MINUTES SAN ANTONIO HOUSING AUTHORITY BOARD OF COMMISSIONERS FINANCE COMMITTEE MEETING December 6, 2010 SCHEDULED: 4:00 p.m. at 818 S. Flores, San Antonio, Texas 78204 COMMISSIONERS PRESENT: Karina C. Cantu, Chair Charles R. Muñoz, Committee Member Stella Molina, Commissioner
COMMISSIONERS ABSENT: Ramiro Cavazos, Commissioner Richard Gambitta, Commissioner Brian Herman, Committee Member Yolanda Hotman, Commissioner
COUNSEL: Doug Poneck, Escamilla, Poneck & Cruz, LLP STAFF: Lourdes Castro Ramirez, President & CEO Ed Hinojosa, Chief Financial Officer Alejandra Villarreal, Legal and Compliance Officer Melanie Villalobos, Public Affairs and Personnel Officer Deborah Aleman, Dir. of Non-Profit Housing Michael Bond, Dir. of Public Housing – Families Lori Mendez, Dir. of Public Housing – Elderly/Disabled Corina Wilson, Dir. of Assisted Housing Programs Isaac Carreon, Dir. of Community Development Initiatives
Item 1:
Diana Fiedler, Dir. of Finance & Accounting Chuck Modliszewski, Dir. Tech. & Telecommunications Tim Alcott, Director of In-House Counsel Stacy Padgett, Dir. of Procurement Veronica Guevara, Dir. of Risk Management Jennifer Castillo, Board Liaison Elvira Enriquez, Public Affairs Coordinator Dolores Mueller, Public Affairs Secretary
Meeting called to order. Chair Cantu called the meeting to order at 4:12 p.m.
Item 2:
Presentation and discussion regarding the San Antonio Housing Authority’s annual audit for Fiscal Year 2009-2010. Joel Perez, Marc Sewell and Muriel Rhoder of Padgett Stratemann & Co. LLP identified the key financial performance indicators for the 2009-2010 Fiscal Year audits. The key financial indicators include: •
Current Assets / Current Liabilities (Current Asset Ratio) Company’s ability to pay current liabilities - SAHA’s ratio is 2.1 Anything greater than 1 means the company has the ability to pay off their current liabilities quickly, if necessary
•
Total Debt / Total Assets (Debt Ratio) Percentage of a company’s debt that are provided by assets - SAHA’s ratio is 0.2 Anything less than 1 means the company has more assets than debt
•
Debt Service Coverage Ratio = Net Operating Income + Depreciation / Principal and Interest Payments Amount of operating cash flow available to meet annual debt payment requirements SAHA’s ratio is 1.05 Anything greater than 1 means the company has sufficient operating cash to make debt payments
-1-