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HomeMy WebLinkAbout2019.11.21 - Minutes, Housing Authority R:Board Meeting Minutes 2019 Board Meeting Minutes November 21, 2019 Chairman – Nicholas V. Hill, Sr. Members Present Members Absent (Excused) Staff Present Nicholas V. Hill, Sr. Ayodeji Badaki Corinne Guglielmini Tasha Walls Ronnie Brezler Keith McMunn David Pool Stan Steele Marlene Benson Bill Beard J. Mike Stephens, Auditor 1. The Regular meeting was called to order by Chair Nicholas V. Hill, Sr. at 12:00 pm. 2. There were no public comments noted. 3. A motion to approve the October 2019 minutes was made by Mr. Pool and it was seconded by Mr. Beard. Motion passed. 4. Mr. Stephens discussed HAWC’s FY2019 audited financial statements which were still in draft form. There were no adjustments to be made and there were no findings. The financial statements are due to the Department of Housing and Community Development on December 1, 2019 and to REAC (HUD) on March 31, 2020. He expects that we will meet these deadlines. Draft of the FY2019 audited financial statements were approved with a motion by Mr. Beard and a second by Mr. Pool. 5. Resolution 2019-22 – Change vacation carryover in Employee Handbook. Vacation hours carryover was raised from 240 to 280. Motion made by Mr. Beard and it was seconded by Mr. Pool. Motion passed. 6. Mr. McMunn discussed the signing of the Management Agreement for Springfield Manor. Since it was last signed in May 2019 legal had made additional changes which required a new document with signatures. Motion made by Mr. Pool with a second by Ms. Walls. Motion passed. 7. Financial Report - Mr. McMunn reviewed the narrative for HAWC and the Francis Murphy financials for the month of October 31, 2019. The favorable net revenue variance continues to be driven by HCV in October. October’s net revenue was over budget due to the favorable variance in the HCV fund. We received some push back from Rural Development regarding Monterey as the request for the rent increase hadn’t gone through but expect to be resolved in November. Total expenses for October are also favorable to budget. Contributing to the COCC variance is a reduction in IT expenses. YTD expenses are under budget and favorable. The 5- year CD matures in November. We are investigating short-term investments (3 month CD) anticipating the need for the cash in future acquisitions. Revenue for Francis Murphy for October was a budgeted levels. YTD revenue is over budgeted representing the tenant phone revenue that was not budgeted. Total expenditures were also at budgeted levels. The proposed FM budget for FY2020 was submitted to Robinwood Associates and DHCD. The submission has been approved by Mr. Hersch. 8. Executive Director Report - Discussion held regarding Milestone Garden Apartments. We were holding off making an offer. They have an offer on the table for $10M but the complex is 50 years old and has no reserves for the 168 units. As for Francis Murphy, Sonny Hersch has had no communication with us other than approval of the budget. Interfaith Housing has asked to see our FM budget and they are now under litigation with Mr. Hersch. We expect to manage the property until at least December 2020. Employees will receive one week’s pay as a bonus this year for all the hard work they’ve done. Our PIC score for last month was 100.4%. We are also getting lead free certification for our scattered homes. Out of 25 homes 20 have been completed. Motion made by Mr. Pool with a second by Ms. Walls to approve the Executive Director’s report Motion passed. 9. Washington County Housing Solutions – no new business. 10. The meeting adjourned at approximately 1:16 pm. 11. Next meeting on Thursday, December 19, 2019 at 12:00 pm.