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Bm 97 PnF, 560 <br />investments versus their carrying costs. He felt it was something <br />that any governmental official needed to be aware of in these <br />times. <br />Then Commissioner Eggert voiced her concern with what has <br />happened with some of the Housing Authority's holdings, since it <br />was beginning to affect some of the County's affordable housing <br />programs. She noticed that some comments seemed to not have been <br />corrected from the prior year. <br />Mr. Harris advised that the Housing Authority's administrative <br />records are actually very well done. The problem had to do with <br />reports done in the field and, primarily, tangible personal <br />property, generally not well -identified and not always reported. <br />A certain process is required by Federal regulations, which needs <br />to be implemented and addressed. <br />In addition, Mr. Harris pointed out that from 1993, the last <br />draw -down of the grants made to build the projects, they had <br />discovered when analyzing the work papers of the prior auditors an <br />additional $120,272. These funds are still to be received from the <br />Federal government and available for projects. He believed it was <br />necessary to use it for the Orangewood project, but warranted <br />further study. <br />There were no further questions of Mr. Harris. <br />NO ACTION TAKEN. <br />20 <br />March 19, 1996 <br />