Louisville Housing Authority Agenda and Packet 2012 01 24

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strong. The organization is strong and he feels confident we can move on. Chuck will probably help us in the future with little projects. His sense of humor is one of the most important things around. This is the first time in the authority's history that Sherry Marsella hasn't been at the table. A significant challenge in Louisville has been the commitment level in the City to housing programs and the difficulty to proceed on the vision that you may have as a board, without the resources required to do some of that work. Update from October 11, 2011 City Council Study Session Terri said that it was a brief discussion so there are no next steps to follow up. There was an update on the Habitat property, the timeline for that, and what our hopes and goals are. Finance Report a) October 2011 Financials LHA and Component Units Richard went through the finances taking a different tact. He said that when you look at the financial health of an organization, you want to combine balance sheet, assets and liabilities and track it against your performance, revenue and expenses. He is looking at the rent/revenue side as well as the expense side. Looking at our reports he is looking at communicating the information to the board at a higher level. He is looking at ways to communicate financial information in a way that is helpful to the board. He is open to comments and looking at ways to improve the process. He gave a summary of the balance sheets included in the packet, the revenue and expenses operating statement, and the current budget. There are write ups in the packet relating to each of the properties, with current budget compared to current revenues and expenses. Terri said she appreciates the summaries and Richard taking the time to touch on where he is pulling the numbers from. As we move forward with newer board members, we should have a section in our retreat specifically addressing how to read the statements. *PUBLIC HEARING ON 2012 LOUISVILLE HOUSING AUTHORITY BUDGET. COLORADO NOTICE IS HEREBY GIVEN THAT the Housing Authority of Louisville, Colorado (the "Louisville Housing Authority "), will conduct a public hearing concerning the approval of the 2012 Budget, for the calendar year beginning the 1st day of January 2012 and ending the last day of December 2012. All interested parties are invited to present comments at a public hearing regarding the 2012 budget summarizing revenues and expenditures. Richard and Kristyn turned the Board's attention to page 27 of the packet. They walked through all the budgets as well as reviewing other routine expenses that are administrative in nature; legal, auditing, and banking fees. Louisville Housing Authority budget. The proposed 2012 budget is the column we are acting on today. This budget is a total of $539,328.00. We have looked at our revenue site, tenant rates, reviewed our process to schedule maintenance, and talked and met with maintenance managers to identify projects scheduled. Richard said that salaries and benefits have climbed about 12 %. Kristyn explained the budget for maintenance. We had about a 3% increase in salaries going into 2012, with a 12% increase in benefits. It is all driven by other calculations.