Evansville trust fund finance report: $872,518 available; $1.757 million when including committed and notes-payable balances

At the April 8 meeting of the Affordable Housing Trust Fund Advisory Committee, staff presented the trust fund’s current financial position and fielded members’ requests about packet distribution and details.

Corey Kemp, presenting the report prepared by the finance office, said TruVest had repaid $3,855.10 toward its loan and that several sums are already committed to projects. “So the bottom table on the second page, that’s money that’s actually available. So we’re looking at, $872,518.9. That's money available for future projects that we can commit whenever,” Kemp said.

Kemp explained an additional $250,000 sits in a notes-payable account that staff uses for loans that exceed the trust fund’s typical grant threshold, and he said roughly $634,000 is committed to projects but not yet on contract. He summarized those figures into an aggregate total: “So the 1.757 is the 250,000 plus the 872,000 plus the 634,000 that’s committed but not yet on contract.” Kemp and committee members clarified that the most accurate figure for funds immediately available to spend is the $872,518.9 unencumbered balance.

Committee members asked that the financial packet be emailed earlier in future months so members have adequate time to review. Gwendolyn Wagner queried whether the reported figures included the recent FY25 appropriation of $1 million; staff confirmed the appropriation is included in the totals. Members asked for the finance report to be distributed before meetings where possible to give the committee time to examine committed versus uncommitted funds.

Kemp provided no vote on the financial report; committee members acknowledged the update and proceeded to new business.