VP Housing Authority hears audit report, is owed more than $20 thousand from city
The Ville Platte Housing Authority’s board Tuesday heard from Certified Public Accountant Shirley Vige on its audit report and heard from its executive director Grant Soileau that it is owed in excess of $20,000.00 from the City of Ville Platte for overbilling on utilities.
Vige explained the board showed a loss on the last fiscal year. However, he explained, “If you deduct that loss and add back income of the subsidies and transfers and add back depreciation, your loss is $23,000 for the year.”
According to Vige, the loss was in part due to paying the insurance payments twice last fiscal year. With that factored in the equation, Vige expressed, “you’re basically at a break even point for the year.”
Vige went on to express the board is in good financial shape with plenty of cash on hand and stated the board has done a good job of saving money over the years.
The Housing Authority has a total fund balance in the amount of $6,719,859.50 and total liabilities and net assets in the amount of $6,938,605.96.
Executive Director Grant Soileau then reported the City of Ville Platte “overbilled the Housing Authority on the water.” He added, “The city owes the Housing Authority $18,899.63 and on the sewer $1,811.66.”
He went on to report, “a motion was made at the last meeting to deduct it from Pilot toward taxes. A total of $20,711.29 would be deducted from Pilot.”
As Soileau explained, Pilot is an annual fee the Housing Authority pays to the city on rents collected. The Housing Authority owes the city $28,554.31 in Pilot fees but will only pay $7,843.02 because of the overbilling.
Soileau further reported, “The state is mandating anybody who has a water meter that has more than three dwellings on it has to put a back flow prevention valve.”
The cost for each valve, according to Soileau, is approximately $3,500.00, and the Housing Authority would need to purchase 12 for a total cost of approximately $40,000.00.
As a result, the board voted to revise its capital funding budget and take 20-percent instead of the usual 10-percent. The additional 10-percent would generate a total of $98,982.00 to put into the general fund and used for the back flow prevention valves.
In other business, the board:
• renewed the part-time employees.
• and accepted the low bid for tree removals.