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Board accepts audit with no findings and authorizes HUD submission
Summary
The board received the audit delivered the same day, the presenter said there were no financial findings, and the board voted to approve the audit for HUD submission.
Michael opened discussion of the annual audit by apologizing for the timing of receipt and noting the authority had received the audit that afternoon. "I'll start by apologizing for the lateness, at the receipt of the audit," he said, but reported the audit contained no financial findings and encouraged the board to review notes and debt schedules.
A motion to approve the audit as presented was made and seconded; the board approved the audit by voice vote and instructed staff to proceed with submittal to HUD. Board members expressed relief that the audit contained no findings and discussed how upcoming debt retirements will free funds for community development in future years.
