Green Bay Housing Authority

AGENDA OF THE GREEN BAY HOUSING AUTHORITY THURSDAY, FEBRUARY 19, 2026, 10:30 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. Zoom Meeting Information. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/84862532810?pwd=y5BcNGbtdebIDHnboQut8ot4nI4EIh.1 Or call in by phone: +1 312 626 6799 Meeting ID: 848 6253 2810 Passcode: 892180 If you wish to leave a comment for this public meeting, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. Roll Call. 1. Members: William Vande Castle - Chair, Stephen Srubas - Vice Chair, Sandra Popp, Erin Edwards and Randy Scannell C. Approval of the Agenda. 1. Approval of the agenda for the Thursday, February 19, 2026, meeting of the Green Bay Housing Authority. D. Approval of Minutes. 1. Approval of the minutes from the November 20, 2025, meeting of the Green Bay Housing Authority. E. Regular Business. 1. Election of Officers: Chair, Vice-Chair and Secretary. 2. Consideration with possible action on approval of the June 30, 2025, Audit Report. Agenda of the Green Bay Housing Authority February 19, 2026 Page 1 F. Informational. 1. GBHA Bills. 2. GBHA Financial Report. 3. Director's Report. 4. Occupancy Report. 5. Next Meeting: Thursday, March 19, 2026. G. Adjournment. 1. Adjournment of the Thursday, February 19, 2026, meeting of the Green Bay Housing Authority. 1) THIS MEETING IS RECORDED: THE VIDEO OF THIS MEETING AND MINUTES ARE AVAILABLE ONLINE AT www.greenbaywi.gov 2) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 3) QUORUM: Please take notice that a majority or quorum of the Common Council will attend this Green Bay Housing Authority meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 4) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Green Bay Housing Authority February 19, 2026 Page 2  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 Ka Vang, Staff AGENDA ITEM # D.1 Approval of the minutes from the November 20, 2025, meeting of the Green Bay Housing Authority. BACKGROUND RECOMMENDATION FISCAL IMPACT ATTACHMENTS 1. GBHAMINS 11.20.2025 MTG 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov  MINUTES OF THE GREEN BAY HOUSING AUTHORITY THURSDAY, NOVEMBER 20, 2025, 10:30 AM City Hall, Room 604 - The Harry Maier Room. Virtual attendance is also available via Zoom. A. ZOOM MEETING INFORMATION. 1. Join Zoom Meeting Online: https://us02web.zoom.us/j/81434999289?pwd=N0dlMGxWSS85SGswK2lZeGhZZUN0UT09 Or call in by phone: +1 312 626 6799 Meeting ID: 814 3499 9289 Passcode: 483400 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. ROLL CALL. 1. Members: William VandeCastle - chair, Stephen Srubas - vice chair, Sandra Popp, Erin Edwards, Randy Scannell Meeting began 10:34AM Present: William VandeCastle-Chair, Stephen Srubas-Vice Chair, Erin Edwards, Excused: Randy Scannell, Sandra Popp, Absent:None C. APPROVAL OF THE AGENDA. 1. Approval of the agenda for the Thursday, November 20, 2025, meeting of the Green Bay  Housing Authority. Moved by Erin Edwards, seconded by Stephen Srubas to approve the agenda for the November 20, 2025 meeting of the Green Bay Housing Authority. Motion carried. Yes- William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None D. APPROVAL OF MINUTES. 1. Approval of the minutes from the July 30th, 2025, meeting. Moved by Stephen Srubas, seconded by Erin Edwards to approve the minutes from the July 30th, 2025 meeting of the Green Bay Housing Authority. Motion carried. Yes-William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None E. REGULAR BUSINESS. 1. Consideration with possible action to consider initial resolution No. 2025-04 regarding housing revenue bonds financing for GenCap Green Bay Fire Station Apartments, LLC for the development of 420 S. Broadway, 402 S. Broadway, 421 Arndt Street, and portions of 419 Maple Avenue. Moved by Stephen Srubas, seconded by Erin Edwards to open the floor for the public to speak. Motion carried. Yes-William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None Cheryl Renier-Wigg speaks 10:36AM Sig Strautmanis speaks 10:37AM David Weiss speaks 10:41AM Josh Hafron speaks 10:48AM Moved by Erin Edwards, seconded by William VandeCastle to close the floor for the public to speak. Motion carried. Yes-William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None Moved by William VandeCastle, seconded by Erin Edwards to approve the initial resolutions No. 2025-04 regarding housing revenue bonds financing for GenCap Green Bay Fire Station Apartments, LLC for the development of 420 S. Broadway, 421 Arndt Street and portions of 419 Maple Avenue. Motion carried. Yes-William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None F. INFORMATIONAL. 1. GBHA Bills.  Stephanie Schmutzer presents the GBHA Bills. No action needed. 2. GBHA Financial Report. Stephanie Schmutzer presents the GBHA Financial Report. No action needed. 3. Director's Report. Cheryl Renier-Wigg presents the Director's Report. No action needed. 4. Occupancy Report. Ka Vang presents the Occupany Report. No action needed. 5. Next Meeting: To be determined G. ADJOURNMENT. 