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Niagara Regional Housing Statement of Operations - Quarter 2 Financial Update (2017) (in thousands of dollars)

  Year to Date Annual
Budget Actual Budget vs. Actual Variance Favourable/(Unfavourable) Budget Forecast Budget vs. Forecast Variance Favourable/(Unfavourable)
Expenses
Compensation $2,532 $2,391 $141 5.6% $5,120 $4,980 $141 2.7%
Administrative 443 256 187 42.2% 938 802 136 14.5%
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%
Community Assistance 19,769 18,044 1,725 8.7% 38,034 36,296 1,738 4.6%
Financial Expenditures 1,272 1,259 13 1.0% 2,543 2,530 13 0.5%
Total Expenses 31,414 29,699 1,715 5.5% 61,334 59,303 2,032 3.3%
Revenues
Federal & Provincial Grants -11,031 -9,298 -1,733 15.7% -20,738 -18,956 -1,782 8.6%
Other Revenue -6,699 -6,946 248 (3.7%) -13,397 -13,645 248 (1.8%)
Total Revenues -17,729 -16,244 -1,486 8.4% -34,135 -32,601 -1,534 4.5%
Intercompany Charges
Intercompany Charges 30 32 -1 (4.3%) 61 63 -2 (2.9%)
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
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%
Total Transfers -214 -214 0 (0.0%) -281 -281 0 (0.0%)
Indirect Allocations & Debt
Indirect Allocations 887 740 147 16.6% 1,734 1,643 91 5.3%
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%

Variance Analysis (in thousands of dollars)

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:

Personnel Costs

The favourable variance year-to-date of $141 is a result of delays in timing to fill vacant and Ministry-funded roles.

Administrative Costs

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.

Operational & Supply

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.

Occupancy & Infrastructure

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.

Equipment, Vehicle, Technology

The favourable year-to-date variance of $125 is driven mainly by delays in implementation of HSC software implementation to support housing programs.

Community Assisstance

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.

Federal & Provincial Grants

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.

Other Revenue

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.

Community Impacts & Achievements

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.

Public Housing Operations

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.)

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 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.

Federal & Provincial Funding

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.

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