The coop’s annual report was released today showing a shortfall of $182,620, a big improvement from last year’s record $2.3 million deficit. That’s the second deficit in a row even after maintenance increases, with the budget for 2017-2018 showing yet another deficit looming.
The coop also borrowed an additional $2 million this year.
The full financial document can be downloaded from the coop’s website. (A memo posted by the elevators today said that the annual report was not being printed for everyone in order to save money.)
Some highlights from the annual report:
- Operating expenses continue to outstrip general revenue by $4 million. Only by spending the full flip tax revenue does the coop approach a balanced budget. (We wrote earlier this year about why that is a vulnerable position to be in.)
- General revenue increased $1.8 million from last year, after a large maintenance increase had a full year to play out.
- Operating expenses actually decreased slightly, which is an accomplishment given the fact that real estate taxes alone rose nearly $1 million. (This year’s decrease is mainly due to the high cost of laundry room repairs in the previous fiscal year; nothing of that magnitude happened this year.)
- Flip taxes were essentially flat year over year.