Housing Catalyst

Call to Order

Committee Chair Jennifer Wagner called the meeting to order at 3:31 pm.

Mindfulness Moment

Chief Financial Officer Tonya Frammolino led the group in a Mindful Moment.

Approval of Minutes

Approval of November Minutes

Committee Member Lizette Mill moved to approve the minutes of the November 14, 2022 meeting. Committee Member David Bye seconded, and the motion was passed unanimously.

Approval of December Minutes

Approval of January Minutes

Reports

Q4 2022 Financial Report

Financial Overview

Director of Accounting Tara Gaffney presented the financial summary for Quarter 4 of 2022. The full presentation is located in Boardable for reference. 

Voucher Presentation

Director of Housing Assistance Traci McGraw provided an overview of the voucher program at the end of 2022, including the types and utilization of vouchers. She noted that $16.8 million has been received in assistance payments year to date.

Real Estate Presentation

Ms. Gaffney presented the financials for the Low Income Housing Tax Credit (LIHTC) properties, including the Debt Service Coverage Ratio (DSCR) for those properties. All properties are at target except Village on Plum, which continues to improve.

Old Business

Charter Compliance

Ms. Frammolino noted that there are three main components in the Committee Charter document: 1) Financial Oversight Checklist; 2) Review and reassessment of the adequacy of the Charter; 3) Committee evaluation. She is recommending that the Committee forego the annual Charter review and Committee evaluation as it has been less than a year since the Charter was adopted.

Ms. Frammolino noted that the Charter checklist is located in Boardable for use in reviewing the Charter at a later meeting.

Committee Member Mill moved to forego the annual Charter review and Committee evaluation and wait to complete these in the third quarter of 2023. Committee Member Green seconded, and the motion was passed unanimously.

New Business

Review 2023 planning calendar

Ms. Frammolino presented and discussed the 2023 planning calendar for this Committee and requested feedback with potential revisions. The calendar is located in Boardable for reference.

Committee Chair Wagner suggested eliminating the training listed on the calendar, and to hold off until later in the year to evaluate as long as staff has the time to take this on. She requested that potential training topics be listed at the bottom of the calendar that can be referenced later.

Committee Chair Wagner also suggested that, unless the need arises to address an issue, the March meeting of the Audit & Finance Committee be canceled as there are no specific issues to cover.

Some suggestions were made to improve the usability and readability of the calendar. Ms. Frammolino will follow up with revisions.

Board Report Draft

Ms. Frammolino noted that the full Committee Report to the Board was included in the packet for the upcoming meeting of the Board of Commissioners.

Comments | Announcements

Converted Accounts to Liquid Asset

Ms. Frammolino noted that a number of First Bank accounts were converted to liquid asset accounts, increasing interest income by 2-3 times each month.

Adjourn Meeting

Committee Chair Wagner thanked Committee Member David Bye for returning to join this Committee.

RESOURCES

Next Meeting Date

March 13, 2023 @ 3:30 pm - Regular Meeting