Sunday, July 24, 2011

Asbury Park City and Housing Authority Audit Reports July 2011

Please Note, the link to Housing Authority Audit has been fixed. Sorry for the inconvenience.

Click for Housing Authority AuditAPHA is Operating at a deficit of $2,538,113, according to an auditors' report covering budgets of past two years.
Startling 94% expense increase during one fiscal year said due to salary and benefit increases.
HUD had ordered Authority to reimburse capital fund $692,990 for periods '03,'04', and '05. 
One long-term loan made with TD Bank in August 2009, for $3,732, 840.  as per 3/31/10 report.
Note Pg 3, point #5, and Pg 25. But all 54 pgs should be taken in context as well.
Click for City's Audit --  City Paying more than $2 million a year to service its debt, more...
   or click for Synopsis  of City Audit

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