Sheridan Housing Authority reports HUD reconciliation, bank transfer and moves to adopt utility allowances

At its Dec. 8 meeting, the Sheridan Housing Authority reviewed monthly finances and program status tied to the Housing Choice Voucher (HCV) program.

Finance staff reported that HUD completed a management-fee reconciliation and added roughly $8,000 to Sheridan's September management fees, lifting that month's management fee receipts to about $21,000 instead of a typical $12,000. Staff explained a bank conversion (to A&B bank) produced elevated bank-statement balances and deposit timing effects; about $93,000 of those balances represent receivables billed to Englewood, and Sheridan carried a payable to Englewood of roughly $70,000 that staff expect to clear in December.

Staff also reported the authority's restricted net position was negative about $32,000 at the time of the presentation, a shortfall staff said HUD will likely reimburse in early 2026 or reduce over December to approximately $10,000. "We'll be requesting money to make up that negative restricted net position by year end," a staff member said during the presentation.

On program metrics, staff said the HCV program leased up 133 of 181 vouchers in September and that about 18 vouchers remained with other housing authorities and were billed back to Sheridan. The average contract rent was reported near $1,900.

The authority also considered and approved Resolution No. 5, Series 2025, adopting the HUD-based utility allowance schedules (single-family and multifamily) to take effect Jan. 1. The motion was made by Board Member Whitaker and seconded by Board Member Kamacho; the action passed unanimously.

The board approved the minutes, financial report, program report and manager report by unanimous vote and adjourned the Housing Authority session at 6:26 p.m.