Last Updated:
December 5, 2019
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Matt Dolf
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Financial A. Operating Budget
- Operating Budget: Promptly after the Commencement Date and thereafter at least 4 months prior to the end of each Fiscal Year, the Co-op will submit to the City for approval, having regard to the Performance Standards set out in Schedule F, an Operating Budget for the upcoming Fiscal Year, in a format approved by the City, showing the anticipated gross Operating Income for the Development together with all anticipated Operating Expenses. The City will endeavour to approve the first Operating Budget prior to the Commencement Date, and then each subsequent Operating Budget at least two months prior to the end of the applicable Fiscal Year. The Operating Budget submission will follow the format agreed to by the City and may be amended by mutual consent.
- Budget Deviations: The Co-op will make reasonable efforts not to exceed the total approved Operating Budget without the prior authorization of the City.
- Income and Expenses.
- The Co-op will be responsible for collecting all Operating Income for the Development, and the Co-op will be responsible for paying out of such Operating Income all Operating Expenses. Such Operating Expenses will include, but are not limited to, the following:
- the insurance required by the Lease;
- sewer, water and garbage and recycling pickup;
- Utilities;
- staffing costs;
- funding the Capital Maintenance Reserve;
- maintenance and repair of the structure, including the roof, roof membrane, bearing walls, foundations and floors of the buildings in the Development, and seismic upgrades;
- maintenance and repair of the exterior of the buildings in the Development;
- maintenance, repair and replacement of the fire alarm and safety systems;
- maintenance, repair and replacement of the heating, hot water, plumbing. electrical, sanitary and storm drainage systems;
- maintenance, repair and replacement of capital items such as stoves, refrigerators, drapes, blinds, floor coverings, hot water tanks, washers, dryers and common area furniture and equipment;
- maintenance, repair and replacement of other capital items;
- maintenance and repair of all other components and parts of the Development;
- carpet cleaning, fumigation and pest control;
- Realty Taxes and amounts payable in lieu of Realty Taxes pursuant to the Lease;
- administration costs, including accounting and legal fees;
- and all equipment. materials and supplies required to perform any of the foregoing.
- The Co-op will ensure payments are made to contracted service providers within pre- established payment periods. Any fines, penalties, surcharges, incurred by the Co-op or by the City as an expense related to Co-op error or negligence will be the responsibility of the Co-op.
- The Co-op may generate revenue from sources such as vending machines and laundry machines. Income generating opportunities will be reflected in the annual Operating Budget. The City reserves the right to review income generating opportunities in terms of impact on resident service, feasibility of the physical plant etc.
- The Co-op will be responsible for collecting all Operating Income for the Development, and the Co-op will be responsible for paying out of such Operating Income all Operating Expenses. Such Operating Expenses will include, but are not limited to, the following:
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