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Annual Report 

Financial Highlights

February 2008

 

FYE 2007 ACCOMPLISHMENTS AND INITIATIVES

BACKGROUND

The Rockford Housing Authority owns or manages 12 affordable-housing sites, offering over 2,000 subsidized units, including 300 scattered sites throughout the city for the disabled, elderly and the poor. We also manage over 1,700 Housing Choice vouchers that provide rent subsidies in the private market to households throughout the city.

During 2007 there was an average of 1,500 applicants on our public housing waiting list. The average wait for public housing in Rockford can be as long as 3 months. We also now have over 3,000 applicants on our Housing Choice Voucher waiting list. The average wait for this option is 5 years.

FISCAL YEAR 2007 ACCOMPLISHMENTS

The RHA's 100 members of management and staff serve over 5,000 residents throughout Rockford. Additionally, we use over 50 different contractors, vendors and consultants to provide goods and services in excess of $3 million annually.

In 2007, the RHA Housing Choice Voucher Program pumped more than $10 million into the local economy in the form of rent subsidies, utility allowances, landlord payments, and vendor payments. 

RHA Public housing managers continue to have more decision making control. In the past, we initiated more aggressive reviews of the revenues and expenses for each of our sites. The HUD subsidy for each site is dependent on its performance as well as its ability to deliver a quality product. This requires close financial scrutiny to capitalize on efficiencies and identify future challenges.

We have also combined capital and operating funds to maintain and improve housing programs at the site level. This enables us to allocate resources based on site needs and priorities.  Closer review of capital expenditures at the site level is also being performed.  Moving all accounting and budget responsibilities to the RHA finance department in early 2007 helped accomplish this task.

MAJOR INITIATIVES

During 2007 the Rockford Housing Authority’s management, maintenance and finance operations successfully completed a significant restructuring in order to comply with HUD’s requirements for project-based management. We have submitted the required documentation to HUD on time showing that we have satisfied their requirements regarding project-based management and project based accounting.

During this process we continued to provide quality service to our community as evidenced by the results of a Tier 1 review performed by HUD.  This review, essentially a comprehensive operational audit of our entire organization, resulted in compliments in almost every major area of operations and staffing.

At the same time, we moved forward with one of our major development initiatives. Our plans for the Jane Addams site, which were first announced in 2006, are moving forward.  We have relocated all residents to alternative housing and are ready to begin demolition. This initiative will improve both the character of the neighborhood and provide improved housing opportunities for the current Jane Addams residents. 

To improve the safety and well being of our residents we have initiated additional security on all family sites have enhanced security in our high-rise buildings. We have also improved the general appearance or “curb appeal” of our various sites, which should enhance our image and marketing efforts.

This past year our Resident Services Division achieved national recognition for our family self-sufficiency and our neighborhood network programs. We are also now administering the family self-sufficiency program for the Winnebago County Housing Authority.

Both our short-range goals and long term plans provide the opportunity for a better quality of life for our residents and neighborhoods by diffusing the concentration of poverty. As the RHA continues updating its inventory of existing public housing, we hope to replace our most distressed communities with the mixed-income model. This model will help the RHA meet the increasing demand for public housing in our city without creating pockets of poverty and urban blight.

FINANCIAL STATEMENTS

 

ROCKFORD HOUSING AUTHORITY STATEMENT OF NET ASSETS ALL FUND TYPES
SEPTEMBER 30, 2007 EXHIBIT A
                             
ENTERPRISE FUNDS     GOVERNMENT FUNDS 2007 2006
LOW RENT SECTION 8 ROSS TITLE I TOTAL TOTAL
                             
ASSETS                          
                             
CURRENT ASSETS
Cash and Cash Equivalents $ 1,343,888 $ 6,237,481 $ 525 $ $ 7,581,894 $ 6,139,140
Investments 1,500,484 246,981 1,747,465
Accounts Receivable, Net Allowance 267,419 70,262 15,056 352,737 697,547
Prepaid Expenses 151,660 8,872 160,532 88,572
Material Inventories - Net 111,416 111,416 215,717
Notes Receivable - Current Portion 40,000 40,000
Interfund - Accounts Receivable 262,926 11,614 274,540 840,042
Total Current Assets 3,677,793 6,575,210 15,581 0 10,268,584 7,981,018
NON CURRENT ASSETS
Land, Structures and Equipment 33,121,709 2,056 33,123,765 36,874,341
Notes Receivable - Long Term 414,111       414,111 514,111
Total Non Current Assets 33,535,820 2,056 33,537,876 37,388,452
TOTAL ASSETS $ 37,213,613 $ 6,577,266 $ 15,581 $ 0 $ 43,806,460 $ 45,369,470
         
