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<br />Resolution 2010-06: A Resolution Adopting a Procurement Policy that Complies with HUD <br />Handbook 7460.8 and 24 CFR 85.36 - Mandatory along with previous resolution. Steve Underhill <br />motions to approve Resolution 2010-06, Scott McKenzie seconds. Approval of the resolution passed <br />unanimously. <br /> <br />Finance Report <br /> <br />Review of 2009 Audits - Hiratsuka and Schmitt <br />Lisa Bangs gave a brief overview of the 2009 audit then gave to floor to Steve Hiratsuka. Steve Hiratsuka <br />remarked on the audit - stated that they found no errors this year. Things from the 2008 audit where <br />there were errors have been corrected. He stated that Lisa Bangs and Chuck Schloz implemented more <br />internal control to guard against human error. He commended Lisa and her staff for excellent records <br />and speedy compliance, for their excellent cooperation with audit procedures, found no mistakes, no <br />disagreements with management. <br /> <br />Lisa Bangs gave an overview of the rest of the financials. Walt Oehlkers raised a question and a brief <br />discussion was held regarding subsidized housing income going down within the Authority. <br /> <br />Discussion held regarding cash flow increases, no project with negative cash flow. Sheri Marsela asked <br />about the long-term debt schedule. Lisa Bangs gave explanation regarding this and forgivable notes that <br />end at 15 years regarding Lincoln Street, Regal Court II, and East Street. <br /> <br />Recommendation made to use positive cash flow to possibly buy down on debt before refinance due. <br />Discussion held on these issues. <br /> <br />LHA combined income statement discussed. Louisville Housing Corporation is straight forward - brief <br />discussion held. East Street increase in cash flow this year. Lincoln Street, first time did not have a <br />positive cash flow. This is covered by a reserve account. Sheri Marsela asked about possible refinance. <br />This is coming up in 2013. Tabled until later. <br /> <br />The need to monitor the budgets for Lydia Morgan was discussed. Increased outgo because of problems <br />with heating system, etc. <br /> <br />Property Management Update: Frank Alexander introduced Chuck Schloz, Don Roybal, and Sally Vigil. <br />Sally announce that they have begun scheduling a monthly meeting with the residents of Lydia Morgan, <br />the 1st Tuesday of every month at 1 :30. This is to allow the residents to have an open forum to discuss <br />any issues they feel need attention. Maintenance will have a representative at these meetings and Kristin <br />Durso will be there as the senior resident coordinator. These meetings will be to address any issues and <br />to make sure the residents are being heard. <br /> <br />Sally has now begun to hold office hours once a week, every Thursday from 8:00 am to Noon. Her office <br />will be open to the residents to discuss their needs. <br /> <br />Scott McKenzie asked about the perceived problem of return phone calls from Maintenance. Don Roybal <br />addressed this issue. Maintenance is in Louisville area 3 days a week and any routine maintenance calls <br />will be responded to by the maintenance worker in the area per the monthly scheduled adopted by the <br />Authority. Further discussion was held regarding issues of heating, hoW the thermostats work, what <br />possible fixes are available and estimations of costs for repairs and replacements. Estimates have been <br />requested to be obtained within the next 2 to 3 months. <br /> <br />Property ManaaementlMaintenance Reoort: Rent and Occupancy Uodate and Monthly Rental <br />Vacancy Report <br />Report is in the board packet. <br /> <br />2 <br />