1. Adjournment of the Thursday, November 20, 2025, meeting of the Green Bay Housing Authority. Moved by Stephen Srubas, seconded by Erin Edwards to adjourn the November 20, 2025 meeting of the Green Bay Housing Authority. Motion carried. Yes-William VandeCastle, Stephen Srubas, Erin Edwards, No:None, Abstain:None  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 Cheryl Renier-Wigg, Staff AGENDA ITEM # E.1 Election of Officers: Chair, Vice-Chair and Secretary. BACKGROUND Current officers: Chair- Bill Vande Castle Vice-Chair- Stephen Srubas Secretary- Cheryl Renier-Wigg RECOMMENDATION FISCAL IMPACT ATTACHMENTS None 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 Stephanie Schmutzer, Staff AGENDA ITEM # E.2 Consideration with possible action on approval of the June 30, 2025, Audit Report. BACKGROUND Hawkins Ash CPA’s, an independent audit firm, has completed the annual audit for the Green Bay Housing Authority. A summary of the audit information can be found in the Management Discussion and Analysis portion of the audit report. We are seeking approval of the June 30, 2025, audited financial reports in conjunction with GBHA Properties 1, Inc. RECOMMENDATION To approve the June 30, 2025, Audit Report. FISCAL IMPACT ATTACHMENTS 1. GBHA FS-final 2. GBHA ML-final 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS' REPORT JUNE 30, 2025  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin TABLE OF CONTENTS JUNE 30, 2025 Page 2-4 Independent Auditors' Report 5-7 Management’s Discussion and Analysis (MD&A) BASIC FINANCIAL STATEMENTS 8 Statement of Net Position 9 Statement of Revenue, Expenses, and Changes in Net Position 10-11 Statement of Cash Flows 12-22 Notes to the Basic Financial Statements SUPPLEMENTARY INFORMATION 23-24 Combining Statement of Net Position 25 Combining Statement of Revenue, Expenses, and Changes in Net Position 26-27 Combining Statement of Cash Flows 28 Statements and Certifications of Actual Modernization Costs 29 Schedule of Expenditures of Federal Awards OTHER REPORT 30-31 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance With Government Auditing Standards 32-34 Independent Auditors’ Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Received by the Uniform Guidance 35-37 Schedule of Findings and Questioned Costs -1-  INDEPENDENT AUDITORS' REPORT To the Board of Commissioners Housing Authority of the City of Green Bay Green Bay, Wisconsin Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the Housing Authority of the City of Green Bay (the “Housing Authority”) as of and for the year ended June 30, 2025, and the discretely presented component unit as of December 31, 2024, and the related notes to the financial statements, which collectively comprise the Housing Authority’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the Housing Authority, as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the discretely presented component unit, which represent 100 percent of the assets, net position, and revenue of the discretely presented component unit. Those financial statements were audited by another auditor whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for discretely presented component units, is based solely on the report of the other auditor. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Housing Authority, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. -2- In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Housing Authority’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Housing Authority’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Housing Authority’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 5 through 7 be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. -3- Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Housing Authority’s basic financial statements. The combining financial statements, statement and certification of actual modernization costs, and the schedule of expenditures of federal awards as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and the Department of Housing and Urban Development are presented for purposes of additional analysis are not a required part of the basic financial statements. Such information is the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining financial statements, statements and certifications of actual modernization costs, and schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 20, 2026, on our consideration of the Housing Authority's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Housing Authority's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Housing Authority’s internal control over financial reporting and compliance. La Crosse, Wisconsin January 20, 2026 -4- HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A)  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin MANAGEMENT DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2025 The management of the Housing Authority of the City of Green Bay (PHA) offers this narrative overview and analysis of its audited financial statements for fiscal year ended June 30, 2025. The goal is for the reader to better understand the PHA’s financial activities and its overall financial position and to show whether current year revenue covered current year expenses and the extent to which the PHA has invested its capital assets. We encourage readers to consider the information presented here in conjunction with the PHA’s financial statements, which begin on page 8. FINANCIAL HIGHLIGHTS:  The assets of the PHA exceed its liabilities as of June 30, 2025 by $19,089,881 (Net Position).  The PHA’s net investment in capital assets as of June 30, 2025 was $484,471.  The PHA’s total revenue for the fiscal year ended June 30, 2025 was $1,482,983.  The PHA’s total expenses for the fiscal year ended June 30, 2025 was $2,637,593. Therefore, the PHA’s total combined expenses exceeded its total combined revenues by $1,154,610. OVERVIEW OF THE FINANCIAL STATEMENTS: The following financial statements are included in this report:  Statement of Net Position - reports the PHA’s current financial resources: its cash and other current assets, its current and non-current liabilities and comparing those two elements, the resulting net position of the PHA. A comparison between this year and the preceding year is also provided.  