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Finance review: Sonia presents August numbers; board notes her new deputy director role
Summary
Sonia presented August financial statements showing year-to-date operating results and balances across public housing, CFP and development corp accounts; board members thanked her and a commissioner announced Sonia's promotion to deputy director.
Sonia presented the authority's August financial statements, reporting operating revenue of roughly $210,007 and operating expenses of about $236,744 for public housing, producing a month and fiscal-year net loss figure staff explained in the meeting. She reviewed balances in bank and restricted funds, capital fund program balances and portfolio metrics, and explained the ELOCCS process as the HUD electronic line-of-credit upload that affects capital fund availability: "ELOCCS is the electronic line of credit system for HUD," she said.
Commissioners thanked staff for the clarity of the financial package. Later in the meeting a commissioner announced: "Miss Sonia has now become our deputy director of the housing authority," and board members congratulated Sonia. Staff will finalize paperwork and continue to monitor operating and capital fund expenses as projects move forward.
