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.
NRH maintains the affordable housing waiting list for the Region. The demand for housing increased 3.6% over the first quarter of 2017 and increased 5.8% over the same quarter last year. At the end of the second quarter, 5,399 households were waiting for permanent subsidized accommodation while 124 received housing during the quarter.
NRH receives time-limited funding under the "Investment in Affordable Housing (IAH)", the "Investment in Affordable Housing Extension Program (IAH-E)", the "Social Infrastructure Program (SIF)", the "Social Housing Infrastructure Program (SHIP)" and the pilot "Portable Housing Benefit (PHB)" programs from the federal and provincial governments that provides affordable housing solutions and assistance to applicants on the waitlist (housing allowances), solutions for homeowners (renovation, down payment assistance), along with social housing providers for infrastructure repairs. The IAH-E & SIF funding is also being used to develop new affordable housing units.