Financial Audit of the Hawai‘i Public Housing AuthorityPosted on Feb 3, 2023 in Summary
Financial Statements, Fiscal Year Ended June 30, 2022
THE PRIMARY PURPOSE of the audit was to form an opinion on the fairness of the presentation of the financial statements for the Hawai‘i Public Housing Authority as of and for the fiscal year ended June 30, 2022. The audit was conducted by KMH LLP.
FOR THE FISCAL YEAR ended June 30, 2022, HPHA reported total revenues of $189 million and total expenses of $183 million, resulting in an increase in net position of $6 million.
Total revenues of $189 million consisted of (1) $28 million in charges for services and other revenues, (2) $135 million in operating grants and contributions, (3) $4 million in capital grants and contributions, and (4) $22 million in state-allotted appropriations, net of lapsed funds.
Total expenses of $183 million consisted of (1) $98 million for the rental housing assistance program, (2) $71 million for the rental assistance program, (3) $11 million for the housing development program, and (4) $3 million for other costs.
As of June 30, 2022, total assets and deferred outflows of resources exceeded total liabilities and deferred inflows of resources by $463 million. The agency reported total assets and deferred outflows of resources of $561 million which were comprised of (1) cash of $108 million, (2) amounts due from State of $70 million, (3) notes and other receivables of $9 million, (4) net capital assets of $367 million, and (5) other assets and deferred outflows or resources of $7 million. The agency also reported total liabilities and deferred inflows of resources of $98 million which were comprised of (1) net pension liability of $35 million, (2) net other postemployment benefits other than pensions of $36 million, (3) accounts payable and accrued expenses of $14 million, and (4) other liabilities and deferred inflows of resources of $13 million.
|About the Authority
The mission of the Hawai‘i Public Housing Authority (HPHA) is to provide safe, decent, and sanitary dwellings for low and moderate-income residents of Hawai‘i and to operate its housing programs in accordance with federal and State laws and regulations. Some of HPHA’s housing assistance programs are funded by the U.S. Department of Housing and Urban Development (HUD).
HPHA is administratively attached to the Hawai‘i Department of Human Services (DHS). HPHA operates under the direction of its Executive Director and Board of Directors, which consists of eleven board members, nine of whom are appointed by the Governor. The Director of DHS and the Governor’s designee are ex-officio members.