Annual Treasurer's Report (October 2018-September 2019)

CCDC Treasurer’s Report for Fiscal Year 2018-19 (October thru September)

We own 9 properties, housing 16 tenant units and manage the Haskell House and Pauline Brown Community Center. We are in the process of building a new house at 1611 W. 10th.

If we look at CCDC income for the last fiscal year, we are slightly ahead of budget if we consider that $200,000 that was budgeted for grants for renovations at the Haskell House and for the new construction at 1611 W 10th have not yet been awarded.

Rental income was slightly lower due to more of our tenants having lower incomes. We hope this trend will stabilize. For the foreseeable future, we have had to reduce or forgive rent payments due to tenants’ loss of income due to Covid19 shutdowns and shelter in place orders.

Expenses were lower than projected, resulting in net income of $6,498.

Savings were realized from

·      Less money was spent for tenant holiday gifts.

·      Nothing was spent on walking tours.

·      Printing costs were reduced due to dropping the Historic District campaign.

Expenses greater than budgeted were related to

·      Property manager needed to work more hours due to many make ready’s with higher than usual tenant turnover, more maintenance, and additional work to prepare grant applications.

·      Greater expenses were required for repairs and make ready’s.

·      Increased tree and lawn maintenance was required.

·      40th birthday party expenses exceeded party income.

·      We subscribed to QuickBooks online to make our bookkeeping more efficient and secure and to provide for greater transparency to the Board.

Compared to previous 2 years; 2018-19 was pretty typical.

·      Income is down slightly due to more tenant turnover than seen in the past, and lower rents being charged.

·      Income from food for the Fun Fest was down in 2018-19 since food was sold by a food truck (Taco Flats), rather than by the CCDC.

·      Utilities and maintenance are higher for properties and at Haskell House. Several stoves, HVAC units, and water heaters had to be replaced in our rental units in 2018-19.

·      Event expenses were greater due to the purchase of decorations, a fan, and snow machine that will be used again in the future.

·      Printing costs were greatly under budget related to dropping the Historic District campaign.

Please see the attached 2018-19 Budget to Actual Report and the 3 Year Lookback Report for details regarding CCDC finances. (Note: the website does. not support the formatting of these reports. To obtain copies, please contact CCDC Board Secretary, Kim O’Brien, kkronzer@aol.com.)