SEATTLE—July 8, 2005—Seattle Housing Authority's Board of Commissioners passed the Fiscal Year 2006 budget last month.
Overall, the budget sets both revenues and expenses at somewhat lower levels than last year in response to changes in federal appropriations and Seattle Housing's efforts to become less dependent on federal funding.
Seattle Housing's overall operating budget will decrease in expenses from $61,066,528 in Fiscal Year 2005 to $60,506,486 in Fiscal Year 2006.
“This is a pragmatic budget which positions the Seattle Housing Authority to operate responsibly in the face of continuing downward pressures on federal subsidy," said SHA Executive Director Tom Tierney. "Wherever possible we are trimming expenses and seeking to operate more efficiently, with an eye to the future.”
Once again this year SHA will reduce staff, by the equivalent of 24 employees. Consequently, very few people will lose their jobs in this next reduction as most will have the opportunity to shift to open positions within the agency.
Earlier this year, a number of employees were laid off from the maintenance department due to lack of work. With older communities in the process of being redeveloped, and new units on line, there is less need for extensive maintenance activities.
With the 2006 fiscal year budget, the agency will begin a course toward renewing and increasing its asset base, through redevelopment and through the responsible use of leveraging all possible opportunities. The new communities at NewHolly, Rainier Vista and High Point are providing the most appropriate housing to low-income families while reducing operating expenses. New acquisitions, purchased largely with bond financing, help to serve a wider spectrum of residents.
This budget also helps SHA on its road to becoming more entrepreneurial. Seattle Housing will continue to seek ways to add to the revenue base locally, while decreasing dependence on federal subsidy.