Housing Catalyst

Sep
25

SPECIAL MEETING - HC Audit & Finance Committee - 2024 BUDGET

In person: Housing Catalyst Mountain office conference room

Monday, September 25 2023

2:00pm - 5:00pm MDT

This is a special meeting of the Housing Catalyst Audit & Finance Committee for the express purpose of reviewing the 1st Draft of the 2024 Budget. 

This meeting is scheduled from 2:00-5:00 pm and will be held in person at Housing Catalyst's Mountain office.

Agenda

  1. Mindfulness Moment
    2:00 pm MDT

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

  2. Call to Order
    Jennifer Wagner profile image
    2:00 pm
    1. 2024 Budget Review
      75 mins
      Tonya Frammolino profile image
      2:00 pm
      HC FY2024 Budget Report
  3. Reports
  4. Next Meeting Date
    5 mins
    3:15 pm
    1. REGULAR MEETING - October 9, 2023 @ 3:30 pm
  5. Adjourn Meeting

Minutes Tab

Housing Catalyst
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SPECIAL MEETING - HC Audit & Finance Committee - 2024 BUDGET

Mon Sep 25, 2023 8:00 PM - 11:00 PM UTC

Attendance

Members

Present: Julie Brewen, Ann Green, Traci McGraw, Kristin Fritz, Jennifer Wagner, Lizette Mill, Samuel Seitz, Carri Ratazzi, Justin Corey, Carly Johansson, Tonya Frammolino, Rachel Gaisford, Julie Francis, Tara Gaffney, Jessica Born, Karen Dunbar

Absent: Michele Christensen, Angelika Lintner, Eric Lea

Mindfulness Moment

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

Call to Order

2:02 pm


Reports

2024 Budget Review

Chief Financial Officer Tonya Frammolino noted that this meeting is devoted to reviewing the draft of the 2024 Budget. The full presentation is located in Boardable for reference.


She explained the budgeting philosophy utilized noting that this is the second year using the the Yardi module, Advanced Budgeting & Forecasting; the process was much faster and more efficient than in the past. She explained that the cost allocation process was restructured to reflect the time spent on department management; there was a thorough review by Leadership Team members to ratify and endorse the final product. Autonomy was maintained among departments and properties to ensure long-term viability.

Key budget assumptions were reviewed (see report and slide deck).

By the end of the meeting, will look for approval from the committee to submit the budget to the full Board at its October meeting.

Each Department provided an overview of their respective areas.

Tara provided an overview of the 2024 parent results.

Agreed that staff will make a few revisions based on questions and discussion to clarify language. Additionally, will make couple edits that will impact the bottom line, but not materially.  Finally, will attach the a list of definitions for reference.

Julie Brewen, CEO discussed evaluating the S&P vulnerable rating against the mission of the agency.  The goal is to maintain a level of services and performance towards mission which may take precedence over the rating. 

The Finance team will shorten the presentation for purposes of showing to the Board; goal would be to limit to under 45 minutes and target doing a dry-run to AFC at their next regular meeting in October.  At the October meeting the staff will seek AFC approval to present to the full Board at the October Board meeting.

Next Meeting Date

REGULAR MEETING - October 9, 2023 @ 3:30 pm

Adjourn Meeting

Attendance

Members

Name Attendance

Jessica Born

Julie Brewen

Michele Christensen

Justin Corey

Karen Dunbar

Tonya Frammolino

Julie Francis

Kristin Fritz

Tara Gaffney

Rachel Gaisford

Ann Green

Carly Johansson

Eric Lea

Angelika Lintner

Traci McGraw

Lizette Mill

Carri Ratazzi

Samuel Seitz

Jennifer Wagner

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