SRHA commissioners approve budgets
Published 9:47 pm Friday, June 28, 2019
The Suffolk Redevelopment and Housing Authority approved a slate of budgets for the upcoming fiscal year at its Friday Board of Commissioners meeting.
The commissioners approved fiscal year 2019-2020 budgets for its bond fund, the moderate rehabilitation program and the Finney Avenue Residence — a group home for people with intellectual and developmental disabilities — as well as the operating budget for SRHA’s housing units at Cypress Manor, Parker Riddick, Hoffler, Chorey Park and Colander Bishop Meadows.
For the bond fund, SRHA projects income of $133,978 with expenses of $49,100. The moderate rehabilitation program’s income is projected at $91,640, with expenses at $88,478. At the Finney Avenue Residence, the new budget projects a total income of $109,650, with expenses of $64,458.
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One of the largest parts of the SRHA’s budget is for its housing units, as it projects to spend more than $3.2 million, and take in around $3.6 million. Of this money, its largest amount comes from federal Housing and Urban Development subsidies at more than $2.3 million. Most of the rest of the income generated from SRHA’s units come from rent charged to residents.
For the Housing Choice Voucher — Section 8 program, SRHA projects income at nearly $7.7 million and expenses at more than $7.6 million.
Its central office budget has a projected income of $755,908 and expenses of $690,891. Of its expenses, 80 percent are salaries and benefits. The budget for the community development division projects income at $282,000 and expenses at $269,283, with 84 percent of those expenses coming from salaries and benefits.
The board spent time discussing its budgeting process and ensuring that it manages it closely.
“I think as a board we just need to establish the type of budgeting that we really want to have going forward,” said Commissioner Clementine Cone. “Do we really want to have a very conservative budget? That’s what I’m accustomed to. … or, (do) we really want to go through the effort to make a fully realistic expectation, and that’s what we put and go forward with.”
Chairman Ben Fitzgerald said the board has to decide whether it will have a more aggressive budgeting process or more conservative and will need to address it over the next couple of months.