Northampton Housing Authority certifies FY25 year-end financials; auditors to review unaudited statements

The Northampton Housing Authority voted to certify its fiscal year 2025 year-end financial statements, the top-five compensation report and compliance with lead-paint notification requirements, after a detailed presentation by the authority's finance staff.

"The bottom line is that we spent 83.67 percent of our budgeted amounts," Gary Depace, the authority's fee accountant, told the commission, walking commissioners through the treasurer's report and consolidated expenditure statement as of June 30. He said a budgeted $800,000 extraordinary-maintenance line went unused because HUD did not recall excess cash, helping preserve reserves.

Depace said the authority's budgeted subsidy for the year was $2,139,830 and that the authority's earned subsidy for the year was reported at roughly $1,000,009; the authority also recorded a year-end receivable of about $328,908 expected from Boston once the year-end report is submitted. He told the board the top-five compensation variance was 2.7 percent, within acceptable audit thresholds, and that auditors will now review these unaudited statements and issue final audited financials.

Sharon Kimball, chief accounting officer, reported a write-off figure of $6,004.51 originally noted as for June but later clarified in discussion as applying to July and explained that the amounts represent debts from tenants who were long delinquent, had been taken to court and then vacated units.

Commissioners asked for clarifications during the presentation. Commissioner Tarbutton asked whether the lead-paint certification also covered asbestos; Kimball and Depace replied that the certification in this packet was limited to lead-paint notifications required by Boston/HUD and does not include asbestos remediation. Depace also described one-time financial benefits tied to mini-split installations and ongoing savings from the authority's solar-energy contract.

On the roll call for Resolution 2025-11 to certify the FY25 financials and related documents, Chairperson Carney, Vice Chair Healy and Commissioner Brooks voted yes; Commissioner Tarbutton abstained. The motion carried, 3 yes, 1 abstention.

The board was told the certified statements are unaudited management reports; independent auditors will perform the formal audit in the months ahead and report back if changes are needed. The authority also plans to carry forward reserves to support capital and maintenance projects in the coming year.

Next steps: the executive director is authorized to sign and submit the certified documents (including the top-five compensation certification and lead-paint compliance certification) and auditors will complete the formal audit that may adjust these unaudited figures.