Housing Catalyst

Approval of Agenda

Mindfulness Moment

Chief Financial Officer Tonya Frammolino led the group in a mindful moment.

Call to Order

Committee Chair Jennifer Wagner called the meeting to order at 3:33 pm.

Approval of Minutes

Approval of May Minutes

Committee Member Lizette Mill moved to approve the minutes of the May 8, 2023 meeting with the addition of information on the bylaws change. Commissioner Ann Green seconded and the motion was passed unanimously.

New Business

S&P Regular Rating Process

Ms. Frammolino reported that the annual process for the Standard & Poors (S&P) rating is wrapping up. Currently Housing Catalyst has an AA- rating. S&P's criteria has changed; this will be the first time Housing Catalyst is being evaluated under the new criteria. Review of the new criteria will be added to Housing Catalyst's budget process. Final rating results will be received from S&P once all of the audits are final, approximately mid-July.

It is expected that our rating may go down slightly. If the rating goes down, there is a chance it may effect future financing. Ms. Frammolino noted that she feels this will only be a temporary downward trend and that forward hiring had impacted the EBITDA to Revenue Ratio. 

LOC Annual Renewal - HC & Villages

Ms. Frammolino reported that it is time for the annual renewal of the line of credit. After some discussion, the Committee approved the resolution to be brought to the meeting of the Housing Catalyst and Villages, Ltd. Boards later this week for approval.

Budget Planning

Ms. Frammolino shared information on Yardi's Advanced Budgeting and Forecasting module. She described and highlighted several of the functions of this new module and how it will significantly increase productivity and efficiency with budget planning. So far, there has been very positive feedback from staff about how this module works.

Ms. Frammolino reported on the budget process and timeline which is beginning this month. There will be a special meeting of this Committee on September 25 for a review and discussion of the first draft of the budget; this will be in addition to the regular monthly meetings of the AFC. The budget will then be presented one more time to the Committee at a regular monthly meeting.

She noted that there will be a budget kickoff meeting tomorrow with budget managers to discuss the timeline and process.

New Committee Member Discussion

Ms. Brewen noted that she would like to discuss this topic at the next Board of Commissioners Board agenda prep meeting with Commissioners Wagner and Mill.

Board Report Draft

The final Board report is included in the packet for this meeting. This report will be presented to the full Board later this week.

Comments | Announcements

GFOA Award for Excellence in Financial Reporting

Ms. Frammolino reported that for the ninth year in a row Housing Catalyst has won this award for its financial reporting.

Adjourn Meeting

Chair Wagner adjourned the meeting at 4:23 pm.

RESOURCES

Next Meeting Date

July 10, 2023 @ 3:30 pm - Regular Meeting

Planning Calendar 

Definitions & Terms

Key terms and definitions.