LIABILITIES AND NET ASSETS                        
                             
CURRENT LIABILITIES
Accounts Payable $ 865,009 $ 120,117 $ $ $ 985,126 $ 1,217,753
Accrued Liabilities 82,334 3,438 85,772 96,153
Trust Deposits 102,533 316,648 419,181 413,255
Deferred Revenues 525 525 2,815,178
Interfund - Accounts Payable 259,484 15,056 274,540 840,042
Total Current Liabilities 1,049,876 699,687 15,581 0 1,765,144 5,382,381
NON CURRENT LIABILITIES
Accrued Compensated Absences 340,746 30,949     371,695 369,313
Total Non Current Liabilities 340,746 30,949 371,695 369,313
           
Total Liabilities 1,390,622 730,636 15,581 0 2,136,839 5,751,694
NET ASSETS
Unrestricted Net Assets 2,701,282   5,844,574       8,545,856 2,743,435
Investment in Fixed Assets 33,121,709 2,056 33,123,765 36,874,341
Total Net Assets 35,822,991 5,846,630 0 0 41,669,621 39,617,776
TOTAL LIABILITIES AND NET ASSETS $ 37,213,613 $ 6,577,266 $ 15,581 $ 0 $ 43,806,460 $ 45,369,470
     

 

ROCKFORD HOUSING AUTHORITY
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS ALL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER  30, 2007                     EXHIBIT B
                             
                             
                             
        ENTERPRISE FUNDS      GOVERNMENT FUNDS   2007   2006
        LOW RENT   SECTION 8   ROSS   TITLE I   TOTAL   TOTAL
                             
                             
OPERATING REVENUES                        
                             
  Tenant Rents $ 2,334,477 $   $   $   $ 2,334,477 $ 2,099,625
  HUD Operating Grants   8,293,294   11,478,611   162,656       19,934,561   19,312,141
  Other Government Grants               36,368   36,368   54,841
  Other Income   664,738   80,036           744,774   588,946
TOTAL REVENUES   11,292,509   11,558,647   162,656   36,368   23,050,180   22,055,553
                             
                             
OPERATING EXPENSES                        
                             
  Administrative Expenses   4,042,744   1,144,433   93,002   32,059   5,312,238   5,215,077
  Tenant Services   85,536   205,208   1,368       292,112   209,479
  Utilities Expenses   1,532,702   6,034           1,538,736   1,543,659
  Ordinary Maintenance   4,155,794   4,625   68,286   4,309   4,233,014   4,791,443
  Protective Services Expense   140,024               140,024    
  General Expenses   711,824   46,543           758,367   866,452
  Housing Assistance Payments       8,976,294           8,976,294   9,165,255
  Casualty Losses   23,457               23,457   54,619
  Depreciation Expense   3,428,543   4,110           3,432,653   2,966,028
TOTAL OPERATING EXPENSES   14,120,624   10,387,247   162,656   36,368   24,706,895   24,812,012
                             
OPERATING INCOME (LOSS)   (2,828,115)   1,171,400   0   0   (1,656,715)   (2,756,459)
                             
NON-OPERATING REVENUES AND (EXPENSES)                    
                             
  Interest Income   107,580   270,965           378,545   212,948
  HUD Capital Grants   1,884,009               1,884,009   2,709,536
  Loss on Sale of Fixed Assets   (24,399)               (24,399)    
TOTAL NON-OPERATING REVENUES   1,967,190   270,965   0   0   2,238,155   2,922,484
  (EXPENSES)                        
                             
CHANGE IN NET ASSETS   (860,925)   1,442,365   0   0   581,440   166,025
                             
NET ASSETS AT BEGINNING OF YEAR   38,951,004   666,772   0   0   39,617,776   39,451,751
                             
PRIOR PERIOD ADJUSTMENTS   (2,267,088)   3,737,493           1,470,405    
                             
NET ASSETS AT END OF YEAR $ 35,822,991 $ 5,846,630 $ 0 $ 0 $ 41,669,621 $ 39,617,776
                             

CONTACTING THE AUTHORITY'S FINANCIAL MANAGEMENT

The financial report is designed to provide a general overview of the Authority’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Executive Director of the Rockford Housing Authority, 223 S. Winnebago St., Rockford, IL  61102.

 

Respectfully,

 

Steven Anderson

Executive Director

 

News and Events Questions How To Contact Us Links and Resources 223 South Winnebago Street Rockford, Illinois 61102 Phone: 815-987-3730 FAX: 815-987-3853 TDD: 815-963-4212