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Winder Housing Authority approves budget for FY 2015

POSTED: June 22, 2014 12:00 p.m.

The Winder Housing Authority’s next operating budget is very tentative.

Last Monday WHA passed its final budget as a part of Conventional Public Housing. By the end of the year, the quasi-governmental organization, and largest supplier of affordable housing in the county, will have converted to the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program, which allows the authority to convert to using tenant-based vouchers and Section 8 assistance.

Once that deal is done, the board will pass a budget revision, meaning the current budget has a number of variables, noted WHA executive director Michelle Yawn at the recent board meeting.

Still, a budget needed to be passed for fiscal year 2015 – which starts July 1 – and so the board members unanimously passed a budget that continues on the recent trend of being able to put nearly a quarter of the authority’s revenue into the operating reserve.

The budget includes a projected $1,869,736 in revenue and $1,345,527 in expenses, which would add another $524,209 to the operating reserve by the end of the upcoming fiscal year for a total operating reserve of $1,348,880.

It’s a big boost to the reserve fund which is expected to more than double by the end of the current fiscal year when the WHA is anticipating $460,066 in net residual receipts. The authority had just $364,605 in the operating reserve at the end of the
previous fiscal year.

The reason for the higher revenue for the upcoming fiscal year is that the authority is projecting a slight increase in a few revenue streams and a decrease in expenses. The HUD subsidy is expected to rise to $1,405,859 for FY15 and dwelling rents slightly up to $438,912.

"We’re doing well," Yawn said. "I feel good about where we’re at.

Much of the reserve money will go toward paying off a debt through BB&T, although Yawn said HUD also has the ability to take back a portion of the reserve balance if desired.



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