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Continued changes in the financial statements for the Warsaw Housing Authority are being made to make the forms more readable and, therefore, easier to interpret by members of the agency's board.
Sherri Ruggier-Milton, the board's treasurer, explained the balance sheets and operating statements to the board during Monday's meeting, including pointing out expected revenue not noted on the forms generated monthly.
The depreciation expenses (a negative) and the interest (a positive) not budgeted by the WHA offset each other and shouldn't have an effect on the year, Ruggier-Milton said.
Previous discussion about whether the board could meet less often than monthly was put on hold. WHA Executive Director Angie Shirk said that she would like to continue to meet each month until the financial statements are straightened out. Ruggier-Milton is working closely with the agency's accountant to get the items onto the statements that would best explain the WHA's finances to the board members.
In other business, the board was informed that a client of the first owner-occupied rehabilitation program conducted by the city has lost the property in a sheriff's sale. However, the status of the agency's loan is not known, nor is it positively known whether the property was actually sold. The city attorney is looking into the matter. Shirk did not know the amount of the outstanding loan.
Board members present at Monday's meeting were Ruggier-Milton, Bob Kline, Tom Lemon, Dennis Cultice and Bill Rhodes, the nonvoting city council representative of the board. Absent was Sue Charlton.
The next meeting is at 5:15 p.m. March 27 in the law office of Lemon, Armey, Hearn & Leininger.
