Louisville Housing Authority Agenda and Packet 2014 09 30

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Louisville Housing Authority Management's Discussion and Analysis December 31, 2013 Using this Annual Report This annual report consists of two parts: management's discussion and analysis (this section); the basic financial statements and required supplementary information. The basic financial statements include a series of financial statements. The Statement of Net Assets and the Statement of Activities provide information about the activities of LHA as a whole. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report LHA's operations in more detail than the government -wide statements by providing information about the most significant funds. Since LHA is a single - purpose governmental, it is generally able to combine the government -wide and fund financial statements into single presentations. LHA has elected to present in this format. Financial Highlights The Authority's financial highlights for the year ended December 31, 2013 is as follows: Effective January 1, 2013, all the financial responsibilities associated with the Louisville Housing Authority was transferred to the Boulder County Housing Authority. As a result, the 2013 financial statements for LHA reflect the transfer of assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the merging entities. In August 2012, LHA's Board, the City Council of Louisville and the Boulder County Board of Commissioners, sitting as the Board of the Boulder County Housing Authority (BCHA), approved a three -year intergovernmental agreement (IGA) to support the merger of the two housing authorities and effectuate a transfer of property assets from LHA to BCHA. The agreement furthers a long- standing commitment to Louisville's affordable housing efforts and Boulder County residents. The IGA provides a sustainable solution to provide affordable housing stock, rehabilitation of LHA properties, and long -term management and maintenance of LHA properties, as well as a commitment to further expand affordable housing within the City of Louisville. Pursuant to the IGA, the properties listed below were transferred to BCHA. LHA Property Address Agreement Status Acme 504 LaFarge St, Louisville IGA Transfer completed 2012 Lilac Place 1301 Lincoln Ave. Louisville IGA Transfer completed 2012 Regal Court II 1817,88,99 Regal Ct. Louisville IGA Transfer completed 2012 Lydia Morgan 1450 Lincoln Ave. Louisville IGA Transfer completed 2012 Sunnyside Place 401 East Street, Louisville IGA Transfer completed 2013 Regal Square 255 Regal Place, Louisville Transfer completed 2013 Hillside Square 502 -5016 W. South Boulder Road, Louisville IGA Transfer completed 2013 Overview of the Financial Statements The annual financial report consists of three sections: • Management Discussion and Analysis • Financial Statements • Notes to the Financial Statements 15 5