Housing Catalyst


Housing Catalyst Audit & Finance Committee - June 12, 2023

Zoom: https://us06web.zoom.us/j/83470635366?pwd=amI0REhtMjV6L1dNWnNFREtFaTJYQT09

Monday, June 12 2023

3:30pm - 5:00pm MDT

Julie Francis is inviting you to a scheduled Zoom meeting.

Topic: Housing Catalyst Audit & Finance Committee - June 12, 2023
Time: Jun 12, 2023 03:30 PM Mountain Time (US and Canada)

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Meeting ID: 834 7063 5366
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Meeting ID: 834 7063 5366
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  1. Approval of Agenda
    3:30 pm MDT
    1. Mindfulness Moment

      1-3 minute interval - bring focus to the meeting at hand.  Take opportunity to arrive into the virtual space and do good work.

  2. Call to Order
    10 mins
    3:30 pm
    1. Approval of Minutes
      10 mins
      3:30 pm
      1. Approval of May Minutes
  3. Reports
  4. Old Business
  5. New Business
    3:40 pm
    1. Budget Planning
      10 mins
      Tonya Frammolino profile image
      4:00 pm

      Tentative Special Meeting 9/25

    2. New Committee Member Discussion
      10 mins
      Julie Brewen profile image
      4:10 pm
  6. Board Report Draft
    10 mins
    4:20 pm

    Attached is the final board report.

  7. Comments | Announcements
    5 mins
    4:30 pm
    1. GFOA Award for Excellence in Financial Reporting
  8. Adjourn Meeting
    1. Next Meeting Date
      1. July 10, 2023 @ 3:30 pm - Regular Meeting
    2. Definitions & Terms

      Key terms and definitions.

Minutes Tab

Housing Catalyst
org logo

Housing Catalyst Audit & Finance Committee - June 12, 2023

Mon Jun 12, 2023 9:30 PM - 11:00 PM UTC



Present: Julie Brewen, Ann Green, Traci McGraw, Michele Christensen, Kristin Fritz, Jennifer Wagner, Lizette Mill, Samuel Seitz, Carly Johansson, Tonya Frammolino, Rachel Gaisford, Julie Francis, Tara Gaffney

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.


Next Meeting Date

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

Planning Calendar 

Definitions & Terms

Key terms and definitions.



Name Attendance

Jessica Born

Julie Brewen

David Bye

Michele Christensen

Justin Corey

Tonya Frammolino

Julie Francis

Kristin Fritz

Tara Gaffney

Rachel Gaisford

Ann Green

Carly Johansson

Traci McGraw

Lizette Mill

Samuel Seitz

Jennifer Wagner

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