Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Agency Finance topic
No spam. Unsubscribe anytime.
Hubbard County HRA pauses 2026 budget approval; staff to return revised rental projections and cash-flow format
Summary
HRA staff presented a redesigned agency-wide set of financial statements and recommended pausing final approval of the 2026 budget until rental income projections are corrected; the board also agreed to pause a banking RFP while management options are explored.
Hubbard County HRA staff presented an agency-wide financial-report format intended to give the board a consolidated balance sheet, fund-by-fund columnar activity and a property-level snapshot for the enterprise fund. The board endorsed the presentation format and asked staff to add a cash-flow report to the packet.
The HRA director recommended not approving the full 2026 budget at this meeting because the rental-income line was not yet adequately vetted. Directors agreed to wait until corrected rental budgets are returned from the property manager before finalizing the agency-wide budget.
On banking relationships, staff explained the agency currently maintains multiple checking and savings accounts across two banks (including separate operating accounts for DW Jones-managed properties) and proposed consolidating accounts to a smaller number (suggested three: a general operations account, a security-deposit account and a mural/contract-for-deed account). Board members asked whether an RFP was necessary; by consensus the board agreed to pause any full RFP and await the outcomes of rental-portfolio decisions before changing banking arrangements.
Why it matters: agency accounting and cash-flow visibility are prerequisites for evaluating management alternatives and understanding how deficits would affect levy requests or fund-balance use. Directors asked for a property-level cash-flow statement and a DW Jones-corrected set of rental budgets for the next meeting.
Next steps: staff will add a cash-flow statement option to the financial packet, request corrected budgets from DW Jones, and coordinate with the county attorney on contract-termination questions. The board will revisit the 2026 budget after those items are provided.
Ending: The board approved the financial-report format, asked for more detail on cash flow, and paused major banking changes and final 2026 budget approval until the rental projections are corrected.
