Income in January was $57,467 which was slightly lower than both the budget of $61,025 and the prior year of $61,609. Expenses in Janury were $68,383 which were lower than the budget of $68,494. We had a deficit for the month of ($10,916) compared to the budgeted deficit of ($7,469). Expenses tend to run higher in the first month of the quarter because some expenses, such as insurance, are billed quarterly. The mortgage balance, after the January payment of $2,270 (principal $590 and interest $1,680), is $351,005.