Louisville Housing Authority Agenda and Packet 2010 08 31

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recommended that Kristin be contacted by Selena. Rob mentioned a "Meals. on Wheels" tasting as long as residents are invited. Kristin can help with organization. Scott mentioned a concern with the public parking for these activities. How does the public affect these activities as far as parking? Selena said parking instructions would go out with each event. Walt said we just want to get seniors more involved. Finance Report June financial statements All of the projects are at or above their budgeted rentals, except Lilac because of vacancies at beginning of year but will even out. Utilities are at or under their budgeted amount this month. Walt asked if there was a positive cash flow. Lisa responded that there Positive cash flow for all of the properties besides Sunnyside. Sunnyside is the only one that is tight or sometimes results in negative. Lisa stated we are always able to increase reserves annually based on excessive cash flow and address needs of each site. Over amount is used for rehab and put back into those properties. Resolution 2010 08: A Resolution Approving Expenditures not to exceed $2,500 for the sale of property to Habitat to Humanity. Frank asked that it be motioned to be approved. Terri moved to approve this resolution and Rob second it. All in favor. Passed unanimously. Review and presentation of Audit RFP Results The audit firms for the 2010 contract were reviewed, due to contract expiring for Hiratsuka Schtnitt in 2009 after being under contract from 2006 to 2009. In February the county began bidding for auditing. Six different bids were evaluated. Boulder County and BCHA choose Clifton Gunderson as auditors. The .Clifton Gunderson fees will include no increase in the first year in audit fees for LHA with a standard 3% increase annually thereafter. In 2013, it is likely that Boulder County and BCHA will switch auditors to get a different perspective due to standard practice. That would be determined through the RFP and procurement process at that time. Staff for BCHA and LHA will see a 50% reduction in time on the audits with the consolidation of the auditors to one firm and requested LHA Board approval of the RFP award recommendation. For BCHA staff, it is very difficult to have two different auditors because of having to duplicate and explain processes and procedures to two different firms Walt asked if they provide good suggestions, Chuck and Lisa stated yes for how to improve the files internal control. Steve asked about being safe with regards to embezzlement. Chuck stated there are separation of duties and who is authorized to sign for what. New auditing standards have been issued in the past few years which are more risk -based auditing standards per Lisa. Resolution 2010 -09: A Resolution Approving Clifton Gunderson as the Independent Audit Firm for the 2010 Audits of the City of Louisville Housing Authority, Lincoln Street Elderly, LTD., East. St. LTD and the Louisville Housing Corporation Terri moved to pass, Scott second it. All in favor. Passed unanimously.