Statement of Revenue, Expenses, and Changes in Net Position - reports the PHA’s various revenue and expenses and provides a comparison between this year and the preceding year. Statement of Cash Flows - reports cash inflows and outflows for the PHA’s fiscal year. -5-  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin MANAGEMENT DISCUSSION AND ANALYSIS - Continued YEAR ENDED JUNE 30, 2025 ANALYSIS OF FINANCIAL STATEMENTS: STATEMENT OF NET POSITION INCREASE 2025 2024 (DECREASE) Cash and cash equivalents $2,805,419 $4,670,860 $(1,865,441) Cash and cash equivalents - restricted - - - Other current assets 16,967 39,656 (22,689) Capital assets 484,471 484,471 - Other noncurrent assets 16,671,475 16,683,570 (12,095) TOTAL ASSETS 19,978,332 21,878,557 (1,900,225) Current liabilities 23,693 733,214 (709,521) Noncurrent liabilities 13,846 9,883 3963 TOTAL LIABILITIES 37,539 783,154 (745,615) Ground Lease 850,912 850,912 - TOTAL DEFERRED INFLOWS OF RESOURCES 850,912 850,912 - Net investment in capital assets 484,471 484,471 - Unrestricted 18,605,410 19,760,020 (1,154,610) TOTAL NET POSITION 19,089,881 20,244,491 (1,154,610) Total decrease in assets is due to the payment to Gorman & Co. for rehab of Mason Manor and the Scattered Sites. The decrease in current liabilities is mainly due to expending Capital funds drawn in prior year. ANALYSIS OF STATEMENT OF REVENUE, EXPENSES, AND CHANGE IN NET POSITION PRIOR AND CURRENT FISCAL YEAR: YEAR ENDED JUNE 30, 2025 2024 AMOUNT % AMOUNT % REVENUE Tenant rents and other charges $ - 0 $ 441,408 3 HUD operating and capital grants 920,853 62 1,518,673 10 Other operating revenue 343,772 23 264,451 2 Interest 218,358 15 187,678 1 Gain on fixed asset disposal - 0 12,034,365 84 TOTAL REVENUE 1,482,983 100 14,446,575 100 EXPENSES Administration 138,340 5 246,692 14 Tenant services 75,090 3 101,762 6 Utilities - 0 63,110 3 Maintenance and operations - 0 162,647 10 General expenses 10,949 1 1,108,427 62 Construction Investment 2,413,214 91 - 0 Depreciation - 0 97,301 5 TOTAL EXPENSES 2,637,593 100 1,779,939 100 NET INCREASE (DECREASE) $(1,154,610) $12,666,636 -6-  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin MANAGEMENT DISCUSSION AND ANALYSIS - Continued YEAR ENDED JUNE 30, 2025 ANALYSIS OF STATEMENT OF REVENUE, EXPENSES, AND CHANGE IN NET POSITION PRIOR AND CURRENT FISCAL YEAR - Continued The PHA’s HUD operating and capital grants revenue for fiscal year 2025 was $920,853 as compared to $1,518,673 in the fiscal year 2024. This decrease is primarily a result of closing out the remaining capital funds from U.S. Department of Housing and Urban Development (HUD). Tenant rents and other charges revenue decreased to $0 during fiscal year 2025. This was due to tenant accounts moving to a new entity for management. There was a decrease of $162,647 in maintenance and operations expenses between the two years from $162,647 in 2024 to $0 2025. This decrease resulted from maintenance holding on projects that are now addressed by the new managing entity. BUDETARY HIGHLIGHTS The PHA adopts a consolidated annual operating budget for all programs. The budget for Public Housing is adopted on the basis of accounting practices prescribed to by the U.S. Department of Housing and Urban Development (HUD). Program budgets for the Capital Fund Program (CFP) funds are approved by HUD on a basis consistent with the grant applications covering the programs. CAPITAL ASSETS 2025 2024 Non-depreciable assets: Land $ 484,471 $ 484,471 Depreciable assets: Building and improvements - - Machinery and equipment 6,012 6,012 Accumulated depreciation (6,012) (6,012) TOTAL $ 484,471 $ 484,471 ECONOMIC & OTHER FACTORS Significant economic factors affecting the Authority’s financial position are as follows:  Green Bay’s unemployment rate was 2.5% in 2025, up 0.3% from 2024. Green Bay’s unemployment rate of 2.5% is less than the State average of 3.1% and the National average of 4.4%. The worker shortage plays a major part in these statistics. CONTACTING THE PHA’S FINANCIAL MANAGEMENT The financial report is designed to provide a general overview of the PHA’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Executive Director, Housing Authority of the City of Green Bay, 100 N Jefferson Street, Room 608, Green Bay, WI 54301. -7- HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin BASIC FINANCIAL STATEMENTS  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin STATEMENT OF NET POSITION PRIMARY COMPONENT GOVERNMENT UNIT TOTAL JUNE 30, DECEMBER 31, (MEMORANDUM ASSETS 2025 2024 ONLY) CURRENT ASSETS Cash and cash equivalents $ 2,805,419 $ 687,984 $ 3,493,403 Cash and cash equivalents - restricted - 3,072,650 3,072,650 Receivables Tenants - 52,662 52,662 Interest 1,877 - 1,877 Other - 10,438 10,438 Current portion of loans receivable 15,090 - 15,090 Prepaid expenses - 112,887 112,887 TOTAL CURRENT ASSETS 2,822,386 3,936,621 6,759,007 NONCURRENT ASSETS Loans receivable 15,820,563 - 15,820,563 Ground lease receivable 850,912 - 850,912 Capital assets, net of accumulated depreciation 484,471 23,039,217 23,523,688 Leased assets, net of accumulated amortization - 15,229,606 15,229,606 Miscellaneous other assets - 105,650 105,650 TOTAL NONCURRENT ASSETS 17,155,946 38,374,473 55,530,419 TOTAL ASSETS $ 19,978,332 $ 42,311,094 $ 62,289,426 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION CURRENT LIABILITIES Accounts payable $ 15,085 $ 3,048,885 $ 3,063,970 Accrued payroll 3,993 - 3,993 Accrued interest - 73,301 73,301 Accrued liabilities - other - 91,669 91,669 Compensated absences 4,615 - 4,615 Unearned revenue - 71,064 71,064 Tenants' security deposits - 67,432 67,432 Current portion of long-term obligations - 573,871 573,871 TOTAL CURRENT LIABILITIES 23,693 3,926,222 3,949,915 NONCURRENT LIABILITIES Compensated absences 13,846 - 13,846 Notes payable - 32,622,492 32,622,492 Lease liability - 831,752 831,752 Other long-term liabilities - 3,781,714 3,781,714 TOTAL NONCURRENT LIABILITIES 13,846 37,235,958 37,249,804 TOTAL LIABILITIES 37,539 41,162,180 41,199,719 DEFERRED INFLOWS OF RESOURCES Ground Lease 850,912 - 850,912 NET POSITION Net investment in capital assets 484,471 5,359,463 5,843,934 Unrestricted 18,605,410 (4,210,549) 14,394,861 TOTAL NET POSITION 19,089,881 1,148,914 20,238,795 TOTAL LIABILITIES, DEFERRED INFLOWS RESOURCES AND NET POSITION $ 19,978,332 $ 42,311,094 $ 62,289,426 The accompanying notes are an integral part of these financial statements. -8-  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION PRIMARY COMPONENT GOVERNMENT UNIT YEAR ENDED YEAR ENDED TOTAL JUNE 30, DECEMBER 31, (MEMORANDUM 2025 2024 ONLY) OPERATING REVENUE Tenant rents and other charges $ - $ 1,918,684 $ 1,918,684 Operating grants 920,853 - 920,853 Other operating revenue 343,772 44,488 388,260 TOTAL OPERATING REVENUE 1,264,625 1,963,172 3,227,797 OPERATING EXPENSES Administration 138,340 1,011,420 1,149,760 Tenant services 75,090 55,018 130,108 Utilities - 174,138 174,138 Maintenance and operations - 477,683 477,683 General expenses 10,949 276,790 287,739 Depreciation and amortization - 651,458 651,458 TOTAL OPERATING EXPENSES 224,379 2,646,507 2,870,886 OPERATING INCOME (LOSS) 1,040,246 (683,335) 356,911 NONOPERATING REVENUE Interest income 218,358 59,976 278,334 Interest expense - (730,092) (730,092) Special items (2,413,214) - (2,413,214) TOTAL NONOPERATING REVENUE (2,194,856) (670,116) (2,864,972) CHANGE IN NET POSITION (1,154,610) (1,353,451) (2,508,061) NET POSITION AT BEGINNING OF YEAR 20,244,491 - 20,244,491 SUBSCRIPTION RECEIPTS - 2,515,456 2,515,456 SYNDICATION COSTS - (13,091) (13,091) NET POSITION AT END OF YEAR $ 19,089,881 $ 1,148,914 $ 20,238,795 The accompanying notes are an integral part of these financial statements. -9-  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin STATEMENT OF CASH FLOWS PRIMARY COMPONENT GOVERNMENT UNIT YEAR ENDED YEAR ENDED TOTAL JUNE 30, DECEMBER 31, (MEMORANDUM 2025 2024 ONLY) CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts: Tenant rents and other charges $ - $ 1,994,080 $ 1,994,080 HUD operating grants 200,761 - 200,761 Other operating receipts 343,772 44,488 388,260 Total cash receipts 544,533 2,038,568 2,583,101 Cash disbursements: Vendors and suppliers (27,890) (1,461,797) (1,489,687) Employees compensation and benefits (205,890) (409,528) (615,418) Insurance (3,000) - (3,000) Total cash disbursements (236,780) (1,871,325) (2,108,105) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVIITIES 307,753 167,243 474,996 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital contributions - 2,515,456 2,515,456 Payment of loan receivable 21,662 17,126,948 17,148,610 Acquisition of capital assets - (15,593,427) (15,593,427) Debt issuance costs - (120,331) (120,331) Tax credit fees - (105,650) (105,650) Special items (2,413,214) - (2,413,214) Interest paid - (289,581) (289,581) NET CASH PROVIDED BY (USED IN) CAPITAL AND RELATED FINANCING ACTIVITIES (2,391,552) 3,533,415 1,141,863 CASH FLOWS FROM INVESTING ACTIVITIES Interest received 218,358 59,976 278,334 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,865,441) 3,760,634 1,895,193 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,670,860 - 4,670,860 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 2,805,419 $ 3,760,634 $ 6,566,053 (Continued on page 11) The accompanying notes are an integral part of these financial statements. - 10 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin STATEMENT OF CASH FLOWS - Continued PRIMARY COMPONENT GOVERNMENT UNIT YEAR ENDED YEAR ENDED TOTAL JUNE 30, DECEMBER 31, (MEMORANDUM 2025 2024 ONLY) RECONCILIATION OF CASH AND CASH EQUIVALENTS PER STATEMENT OF CASH FLOWS TO THE STATEMENT OF NET POSITION Cash and cash equivalents $ 2,805,419 $ 687,984 $ 3,493,403 Cash and cash equivalents - restricted - 3,072,650 3,072,650 CASH AND CASH EQUIVALENTS PER STATEMENT OF NET POSITION $ 2,805,419 $ 3,760,634 $ 6,566,053 RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Operating income (loss) $ 1,040,246 $ (683,335) $ 356,911 Adjustments to reconcile operating income to net cash provided by (used in) operating activities Depreciation and amortization - 651,458 651,458 Operating lease expense - 3,939 3,939 Changes in assets and liabilities Decrease (increase) in assets Accounts receivable - (63,100) (63,100) Due from other governments 13,122 - 13,122 Prepaid expenses - (112,887) (112,887) Increase (decrease) in liabilities Accounts payable 5,146 103,741 108,887 Accrued payroll (22,831) - (22,831) Accrued expenses - 91,669 91,669 Compensated absences 5,284 - 5,284 Unearned revenue - 71,064 71,064 Tenants' security deposits - 67,432 67,432 Due to other governments (733,214) - (733,214) Operating lease liability - 37,262 37,262 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 307,753 $ 167,243 $ 474,996 The accompanying notes are an integral part of these financial statements. - 11 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS JUNE 30, 2025 NOTE 1 - Summary of Significant Accounting Policies Reporting Entity - The Housing Authority of the City of Green Bay (the “Housing Authority”) is a separate governmental entity created for the purpose of constructing, maintaining, and operating public housing and providing rental assistance to low income, disabled, and elderly persons. Most of the Housing Authority's funding is provided by the United States Department of Housing and Urban Development (HUD). All programs of the Housing Authority are included in these statements. In accordance with Statement No. 61, Governmental Accounting Standards Board (GASB), the basis criterion for including a legally separate organization as a component unit is the degree of financial accountability the Housing Authority has with the Organization. The following circumstances set forth the Housing Authority’s financial accountability for a legally separate organization: a. The Housing Authority is financially accountable if it appoints a voting majority of the Organization’s governing body and (1) it is able to impose its will on the Organization or (2) there is a potential for the Organization to provide specific financial benefits to, or impose specific financial burdens on the Housing Authority. b. The Housing Authority may be financially accountable if an organization is fiscally dependent on the Housing Authority regardless of whether the Organization has (1) a separately elected governed board, (2) a governing board appointed by a higher level of government, or (3) a jointly appointed board. Based upon the application of these criteria, this report includes the following two component units: The Housing Authority is financially accountable for GBHA Properties. Its purpose is to provide housing and community development projects that are outside the range of services the Housing Authority can provide under State and Federal regulations. GBHA Properties does not have separately issued financial statements. GBHA Properties is shown as a blended component unit. Green Bay Housing Authority Properties, LLC was organized on November 30, 2022, as a limited liability company formed under the Wisconsin Limited Liability Company Act, to lease, rehabilitate, and operate two locations consisting of a 152-unit housing project known as Mason Manor Tower Building and a scattered site location consisting of 42 buildings that include 48 total units known as Mason Manor Scattered Sites, located in Green Bay, Wisconsin. The Project is regulated by the Wisconsin Housing and Economic Development Authority (WHEDA). The Project qualifies for low-income housing tax credits pursuant to Section 42 of the Internal Revenue Code (IRC). Green Bay Housing Authority Properties, LLC is shown as a discretely presented component unit because the Housing Authority is financially accountable, but they do not have full ownership over the entity. Programs Administered by the Housing Authority - The programs of the Housing Authority are recorded in one enterprise fund. Each program is maintained using a separate set of self-balancing accounts. The Housing Authority operates the following programs: Public Housing - consists of HUD-financed public housing owned by the Housing Authority. Capital Funds - consists of modernization projects in progress. Revenue Bond Program - consists of an accumulation of fees charged to private concerns in connection with the issuance of Housing Authority Revenue Bonds which can be used for housing related projects at the Housing Authority’s discretion. - 12 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 1 - Summary of Significant Accounting Policies - Continued Resident Opportunities and Self-Sufficient (ROSS) Program - consists of activities for public housing residents including supportive services, resident empowering activities, and assistance in becoming economically self-sufficient. Central Office Cost Center (COCC) - consists of a separate business unit within the Housing Authority that earns income from fees for centralized services Basis of Accounting and Measurement Focus - The Housing Authority’s basic financial statements are presented on the full accrual basis in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The discretely presented component unit is presented on the accrual basis of accounting in accordance with U.S. GAAP and has been conformed to GASB standards. . All activities of the Housing Authority are accounted for within one proprietary (enterprise) fund. A proprietary fund is used to account for operations that are (a) financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the cost (expenses, including depreciation) of providing goods and services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenue earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. A proprietary fund distinguishes operating revenue and expenses from non-operating items. Operating revenue and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenue of the Housing Authority is rents collected from tenants and operating grants. Operating expenses for proprietary funds include the cost of operating properties owned, administrative expenses, and depreciation on capital assets. All revenue and expenses not meeting this definition are reported as non-operating revenue and expenses. The accounting and financial reporting treatment applied to the Housing Authority is determined by its measurement focus. The transactions of the Housing Authority are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operations are included on the statement of net position. Net position (i.e., total assets net of total liabilities) is segregated into net investment in capital assets, restricted, and unrestricted. When both restricted and unrestricted resources are available for use, it is the Housing Authority’s policy to use restricted resources first, and then unrestricted resources as they are needed. Cash and Cash Equivalents - For purposes of the statement of cash flows, the Housing Authority considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and Cash Equivalents - Restricted - Restricted cash and cash equivalents are segregated resources for tenants’ security deposits, replacement reserves, operating reserves, lease-up reserves, and construction cash. Accounts Receivable - Tenant accounts receivable are recorded at gross amounts with uncollectible amounts recognized under the direct write-off method. - 13 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 1 - Summary of Significant Accounting Policies - Continued Capital Assets - Purchased capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are valued at their estimated fair value on the date donated. The Housing Authority capitalizes all assets with a cost of $5,000 or greater and a useful life of one year or more. Buildings and equipment are carried at cost or estimated fair value and depreciated using the straight-line method of depreciation over their