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<br />MEETING MINUTES OF THE <br />LOUISVILLE HOUSING AUTHORITY <br />Tuesday, November 14,2006 at 8:00 a.m. <br />Sunnyside Community Room <br />Louisville, CO 80027 <br /> <br />Commissioners Present: Jay Keany, Doris Fasbender, Scott McKenzie, Terri Abbott <br /> <br />Commissioners Absent: Callan Childs <br /> <br />Staff Present: Lisa Bangs, Finance Manager; Mary Corbat; Staff Accountant <br /> <br />Others Present: Sheri Marsella <br /> <br />Meeting was called to order at 8:00 a.m. by Jay Keany, Chair. <br /> <br />Lisa Bangs presented the proposed 2007 budget in summary outlining increases and decreases in <br />revenue and expenses from the 2006 budget to the 2007 budget. <br /> <br />Jay questioned the management fees for each site and whether it was a maximum increase of 5% <br />per year or an automatic 5% increase. Lisa clarified that it was an automatic 5% increase and <br />that these will be reviewed and new management fees for 2008 based on costs. Jay <br />recommended reviewing this action early in June 2007 to allow time for discussion. <br /> <br />Jay questioned the administrative costs to each site in addition to the management fee. Lisa <br />explained that these are costs associated with the audit, legal, supplies, bank fees and insurance <br />coverage that get allocated on a yearly basis. Jay requested that these expenses get allocated <br />monthly and Lisa agreed to begin with the November 2006 financial statements. <br /> <br />Jay questioned whether there was a policy for required reserve balances. Lisa explained that <br />there was not such a policy, but it should be equivalent to three months operating expenses. Jay <br />recommended we create a resolution for a policy on reserves in January 2007. <br /> <br />Lisa went through each budget individually and the following recommendations were made: <br /> <br />Put in inflation factor for utilities across the board from 2006. 3% for water, sewer, electric and <br />gas. <br /> <br />Provide detail of insurance expense by property at the next meeting. <br /> <br />Put in $500 for admin legal expense <br /> <br />Budget bad debt expense as 2% of rental income across the board. <br /> <br />Partnership Admin Fee from LSEL should be $6,240 not $11,440. <br /> <br />Explain the increase in garbage and trash removal for Hillside, Lilac, Sunnyside from the 2006 <br />budget to the 2006 actuals. <br />