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Boston — State Auditor Suzanne Bump today issued three audits of local housing authorities (Shrewsbury, Webster, and Millbury), each finding the authority’s operating reserves were well below the State’s recommended level. Noting a trend of declining fiscal health among housing authorities, Auditor Bump sent a letter to Aaron Gornstein, Undersecretary of the Department of Housing Community Development (DHCD), to raise his awareness of the issue.
“A correctly calculated operating reserve is not just an indicator of an entity’s financial status,” said Auditor Bump. “Significantly underfunded operating reserves raise serious concerns about the authorities’ ability to address emergency situations that arise.”
Today’s audits revealed that three housing authorities failed to comply with state guidelines which require the agencies to retain at least 20% of its fiscal year budgeted expenditures in an operating reserve:
The Shrewsbury Housing Authority audit is available here.
The Webster Housing Authority audit is available here.
The Millbury Housing Authority audit is available here.