Rochdale Village Bulletin
Page 6
February 2013
Controller’s Report
-- by Darius George, Controller
Financial Overview - January 2013
The corporation is approaching the end of another fiscal year. January ushered in the tenth month of operations in the current financial year. While the financial picture of the development continues to show improvement there are significant budget overages in building maintenance. Aging buildings require more maintenance and that is evident at Rochdale Village. Services performed by outside contractors in the various expenses categories exceeded budgeted amounts by $2,491,641. The major drivers of the overages are apartment restoration and repairs, electrical repairs, roof repairs, plumbing and asbestos abatement associated with the plumbing repairs. Revenues for the year are $59,517,825 which is 1% within budget estimates. On the other hand expenses totaled $55,005,596 or $3,107,448 over budget. The corporation continues
to make major investments in capital improvements of property, plant and equipment. Year to date the corporation investments in capital improvements amount to $4,582,443.13. Due to the high number of delinquent cooperators and the accounts receivable balance the corporation expenditure to collect the arrears so far this year is $492,487 or $159,154 over budget. Additionally the corporation wrote-off $442,482 of tenant receivables as bad debt expense. As of January 31 accounts receivable was $1,830,723.22. Spread amongst 1,936 cooperators. Cash inflows for the month of January were $6,913,146 whereas cash outflows were $6,178,355. Sources of cash inflow were from cooperators carrying charges, commercial tenants, equity and restoration deposits and refund from the Internal Revenue Service. The refund was due to
NEW HOURS FOR ROCHDALE LEGAL DEPARTMENT Beginning February 4, 2013, the Legal Department will see cooperators by appointment only. There will be no walk-ins. Available times for appointments with the legal department are set forth below:
Mondays: 12:00pm-3:00pm and 4:00pm-6:30pm Wednesdays: 9:00am-12:30pm
To schedule an appointment with the Legal Department at one of these times, please stop by the management office and speak to the receptionist, Gwendolyn Springle. You can also call Ms. Springle at (718) 276-5700 during normal business hours to schedule an appointment. Please note that Jacqueline Young has replaced Selina Johnson as the Legal Coordinator. This schedule for appointments is being implemented in order for Ms. Young to efficiently carry out her duties, including scheduling court cases. Please note the Legal Department typically handles matters that include (but is not limited to) arrears and cooperator complaints. We thank you in advance for you cooperation with this policy.
operating losses in the previous fiscal year. Outflows of cash for the month were mortgage payments, capital investments, insurance, real estate tax escrows, wages and employee benefits and vendor payments. As of January 31 working capital account consisted of accounts receivable in the amount of $1,830,713, accounts payable and accrued expenses in the amount of $3,593,062. Cash available as of January 31 to pay operating expenses were $4,204,803. As of January 31 cash held in various escrow accounts to fund contingencies and capital improvements are $19,720,538. In addition the corporation has a selfinsurance escrow account with a balance of $1,515,520 to fund past and future losses not covered by existing and past insurance policies. In November of 2012 the accounting office assumed responsibility of the
parking facilities throughout the development. At that time Rochdale Village system of recording keeping for the parking facilities was outdated. With the approval of management my office coordinated and implemented new software to capture the vehicle information such as year make and model. The Public Safety personnel patrolling the parking lots will be equipped with laptop computers that will help to identify the owner of the space when responding to cooperators complaints about illegally park vehicles. My office inherited 64 vacant parking lot spaces. There are now 18 vacant spaces. My goal is to have zero vacancy by the end of February 2013. I must thank my staff and management with helping make the improvements that I promised a reality.
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