Number
R13733
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the creation of a standing Finance Committee by the Board of Commissioners of the Housing Authority of the City of Milwaukee to advise, support, and review HACM financial Management
Analysis
Body
WHEREAS, the Housing Authority of the City of Milwaukee (“HACM”) is a public body, corporate and politic, duly created, organized and existing under the provisions of Wisconsin State Statutes 66.1201; and
WHEREAS, the mission of HACM as a public housing authority is to foster strong, resilient and inclusive communities by providing a continuum of high-quality housing options that support self-sufficiency, good quality of life, and the opportunity to thrive; and
WHEREAS, HACM’s Board of Commissioners (the “Board”) has oversight authority over HACM, including the finances and financial management of HACM, pursuant to Chapter 66 of the Wisconsin Statutes as well as applicable Federal law;
WHEREAS, HACM has encountered major financial challenges and mismanagement in prior years; and
WHEREAS, the Board desires to increase its oversight and understanding of HACM’s finances through the creation of a standing finance committee (the “Finance Committee”); and
WHEREAS, several Board Commissioners have offered to participate in a Finance Committee; therefore, be it
RESOLVED, that the Board establishes the Finance Committee in accordance with the terms of this resolution as a standing committee that reports to the Board until such time as the Board dissolves the Finance Committee via resolution; and be it
FURTHER RESOLVED, that the Finance Committee shall meet at least quarterly at times determined by the chairperson of the committee (“Committee Chairperson”) and shall also meet for special meetings from time to time as determined at the call of the Committee Chairperson; and be it
FURTHER RESOLVED, prior to each meeting of the Committee, the Committee Chairperson shall submit to HACM staff all agenda items that the Chairperson may consider proper concerning the business, affairs, and policies of the Committee for discussion at such upcoming meeting; and, be it
FURTHER RESOLVED, that the Finance Committee shall be made up of five members consisting of three Board members (the “Board Members”) and two additional members from the general public who are not members of the Board (“Public Members”); and be it
FURTHER RESOLVED, that the members of the Finance Committee shall be appointed to one-year terms by the Board Chairperson in the Board Chairperson’s sole discretion as soon as practical after January 1 of each calendar year and expiring on December 31 of each calendar year, except in the case of Board Members, who shall also automatically be removed from the Finance Committee in the event they are no longer serving on the Board; and be it
FURTHER RESOLVED, that the members of the Finance Committee shall each serve without compensation of any kind; and be it
FURTHER RESOLVED, that members of the Finance Committee shall be subject to removal from the Finance Committee and replacement prior to the expiration of their appointed term for cause as determined solely by the Board Chair; and be it
FURTHER RESOLVED, that the Public Members should have experience in finance, accounting, auditing, public administration, or nonprofit financial management, should be able to review complex financial documents and identify areas of concern or improvement, should have knowledge of public sector budgeting, HUD financial guidelines, and housing authority fiscal policies, and must have a willingness to dedicate time to committee meetings and discussions; and be it
FURTHER RESOLVED, that at all meetings of the Finance Committee, three of the Finance Committee members constitutes a quorum for the purpose of transacting business. When a quorum of the Finance Committee members are present to meet and conduct business, vacancies on the Finance Committee shall not prohibit the Finance Committee from operating; and be it
FURTHER RESOLVED, the Board Chairperson shall determine which member of the Finance Committee shall be the Committee Chairperson, who shall preside at all meetings of the Committee; and be it
FURTHER RESOLVED, the Board Chairperson shall determine which member of the Finance Committee shall be the vice chairperson, who shall act as the Committee Chairperson in the event the Committee Chairperson is unavailable and, in the case of a resignation or death of the Committee Chairperson shall perform such duties until such time as a new Committee Chairperson is appointed by the Board Chairperson; and be it
FURTHER RESOLVED, that all Finance Committee members shall comply with the requirements placed on Board Members by HACM’s Conflict of Interest Policy, as amended from time to time and last amended by the Board on August 13, 2025, to the same extent Board Members must, including the requirement for regular financial disclosures; and be it
FURTHER RESOLVED, the Committee shall be responsible for making recommendations to the Board regarding financial oversight, risk management, budgeting, audit review, and compliance with auditing standards to support the long-term sustainability of HACM and all of its instrumentalities and other entities owned (in full or in part) and/or operated by HACM. This includes the authority to make recommendations to the Board related to: (i) ensuring compliance with financial regulations, accounting principles, internal control policies, and auditing standards; (ii) the Committee’s review and analysis of HACM’s operating and capital budget reports, financial statements, and audit findings; (iii) oversight of internal controls and risk mitigation strategies to safeguard HACM’s assets and internal and external audits, ensuring compliance with HUD financial standards, GAAP, and other regulatory requirements; (iv) strategies for long-term financial stability, funding diversification, and fiscal efficiency; (v) supporting transparency by ensuring public accountability in financial decision-making; (vi) its review of major contracts, financial agreements, and procurement decisions to ensure cost-effectiveness and compliance with HACM policies and HUD requirements; and (vii) HACM’s procurement policies and procedures.
FURTHER RESOLVED, the Committee shall have no authority and shall not be authorized to act on behalf of the Board beyond the recommendation authority expressly granted herein related to matters covered by the Board’s authority under Chapter 66 of the Wisconsin Statutes as well as applicable Federal law and HACM’s Annual Contributions Contract and under no circumstances shall the Committee have final decision-making over any matter including the finances or financial management of HACM or any of its instrumentalities as such authority shall rest solely with HACM through its Board and/or the boards of any instrumentalities; and, be it
FURTHER RESOLVED, all business transacted by the Committee shall be carried on by the adoption of an appropriate resolution. Voting on all resolutions coming before the Committee, having been properly introduced, moved for adoption, and duly seconded, shall be by roll call. Matters requiring action without the adoption of a resolution shall, after motion duly made and seconded, be deemed carried by a voice vote. All resolutions, motions or other items shall be entered upon the minutes of the Committee. An electronic record shall satisfy the requirement for recording the roll call of resolutions and voice vote matters, per the laws of the State of Wisconsin. If a member of the Committee believes that any reason exists to recuse themselves from consideration or voting on any matter of business before the Committee, such as to comply with any provision of federal, state, or local law or for any real or perceived conflicts of interest that exist or may exist, that person shall promptly disclose the nature of that need to the Committee Chairperson (or, if such person disclosing the recusal is the Committee Chairperson, the Committee Vice Chairperson). A member recusing for any reason shall not participate in discussion, deliberation, or voting on the matter from which they are recusing, and will be excluded from quorum for purposes of both meeting and voting on the matter and such recusal shall be noted in the record of the meeting; and, be it
FURTHER RESOLVED, the Committee shall create minutes for each of its meetings and present those minutes through the Board Members to the Board at the next regularly scheduled meeting of the Board in order to keep the Board fully informed of the actions of the Committee, be it
FURTHER RESOLVED, the Committee shall comply with Wisconsin’s Open Meetings laws, Wis. Stat. <https://docs.legis.wisconsin.gov/statutes/prefaces/toc> §§ 19.81-.98, and any other applicable Federal or State laws, rules, regulations, and court orders. Pursuant to Wisconsin’s Open Meetings laws, all meetings must be properly noticed in advance of meeting and any meeting must be open except where any applicable legal exceptions exist and are properly noticed.
Requestor
Drafter
Housing Management February 3, 2026