Louisville Housing Authority Agenda and Packet 2012 02 28

Metadata

Thumbnails

Annotations

Director's Update Frank said our biggest update is that Chuck Schloz is leaving tomorrow after being with the Authority for 8 years. We congratulate him on his retirement. Chuck said it has been an absolute pleasure working with the Board,the staff, and the residents of Louisville. He may work with Frank again in the future on special assignments. He welcomes all the new members and thanks everyone for the opportunity to work with them. Frank said we are down to a small group of finalists to replace Chuck. We should make a decision within a week. In the meantime,he will assume Chuck's duties. Finance Report Richard introduced Shirley Holt,the Finance Manager for BCDHHS. She brings a wealth of financial background and experience; working as the CFO for a hospital and a school district in Estes Park. Budget review: the presentation we gave last month had some errors in the spreadsheet. The overall budget approved is accurate but the formulas in the worksheets themselves are not correct. He pointed out the corrections that have been made. The net of the corrections is$1,430. LHA, Lincoln Street,and East Street budgets are balanced. In terms of looking at our budget,we want to move towards an automated process and staff will keep the Board updated. November 2011 Financials LHA and Component Units • LHA 2012 Budget Updates Richard discussed the Revenues and Expenditures document. See Board packet documents for details. YTD operating income of$80,493 is 32.9% less than budget. Lincoln Street Update Average occupancy rate is 98%u. Revenue total is above budget by 2.1%. Expenses are also above the budget. By9.7%. YTD total net operating income $29,161, 30.5% less than budgeted at this time of the year. East Street Limited Partnership update Average occupancy rate is 96.1%. Revenue year to date total operating income$173,121, 1.1% below current budget. YTD operating expenses$149, 598 are 2.5%above budget. Frank said that historically, we budgeted to pass individual resolutions. On the cash flow side we pay all of the expenses that move into a reserve account. The Board allocates out of that account.It would not have shown on the operating side. You will see it monthly, in terms of the revenue and expenditure line. We now have the authority to proceed on those. We will not have to officially approve non-routine items by property. We can still come to the Board for significant ones. LHA 2011 Audit Update Shirley Holt said that the auditors completed some single item testing and they are here this week-to do these properties. She works directly with them to address any significant deficiencies or issues that occurred in the prior year audit. We will make the appropriate movement of monies before the audit is 3 •