MINUTES OF THE MEETING OF THE MCALLEN HOUSING DEVELOPMENT CORPORATION REGULAR BOARD MEETING

Thursday, November 19, 2020

CALL TO ORDER AND ROLL CALL - The regular meeting of the Board of Commissioner of the McAllen Housing Authority was held Thursday, November 19, 2020, via Zoom teleconference. Vice Chair Elva M. Cerda called the meeting to order at 4:14 p.m. Present and attendance for roll call were:

Present:
Vice Chair Elva M. Cerda
Commissioner Eliseo "Tito" Salinas
Resident Commissioner Jesus Borrego

Absent:
Chair Ronnie Cruz
Commissioner Rodrigo "Rudy" Elizondo

Staff:
Executive Director Rodolfo "Rudy" Ramirez
Deputy Director Daniel Delgado
Finance Director Jose Garcia
Administrative Assistant Adriana Rosas

1.       Call Meeting to Order-4:14 PM

2.        Action Items:

a)       Discussion and Possible Action to Approve Meeting Minutes of Regular Board Meeting for September 17, 2020. Vice Chair Elva M. Cerda entertained a motion to approve Meeting Minutes. Commissioner Eliseo "Tito" Salinas made a motion to approve; seconded by Resident Commissioner Jesus Borrego. All approved; motioned carried.

3.    Non-Action Items:

a)    Financial Report as of 9/30/2020

• Income Statement - Total operating revenue of $129,184, includes revenue of Vine Terrance and Hibiscus Apartments. Total expenses of $123,700, net income of $54,083 for the quarter ending 9/30/2020. Overall net income of $5,000 compared to prior periods, slightly less; disconnect due to add on of Vine Terrance and earnings not keeping up to pace as expected because of add on; will sit down w/management to review numbers and look into areas of opportunity to improve performance of funds. Vice Chair Cerda stated that it doesn't make sense and that we must take a good look at it. Balance sheet, cash of $1.4 million overall clean and minor adjustments needed primarily as result of the CD, Net asset of $1.4 million made up of land, buildings, and to focus on liabilities. Looking into short-term investments that will generate more money than average ed.

4.     Adjournment. Vice Chair Elva M. Cerda entertained a motion to adjourn meeting. Motion was made by Commissioner Eliseo "Tito" Salinas; seconded by Resident Commissioner Jesus Borrego. All approved: motion carried. Meeting adjourned at 4:25 PM.