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<br />Finance Report: Lisa Ban2s <br /> <br />Lisa discussed our FASS scores. FASS 21.3 for LHA out of30. Current ratio is probably the <br />ratio we can improve on most next year. Expense points is just an indicator for Public Housing. <br />BCHA is always zero on this. If you are a troubled agency, your score is usually 18 or below out <br />of 30. Ifreserve balances increase, it improves the ratio. <br /> <br />Monthly financials: Lisa discussed the monthly financials in detail. Overall, there were <br />reductions in expenses due to a decrease in rental turns, bad debt writeoffs. <br /> <br />o Overbudget on rental income by $30K. Additional revenue will go into reserves. <br />Current year is Jan-Dec. <br />o Admin expenses under by 5% <br />o Utility expenses are under by 8% (variance in Regal Sq utilities) <br />o Maint <br />o Maint materials under by 2% <br />o Non-routine under (includes window replacement at Acme) <br />o Bad debt writeoff decreased. Nothing from May to Sept. <br />o Draw down in Dec. <br /> <br />Lvdia Mor2an income exceedin2 <br />o Tenant charges over by $500 <br />o Admin under by $500 <br />o Utility under by $3K <br />o Maint salary & contract under by $2800 (in order to make 2 tax credits cash flow, <br />difference is put in Maint; increase in budget for 2007) <br /> <br />East St exceeding budget by 4%. <br />o Interest income under by $30 <br />o Rental income higher <br />o Maint salary and contract (due to fire alarm monitoring-backflow check valves-l year <br />warranty to parts. Installed in new back flow check valves) <br /> <br />Audit RFP: <br />We got bids back from RFP. Only 2 firms responded. Significant variance in price. Panel will <br />include Frank, Lisa, Scott, Jay and Mary. Scott is out, need another board member to score <br />criteria. Depending on scoring criteria, either one or two interviews. December on board with <br />auditor. <br /> <br />Budgets: Have a separate budget session, pass budget at the Nov board meeting. Hour to <br />talk about budgets. See who can be there on Nov 14th; em ail out and find out. 8:00 a.m. <br />meeting to discuss. Draft budget and do a synopsis like monthly financials. Lisa to send <br />out email and send budget info to Callan. <br />