The big news from an audit of the Eunice Housing Authority is there isn’t anything out of the ordinary unless your regard a healthy balance sheet a lack of findings.
The audit by The Vercher Group, of Jena, was for the fiscal year that ended Sept. 30, 2018. The audit was released on the Louisiana Legislative Auditor’s website in March.
The audit shows a beginning balance of $5,525,335 and ending balance of 45,277,499 — a decrease of $247,836.
Operating revenue in 2018 totaled $957,889, up 6.9 percent from total operating revenue in 2017.
Operating revenue included:
— $330,668, rent;
— $154,826, other tenant revenue; and
— $472,395, Housing and Urban Development grants.
Operating expenses in 2018 totaled $1,105,972. Major operating expenses included: $94,788, salaries; $157,844, electricity; $111,972, maintenance salaries; $155,631, insurance; and $264,799, depreciation.
A major expense was a $112,081 in extraordinary expenses.
The increase in operating revenue was attributed to other tenant revenue increasing by $26,183.
The authority’s investment in capital assets was $3,881,314, which included land buildings, building improvements, dwelling equipment and maintenance equipment.
As of Sept. 30, 2018, the authority had $888,688 in cash and $666,625 in investments and, with other items, the cash on hand totaled $1,619,020. Total assets were $$5,500,334 as of Sept. 30, 2018.
The authority’s net position totaled $5,277,499, which included $3,881,314 net investment in capital assets and $1,396,185 in unrestricted funds.
Cash on hand at the beginning of the fiscal year was $705,557 and on Sept. 30, 2018, it was $865,898.
The audit notes the authority is an apartment complex for low-income persons. The authority is related to the city of Eunice, but the city is not financially responsible.
The authority has a board of commissioners. They are listed as August Courville Jr.., chairman; and members, Rogers Allison, Darrell Dies, Bob Soileau and Penny Guillory.
HUD provides 49.2 percent of the authority’s revenue.
The authority has an executive director, Renee Fuselier. Fusilier’s salary is listed as $54,736.
Auditors did make any findings.
But the audit did report budget-to-actual comparisons had not been presented at the board meetings. Management’s reply was that the financial information will be presented at meetings.
