Louisville Housing Authority Minutes 2008 02 26 DRAFT

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The board did a preliminary discussion about the land. Director's Report Resolution 2008-02: A Resolution Designating the Chair of the Louisville Housing Authority Board Terri would like to appoint Callan Childs as the chair of the LHA. Scott seconds. Terri motions to appoint Callan Childs as LHA chair. Doris seconds. All in favor. Resolution passes unanimously. Doris nominates Terri Abbott as Vice Chair, Scott seconds. All in favor. Approved unapimously. Meeting between the Board of Commissioners of the Louisville Housing Authority and the Louisville City Council tentatively scheduled on Tuesday, March IJ~h,,20\0~ Will be discussed later in the agenda. ////.//1 Ii/I 1...../ ! 1./ Finance Report ( L../J (;1 i Review of January 2007 financial statements/January Paym~l'(t D~i~il R,lep~rt Lisa reviewed January financials.,/\ .. I 1 I i r , : - i \ // . /"~'~'\ // ( ,I I I I t \,'>~~::// Non-Routme Expense~/'. ..// ii,! !) ,/; I \ I \...../ Lisa is working ol)..r~l1ab sche~ule\ang,wiL~jfriclud'e it:1ri n,exi mont~'s \!?oard packet e:i,' (\ \ ;/1 / ///") tIc) ./ // 200 A d" U L I H" k' ld S' h:" !; //1 / 7 u It pqat~: Iratsu ~ an c mitt ! \/)> \ .../ The auditors were qut the last vfe4 in January fo'rtheimdit. Since then, Lisa has made revisions. LHA1is ,n partner r!ivi~w cutre~t1y and is subject to change. On page 7 is management dispu~sion andaqalysis,rodisclose year's operations. One major change is the voluntary transfer d,f HCYto/BCHA. Lisa discussed changes from 2006 and 2007 as shown in the board packel. I . Pages 13-18 are summaries of financial statements. Lisa reviewed page 17 that shows the net increase or decrease by property. Pages 19-26 are notes to financial statements. It gives the basis of accounting and how things are accounted for. Page 25 shows $1.4 million is still owed on properties. Lisa reviewed Lincoln Street and East Street in board packet. For East St. as of 2/25/08 the prepayment penalty is $210,000. Lisa estimated on 6% note it would be an increase of $626/month, or $55,000 through maturity of the note. At 5% note it would be an increase of $1,400/month or $125,000 through maturity of note. Lisa will draft an RFP for the financing package of East St. in the next two months and work with Steve Underhill on the review before it is release