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HACM CFO says agency facing cash shortages, outlines centralization and asset plans
Summary
Housing Authority of the City of Milwaukee Chief Financial Officer Brad Leake told commissioners the authority is operating with short-term cash constraints for 2024 results and outlined steps including centralized purchasing, reassessing LLC waterfalls and using an income-producing asset to shore up operations.
Brad Leake, chief financial officer for the Housing Authority of the City of Milwaukee, told the authority's commissioners on Wednesday that preliminary fourth-quarter 2024 financial results are rough estimates while staff complete the 2023 audit and finalize uploads to HUD.
Leake said the agency is “still experiencing serious cash management shortages” and that staff are holding some checks until they can confirm funds are available. To stabilize cash flow, he told the commission staff are negotiating with key vendors, implementing corrective-action plans and centralizing purchasing so developments negotiate as a single organization rather than individually.
The fiscal picture is mixed, according to Leake. Public housing operations posted an estimated $1.6 million operating shortfall…
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