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Status and Possible Outcome of a Recent Financial Audit: <br />Reviewed with Lori Cannon, CPA, correction made but report not submitted prior to deadline. <br />Several factors went into this occurrence: (termination of Executive Director, credentials for <br />Interim Executive Director not received in a timely manner). Past PHA level of performance <br />" high" and may possibly be lowered to "substandard" due to grade of 0/zero on this audit due to <br />deadline passing. Levels of Performance: HIGH, SUBSTANDARD and TROUBLED. HUD field <br />office advises that a perfectly good explanation can be given for the deadline being missed which <br />may help PHA not have performance level lowered. Also: accountant Sabrina Puliam with Urlaub <br />Accounting (PHA's primary accountant) advises PHA has not been collecting rent as needed. <br />• RESOLUTIONS: <br />2023-021 2024-2025 BUDGET <br />A Motion was made by Board Member Steve Smith and seconded by Board Member Beverly <br />Johnson to accept the 2024-2025 Budget as presented by Interim Director Hubbard. Motion <br />carried 4 ayes - 0 nays. <br />• EXECUTIVE SESSION: <br />Jenny Wilson, Vice Chairman, closed the Open Session at 10:00 a M. The Board of <br />Commissioners convened in Executive Session, pursuant to Section 551.074 of the Texas <br />Government Code to discuss personnel matters. <br />The Board of Commissioners reconvened in Open Session at 1 1: 02 a.m. Jenny Wilson, Vice <br />Chairman, stated NO ACTION taken during Executive Session. <br />• There being no further business, a Motion to adjourn was made by Board Member Steve Smith <br />and seconded by Board Member Derrick Hill. Motion carried 4 ayes - 0 nays. Jenny Wilson, Vice <br />Chairman adjourned the Meeting at 11:03 a.m. <br />APPROVED THIS: <br />zc—fid <br />Date <br />ik4ny Wim, Vice Chairman <br />Beverly Johnson, Acting Secretary <br />3 <br />