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Date
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January 26,
2009
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Agenda
Item No. MHGB6 Roll
Call No. 09- Communication No.
09-038 Submitted by:
Chris M. Johansen, Housing Services Director |
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AGENDA
HEADING:
The Des
Moines Municipal Housing Agency’s Comprehensive Annual Financial Report for the
fiscal year ended June 30, 2008 be received and filed.
SYNOPSIS:
Recommend
to receive and file the Des Moines Municipal Housing Agency’s Annual Financial
Report for the fiscal year ended June 30, 2008.
FISCAL
IMPACT: NONE
Amount:
N/A
Funding
Source: N/A
ADDITIONAL
INFORMATION:
The U.S. Department of Housing and Urban Development
(HUD) requires all Public Housing Authorities to have an annual financial audit
performed after the end of their fiscal year.
McGladrey & Pullen performed a financial audit for fiscal year July
1, 2007 through June 30, 2008.
The financial statements are included in the report
and their report on compliance with requirements applicable to each major
program and on internal control over compliance in accordance with OMB Circular
A-133.
There were the following two findings of noncompliance
for the fiscal year, with the response and corrective action plan:
Finding #1 – The Agency was not calculating
depreciation expense on capital assets correctly, during the fiscal year.
Response and Corrective Action Plan – The City of
Des Moines, Iowa Municipal Housing Agency has corrected the depreciation
expenses and accumulated depreciation for fiscal year ended June 30, 2008. We will continue recording depreciation
manually for the following fiscal year to ensure depreciation expense is being
calculated correctly.
Finding #2 – The Agency made Family Self
-Sufficiency (FSS) escrow payments for an individual in the program at the
incorrect amount.
Response and Corrective Action Plan – The instance
above was a staff error and has been corrected.
This Agency will create a report to enable the program manager to
monitor on a monthly basis the housing certificate escrow amount to ensure it
matches the escrow contribution on the escrow statement. If errors are found, the program manager will
document the participant file to detail the error and the correction made.
This report will be forwarded to HUD for their
review.
PREVIOUS
COUNCIL ACTION(S): NONE
BOARD/COMMISSION
ACTION(S):
Date: February 11, 2008
Roll
Call Number:
08-188
Action: Approving receipt of Des Moines Municipal Housing Agency’s Annual Financial Report for fiscal year ended June 30, 2007. (Board Communication No. 08-056
) Moved by Vlassis to receive and file. Motion Carried 6-2.