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The IGA sets up very specific perimeters and holds us to a high standard. <br />the balance sheet remaining high while the property aspect shrinks. <br />Ernie said that this is the additional component to the whole event. The involvement of this starts with <br />discussions from the past, and this is the financial presentation that says everything was done well. This <br />helps pass the sniff tests for the whole transaction that all the reporting was done and that independent <br />parties say that everyone should feel good about everything that has happened on the legal side, the public <br />side, and now the numbers side. <br />Terri said this was a wonderful report. Everything went through effortlessly, showing everything to the <br />public that everything expected has been met and transparent. <br />Aaron saidHousing Authorities are the most complex organizations and that Richard and his team have <br />done a very good job. <br />May and June Financial Statements <br />Richard presented the report, as seen in the board packet. <br />-Correct second line to state total assets are $2,000,000. <br />-There were no significant balance sheet items to report this month. <br />-Current June assets is $617,000 <br />As we discussed, we are monitoring how these transfer transactions impact and shift the operating side of <br />the organization. We make sure that if an asset moves that we are marking that budget portion and <br />moving it with it. Wewill then have no operating experience that looks out of kilter. <br />-Net operating income for June is a loss of $235,000, composed of depreciation. <br />-The donation of the property totaled$226,800. <br />-As of June you will always see this loss item in the YTD column. <br />-Current operations include maintenance and program support, along with the transferring <br />property assets to BCHA, we continue to have a solid and mutual commitment from BCHA and <br />LHA to provide affordable housing for the residents of Louisville. <br />Sunnyside <br />-17 units with a 99.2% occupancy rate <br />-No significant changes to the balance sheet. <br />-YTD net operating income is a loss of $20,131 in June compared to $24,796 in May. <br />Richard and Aaron excused themselves to attend the BCHA meeting. <br />Intergovernmental Agreement Update <br />Frank presented an update on the dissolution of Louisville Housing Corporation. <br />Property Management Update <br />-Walt has not heard any negative comments from Lydia Morgan. <br />-The no cigarette smoking status has improved. <br />-Along with Aspinwall, we will be renovating Lafayette Villa West. <br />-We intentionally held Lydia Morgan apartments for relocating tenants to temporarily move into <br />for a few weeks and then back into their units. <br />-It is very difficult to relocate seniors. <br />-Some residents have permanently relocated to Josephine Commons. <br />- <br />combination of new construction and rehabilitation of 95 units, at a $39,000,000 price tag. We <br />are using the Tax Credit equity and the equity in the properties to create a bigger financial <br />package so we can have more new construction equity and equity to do the rehabilitation. <br />5 <br />