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Plainview Housing Authority reports clean FY2024 audit; officials outline maintenance needs
Summary
Plainview Housing Authority reported a clean fiscal year 2024 audit to the Plainview City Council, with combined net position just over $2 million, occupancy at about 97% and an operational loss driven by repairs and insurance increases. The authority flagged aging infrastructure and personnel recruitment as near-term challenges.
The Plainview Housing Authority reported a clean audit for fiscal year 2024 to the Plainview City Council on Feb. 11, with officials saying there were no significant disagreements with auditors and no corrected or uncorrected entries.
"It is a clean audit, with no significant, difficulties in performing the audit, and there's no, corrected or uncorrected statements between us and the auditors," Joel Steed, chairman of the Plainview Housing Authority, told the council. Steed said the authority sent the full audit to council members by email and presented a high-level summary at the meeting.
The audit shows combined cash assets of about $1.4 million, combined noncurrent assets after depreciation of roughly $2.2 million, and combined security deposits near $51,000. Total combined liabilities were about $118,000, leaving a net position just over $2 million. Steed said the authority's net position increased by about $21,000 year over year, and operating revenues rose to about $1.2 million from $1,176,000 in 2023.
Steed attributed a slight operating loss of about $52,000 to higher operating expenses, which he said were driven by water leaks, insurance increases and infrastructure upgrades. He told the council the authority operates two properties — Gate Street (listed in the presentation as Date Street/Hade Street in some materials) and the Courtyard Apartments — and that both maintained occupancy near 97% during the fiscal year.
Council members asked about maintenance priorities. Steed said the oldest buildings (identified in his remarks as Hade Street and Harvitzen) need continued gas-line, water and electrical upgrades and some window replacements; he said many windows date to original construction in the 1960s. At State Street Apartments, he said staff plans HVAC upgrades that will require electrical work but will yield more efficient systems.
Steed also cited personnel recruitment and retention as an ongoing challenge: "Getting good people in… it's the same in across the public sector and, I'm sure, the private sector," he said.
There was no formal council vote on the audit; the council accepted the report as presented and thanked the housing authority board for its work.
Councilmembers offered no additional action; the presentation was recorded as informational and will remain on file with the city clerk.
