|Annual Operating Budget|
How does OCH receive and utilize its financial resources? With an operating budget of $143.8 million for 2013, OCH’s revenues amount to $75.6 million in subsidies, approximately $47.1 million from rent geared to income (RGI) rent payments, and another $16.3 million from market rents. A small amount of revenue is also generated by non-rental activities such as parking fees, laundry and rooftop antenna rentals.
Given the size of its housing portfolio, it’s no surprise over half of OCH’s total expenses (55%) go towards fixed costs like utilities, property taxes, mortgages and debentures. Other expenses such as staff salaries, maintenance materials and contracted services make up 35% of expenses and have a direct impact on tenant service. Roughly 10% of our budget goes into Capital Reserves, which is used to fund major building improvements.