Monthly charges and operating budget

The OGHC board has finalized the monthly housing charges and approved the 2018–19 operating budget.

Monthly charges

These charges will be in effect until March 31, 2019. Rates are based on recommendations set out annually by Manitoba Housing.

The board has implemented a ‘Co-op Amenities Charge’ of $35 per suite, with each suite being assigned one locker and one spot in our basement level secure bike storage area. The annual housing charges are approximately what was quoted in last year’s Offering Statements. The Co-op Amenities Charge will be applied to the maintenance of shared common spaces, the elevators, and basement amenities. The amenities charge will not take effect until all building construction is complete.

The 2018-19 housing charges (including Co-op Amenities Charge) are:

1 Bedroom Suite $924
2 Bedroom Suite $1,170
Small 2 Bedroom Suite $1,038
3 Bedroom Suite $1,248
4 Bedroom Suite $1,474

Monthly housing charges include utilities (heating, cooling, hydro, and water), use of all common areas, one storage locker, and one bike spot. Housing charges do not include parking, laundry, telephone, Internet, television, or resident’s insurance.

Parking costs will be either $85 or $100 per month, depending on where the parking spot is located.

Laundry costs $2 per washer load and $2 per dryer load. Residents using the common laundry will be issued with a re-loadable card for use in these machines.

Operating budget
2018–19 Expenses
Debt servicing (mortgage) $450,200
Property taxes 105,000
Utilities 101,000
Maintenance/caretaking 59,700
Management/Administration 30,200
Insurance 15,000
Co-op Organization 10,000
Reserves 80,200
 TOTAL EXPENSES $851,300
2018–19 Revenues
Occupancy Charges (including 2% vacancy allowance) $781,200
Parking $28,900
Laundry $9,600
Guest room rentals $6,400
Co-op Amenities Charge $25,200
TOTAL REVENUES $851,300