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Authority says finances are 'in pretty good shape' and HUD funding covers vouchers through year-end
Summary
Staff reported generally positive financials but noted some revenue shortfalls; HUD-funded programs and a recently awarded service coordinator grant will be drawn down, and the housing choice voucher program is funded through December.
At its Oct. 15 meeting, the Harrisonburg Redevelopment and Housing Authority received a financial report that staff summarized as: "we are in pretty good shape." The report identified program-level variances (about $108,000 less than budgeted in one area) but credited recent grant draws and an awarded service coordinator grant that staff said allowed them to pull funds down early.
Staff also told the board the housing choice voucher program accounts were funded through the end of the year: "But, we are fully funded till the end of the year." The report included specific figures read into the record: year-to-date housing choice voucher income of about $6,800,000 and a recent monthly receipt of roughly $861,000; staff also referenced a $58,000 service coordinator grant and prior shortfall relief of nearly $2 million last year. Staff cautioned that utility and electrical costs are rising and that they are monitoring spending as the agency moves toward several project closings later in the year.