estimated useful lives as follows: Land improvements 10 years Buildings and improvements 10-40 years Machinery and equipment 3-7 years Impairment of Long-Lived Assets - The Housing Authority reviews its capital assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recovered. If the fair value is less than the carrying value of an asset, an impairment loss is recognized for the difference. No impairment loss has been recognized during the year ended June 30, 2025. Compensated Absences - Compensated absences are those absences that accumulate and can be used or for which employees will be paid, such as vacation and sick leave. A liability for compensated absences that is attributable to services already rendered and that are not contingent on a specific event that is outside the control of the Housing Authority and its employees, is accrued when benefits are more likely than not to be used or otherwise paid. Compensated absences that relate to future services or that are contingent on a specific event that is outside the control of the Housing Authority and its employees, are accounted for in the period in which such services are rendered or in which such events take place. Deferred Outflows and Inflows of Resources - In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net position that applies to a future period and will not be recognized as an outflow of resources (expenditure) until then. The Housing Authority does not have any items that qualify for reporting in this category. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net position which applies to future periods and so will not be recognized as an inflow of resources (revenue) until then. The Housing Authority has one item that qualifies for reporting in this category and that is for the amount of future Ground Leases payments with Green Bay Housing Authority Properties, LLC. Leases - The Housing Authority is a lessor because it leases land to other entities. The lease receivable is measured using the present value of payments to be received during the lease term. The corresponding deferred inflows of resources are recognized as inflows over the lease term. Green Bay Housing Authority Properties, LLC is a lessee because it leases capital assets from other entities. The lease liability is measured using the present value of payments to be made during the lease term. The corresponding intangible right-to-use capital asset is amortized over the shorter of the lease term or the useful life. Net Position Classifications - Net position represents the difference between the total assets and the total liabilities. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction or improvement for those assets. Net position is reported as restricted when there are limitations imposed on their use through external restrictions imposed by creditors, grantors or laws or regulations of other governments. - 14 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 1 - Summary of Significant Accounting Policies - Continued Federal Aids - Federal aids for reimbursable programs are recognized as revenue in the year related program expenditures are incurred. Aids received prior to meeting revenue recognition criteria are recorded as unearned revenue. Employee Retirement Plan - The Housing Authority participates in the City of Green Bay, Wisconsin’s retirement plan, covering all of its eligible employees, which is funded through contributions to the Wisconsin Retirement System (WRS). Due To/From Other Programs - During the course of operations, numerous transactions occur between individual programs for goods provided or services rendered. These receivables and payables are classified as "due from other programs" or "due to other programs" on the combining statement of net position and have been eliminated in the basic financial statements. Interprogram Transactions - Quasi-external transactions are accounted for as revenue or expenses. Transactions that constitute reimbursements to a program for expenses initially made from it that are properly applicable to another program, are recorded as expenses in the reimbursing program and as reductions of expenses in the program that is reimbursed. Rental Income - Rental income is recognized as rents become due. Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events - The Housing Authority has evaluated subsequent events through January 20, 2026, the date which the financial statements were available to be issued. Change in Accounting Principle - The Housing Authority has implemented GASB Statement No. 101 Compensated Absences in 2025. The implementation did not have a material impact on the Housing Authoriy’s financial statements. NOTE 2 - Cash and Cash Equivalents HUD regulations and statutes authorize the Housing Authority to have deposits in checking accounts, certificates of deposit, money-market funds, United States government securities, and repurchase agreements fully collateralized by United States government securities. Fair Value of Deposits - Deposits are reported at fair value. At June 30, 2025, the fair value of the Housing Authority’s deposits and investments approximated original cost; therefore, no fair value adjustments were necessary. Determining Fair Value - Fair value of the Housing Authority’s deposits are determined as follows: Deposits with stated interest rates (operating, savings accounts, and certificates of deposit) are stated at cost. Income Allocation - Interest income is generally allocated to the program that owns the certificate of deposit and savings account. - 15 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 2 - Cash and Cash Equivalents - Continued Deposits at Financial Institutions - The Housing Authority’s balances at individual financial institutions were subject to coverage under federal depository insurance and amounts appropriated by