A financial presentation to the Clinton Senior Citizens Housing Authority was interrupted with questions earlier this week. Tallwood Homes in Clinton is owned by the Clinton Senior Citizens Housing Authority and is managed by Boyd Management Company. Clinton City Council serves as the board of directors for the senior citizens housing authority.
At Monday’s meeting of Clinton City Council, the annual meeting of the housing authority was held. Council then took on their roles as the Board of Directors for the Senior Housing Authority to receive, review and approve the annual financial statements regarding the operation of Tallwood Homes.
As that ‘meeting within a meeting’ began, Council Member Shirley Jenkins expressed her displeasure about not receiving the financials prior to the meeting. She said she had requested last year that the annual report be delivered to council a reasonable time before the meeting so that council members could review the documents.
Ms. Janet Stanley, District Manager for Boyd Management, then reviewed the annual report and pointed out a small loss in net operating income for both Phase I and Phase II at Tallwood. And that’s when things got a little interesting.
First, Council Member Norman Scarborough and then Council Member Danny Cook pointed out a discrepancy. Both said that the report itself and the summary of the report did not agree. A figure shows as a negative net operating income in the summary was determined to be expenses that were over budget. Net operating income, Scarborough and Cook said, actually showed a profit of more than $80,000 when Phase I and Phase II were combined.
Norman Scarborough has served as a Professor of Business at Presbyterian College for many years while Danny Cook comes to council with extensive banking experience. It seemed that the rest of council had full confidence their opinion of these financial figures. After much discussion, council decided they could not accept the report and asked City Manager Frank Stovall to communicate with representatives of Boyd Management to make the necessary corrections.