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snake the monthly reserve account payment without guessing if the funds were there to
cover the check. Mike agreed, and commented how reserve payments had been made in
the past so they would show up in the financial report, but were never deposited because
the general account balance was unknown. Although there was no official vote, the
Board agreed that a $7,000 reserve payment must be made with every Accounts Payable
run (usually around the second week of each month).
Rick asked if the current expense report accounted for the fluxuation in costs. Mike said
no, that it was real -time information that represented the financial situation for any given
day.
Rick suggested this might be time for an "out -of- agenda" discussion about financial long-
term capital needs. He suggested debt forgiveness is the only way to have a good enough
balance sheet to entice other funding sources. Rick explained that CHA probably has
another 5 years before major repairs to the wastewater system are required, and since no
one is stepping up and willing to help, CHA may need to expand its operations before
others are seriously willing to help.
Motion to accept the financials was made by Rick, seconded by Dana, and unanimously
approved by those present at 6:15pm.
4. Guest Comments: None
5. Committee Reports: None
b. Administrative reports: None
Estella asked if everyone had a chance to review the Director's Report and asked Mike to
briefly review any changes to his report:
Mike indicated he met with Idaho Power that indicated Farmway Village may experience
rolling blackouts or brownout this summer as an energy saving method and explained
some other ways CHA may want to participate in energy savings programs.
As discussed previously, Mike provided an update the reserve account, which is
approximately $65,000 behind schedule.
7. Old Business
Strategic Planning [Postponed until another time].
8. New Business
After -she -fact payroll. Mike discussed the benefits of moving to "after- the - fact"
payroll --- employees are paid for time worked one week after the completion of the
workweek. He explained it would be beneficial to the accounting process, and the
employee time management process. Mike explained that it would cost approximately
$9,500 in payment advances to employees to transition if all employees were given 1
week pay advance. Mike explained that it would cost approximately $3,900 to make the
transition if "by- type" payment advance consideration was given. Hourly employees
would have their payday moved back by one week, saving the $4,600 in payment
advances (which would have been extra pay, or bonuses, to the hourly employees).
Resolution: The Housing Authority change the pay period to an "after- the - fact"
method and apply "by- type" consideration for the transition not to exceed $4,000.
Motion: Rick
Seconded: Dana
Approved: Unanimously by those present at 8:OOpm.
Mike then spoke about the need to upgrade the accounting computers and software.
Mike explained how the software had not been updated since 2004, and the hardware
since 2006. Because of the upgrades in both software and hardware, CHA was finding it
more difficult to manage the financials of the organization. Mike provided the Board
with a breakdown of the cost.
Resolution: The Housing Authority proceed with updating its accounting software
and related hardware, and that CHA request of RD that reserve funds in the
amount of $10,000 be used to pay for the improvements,
Motion: Rick
Seconded: Patricia
Approved: Unanimously by those present at 8:1Opm.
9. Executive Session NONE
10. Actions Subsequent to Executive Session: NONE
11. Adjourned 5:10