Sections 20.144(1)(a) and 34.08 of the Wisconsin Statutes (State Guarantee Fund). Coverage under the State Guarantee Fund may not exceed $1,000,000 above the amount of coverage under federal depository insurance at any institution and is limited by the availability of the appropriations authorized therein. (Due to the relatively small size of the State Guarantee Fund in relation to the total coverage, total recovery of losses may not be available.) Custodial Credit Risk - Deposits - Custodial credit risk is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The Housing Authority does not have an additional custodial credit risk policy. As of June 30, 2025, $3,991,934 of the Housing Authority’s bank balance of $5,241,934 was exposed to custodial risk as follows: Uninsured, collateralized by bank $ 3,991,934 At June 30, 2025, the Housing Authority reported cash and cash equivalents as follows: Cash and cash equivalents $ 2,805,419 The difference between cash and cash equivalents and the bank balance reported below is due to reconciling items such as outstanding checks and deposits in transit. Fair Value of Deposits - Deposits are reported at fair value. At December 31, 2024, the fair value of the Component Unit’s deposits approximated original cost; therefore, no fair value adjustments were necessary. Determining Fair Value - Fair value of the Component Unit’s deposits are determined as follows: deposits with stated interest rates (operating, savings accounts, and certificates of deposit) are stated at cost. Income Allocation - Interest income is generally allocated to the program that owns the certificate of deposit and savings account. Custodial Credit Risk - Deposits - Custodial credit is the risk that, in the event of a bank failure, the Housing Authority’s deposits may not be returned to it. The Component Unit does not have a deposit policy for custodial credit risk. As of December 31, 2024, none of the Component Unit’s bank balance was exposed to custodial risk. At December 31, 2024, the Component Unit’s reported cash and cash equivalents as follows: Cash and cash equivalents $ 687,984 Cash and cash equivalents - restricted 3,072,650 TOTAL $ 3,760,634 - 16 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 3 - Ground Lease The Housing Authority has entered into two Ground Lease agreements for usage of its land. In accordance with GASB Statement No. 94, the net present value of the expected principal and interest payments are being reflected as a lease receivable and the future payments are being reported as deferred inflow of resources. A summary of agreements in which the Housing Authority is the lessor and Green Bay Housing Authority Properties, LLC is the lessee for the financial year ended June 30, 2025, is as follows: DESCRIPTION LEASE RECEIVABLE DEFERRED INFLOW INTEREST RATE LEASE END DATE Ground Lease $634,013 $634,013 4.83% April 1, 2100 Ground Lease $216,899 $216,899 4.83% April 1, 2100 As of June 30, 2025, the total lease receivable & deferred inflow of resources was $850,912. NOTE 4 - Public-Private Partnership, Ground Leases, and RAD/HAP Arrangements On November 30, 2023, the Housing Authority entered into two 75-year ground leases with Green Bay Housing Authority Properties, LLC, in connection with the U.S. Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program. These leases relate to the redevelopment and long-term operation of affordable housing properties, including Mason Manor and Scattered Sites. Under the RAD program, the Housing Authority and Green Bay Housing Authority Properties, LLC entered into Housing Assistance Payment (HAP) contracts and RAD Use Agreements with HUD. These agreements impose long-term affordability and use restrictions on the properties. The ground leases are expressly subordinate to the RAD Use Agreements, and any conflict between the lease and the Use Agreement is resolved in favor of the Use Agreement. Violation of the Use Agreement constitutes a default under the lease. Upon expiration or termination of the lease, title to the land and all improvements reverts to the Authority. The Housing Authority retains significant control over the properties through the lease terms and RAD Use Agreements, including approval rights over certain actions by Green Bay Housing Authority Properties, LLC and residual ownership of the assets. These arrangements qualify as public-private partnerships (PPPs) under GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. Accordingly, the Authority has recognized lease receivables and corresponding deferred inflows of resources related to these agreements. See Note 3 - Ground Lease for details. As part of the transactions, Green Bay Housing Authority Properties, LLC issued multiple mortgage notes to the Housing Authority and its affiliate, GBHA Properties I, Inc., as seller financing for the acquisition and redevelopment of the properties. These notes are interest-only, payable from available cash flow, and subordinate to senior debt. See Note 5 - Notes Receivable for additional terms and balances. The Housing Authority is responsible for ensuring compliance with RAD and HAP requirements, including affordability, tenant eligibility, and reporting. Noncompliance may result in penalties or loss of federal funding. As part of its mission to support affordable housing, the Housing Authority made payments to Green Bay Housing Authority Properties, LLC for rehabilitation costs related to the RAD conversion of Mason Manor and Scattered Sites. These payments are part of a broader public-private partnership arrangement governed by GASB Statement No. 94. The Housing Authority retains ownership of the land and a residual interest in the improvements. - 17 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 5 - Loans Receivable Loans receivable consist of the following at June 30, 2025: 0.00%, deferred payment loan from Neighborhood Housing Services of Green Bay, Inc., payable in full upon transfer or other disposition of the property located at 437 S. Jackson Street. $ 100,000 0.00%, deferred payment loan from NEW Community Shelter, Inc., payable upon sale or transfer of the property located at 301 Mather Street. 