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Annual Operating Budget

The Annual Operating Budget as provided in Word format is to be used for all projects for which the New York State Housing Finance Agency (Agency), in its role as Mortgagee, requires budgets. The budget, approved by project ownership, must be submitted to the Asset Manager assigned to your project by January 7th. Budgets prepared for project management and/or project ownership in a format that differs from the Agency format may be submitted in lieu of the Agency format if the level of detail is at least equal to that required by the Agency format. If alternatives to the Agency format are submitted your Asset Manager will inform you if they are acceptable.

The Agency expects that your budget will be as accurate a projection of the upcoming fiscal year's cash receipts and cash disbursements as possible. The budget should reflect all project activity including expenditures from the Reserve for Replacement and Painting and Decorating Accounts. If your budget shows receipts that are less than projected disbursements please include an explanation of management's plan to cover the shortfall.

It is expected that most budgets will have a narrative attached. In the narrative all items entered on "Other" lines should be detailed. For example, all capital improvement work (which should be entered on the Other Operating and Maintenance line) should be detailed in an attached narrative. Also, any variance of 20% or more between fiscal years should be explained in the narrative. Projects can use the narrative to provide any other information that they feel will facilitate the Agency's review.

For some projects, Asset Managers may request the calculations and details that support certain budget amounts.

If you have any questions regarding the preparation of your budget please feel free to contact Kenneth Kelly, Director of Financial Operations, at (212) 688-4000 ext. 321.

Last updated: 11/14/2008 6:13:36 PM