50,000 0.00%, deferred payment loan from Neighborhood Housing Services of Green Bay, Inc., payable in full upon sale, transfer, or refinance and the property leases to operate as Benevolent Low Income Housing, collateralized with real property at 145-151 N. Ashland Avenue 205,000 1.50% mortgage loan from Broadway Lofts, L.P., to TWG Development, LLC, which has been assigned to Green Bay Housing Authority. The full principal loan issued is $530,000. Payments are to be made quarterly over a 35-year period, ending in fiscal year 2056. 500,653 4.83%, Seller Loan from GBHA Properties, LLC. The full principal in the amount of $2,920,000 has a maturity date of November 30, 2063. Interest only payments shall be due annually commencing on April 1, 2025. 2,920,000 4.83%, Seller Loan from GBHA Properties, LLC. The full principal in the amount of $7,060,000 has a maturity date of November 30, 2063. Interest only payments shall be due annually commencing on April 1, 2025. 7,060,000 1.50%, Sales Proceeds Loan from GBHA Properties, LLC. The full principal in the amount of $1,520,000 has a maturity date of November 30, 2063. Interest only payments shall be due annually commencing on April 1, 2025. 1,520,000 1.50%, Sales Proceeds Loan from GBHA Properties, LLC. The full principal in the amount of $3,480,000 has a maturity date of November 30, 2063. Interest only payments shall be due annually commencing on April 1, 2025 3,480,000 15,835,653 Less current portion (15,090) TOTAL LONG-TERM $15,820,563 NOTE 6 - Capital Assets A summary of changes in capital assets are as follows: BALANCE BALANCE 07/01/24 ADDITIONS RETIREMENTS 06/30/25 Capital assets not being depreciated: Land $ 484,471 $ - $ - $ 484,471 Capital assets being depreciated: Machinery and equipment 6,012 - - 6,012 Less accumulated depreciation (6,012) - - (6,012) Total capital assets being depreciated, net of accumulated depreciation - - - - NET CAPITAL ASSETS $ 484,471 $ - $ - $ 484,471 - 18 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 6 - Capital Assets - Continued A summary of changes in capital assets for Green Bay Housing Authority Properties, LLC is as follows: BALANCE BALANCE 01/01/24 ADDITIONS RETIREMENTS 12/31/24 Capital assets not being depreciated: Land $ - $ - $ - $ - Construction in Progress - 11,328,276 - 11,328,276 Total capital assets not being depreciated - 11,328,276 - 11,328,276 BALANCE BALANCE 01/01/24 ADDITIONS RETIREMENTS 12/31/24 Capital assets being depreciated: Land improvements $ - $ 97,686 $ - $ 97,686 Buildings and improvements - 11,091,617 - 11,091,617 Equipment - 632,151 - 632,151 Total capital assets being depreciated - 11,821,454 - 11,821,454 Less accumulated depreciation - (110,513) - (110,513) Total capital assets being depreciated, net of accumulated depreciation - 11,710,941 - 11,710,941 NET CAPITAL ASSETS $ - $23,039,217 $ - $23,039,217 A summary of changes in leases for the Component Units is as follows: BALANCE BALANCE 01/01/24 ADDITIONS RETIREMENTS 12/31/24 Right-of-use assets being amortized: Right-of-use asset - land $ - $15,774,490 $ - $15,774,490 Less accumulated amortization - (544,884) - (544,884) NET RIGHT-OF-USE ASSETS $ - $15,229,606 $ - $15,229,606 NOTE 7 - Long-Term Obligations Details of the Housing Authority’s long-term obligations are set forth below: Summary of Long-Term Obligations AMOUNT BALANCE BALANCE DUE WITHIN 07/01/24 ADDITIONS REDUCTIONS 06/30/25 ONE YEAR Compensated absences $ 13,177 $ 5,284 $ - $ 18,461 $ 4,615 Compensated absences are presented as a net change. Summary of Long-Term Obligations - Component Unit AMOUNT BALANCE BALANCE DUE WITHIN 1/1/24 ADDITIONS REDUCTIONS 12/31/24 ONE YEAR Notes payable $ - $32,729,732 $ - $32,729,732 $ - Lease liability - 831,752 - 831,752 - Other long-term liabilities - 4,355,585 - 4,355,585 573,871 TOTAL LONG-TERM OBLIGATIONS $ - $37,917,069 $ - $37,917,069 $ 573,871 The lease liability related to the ground leases described in Note 6. - 19 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 7 - Long-Term Obligations - Continued At December 31, 2024, notes payable of Green Bay Housing Authority Properties, LLC consists of: Note payable to WHEDA, interest at 6.45 percent, monthly interest payments are payable the first day of each month commencing December 1, 2023 until the conversion date of June 1, 2026, commencing on June 1, 2026, monthly installments of principal and interest are payable, matures on May 31, 2061. The note is secured by the mortgage on the rental property. $ 6,440,000 Construction note payable to WHEDA, interest at 4.85 percent, monthly interest payments are payable the first day of each month commencing December 1, 2023, matures on June 1, 2026. The note is secured by the mortgage on the rental property. 9,650,246 Note payable to GBHA Properties I, Inc. (third loan), interest at 4.83 percent, interest payments due annually commencing on April 1, 2025, subject to cash flow, matures on November 30, 2063. Accrued interest is included in the loan balance. 3,073,401 Note payable to GBHA Properties I, Inc. (fourth loan), interest at 1.50 percent, interest payments due annually commencing on April 1, 2025, subject to cash flow, matures on November 30, 2063. Accrued interest is included in the loan balance. 1,544,799 Note payable to GBHA Properties I, Inc. (fifth loan), interest at 4.83 percent, interest payments due annually commencing on April 1, 2025, subject to cash flow, matures on November 30, 2063. Accrued interest is included in the loan balance. 7,430,894 Note payable to Green Bay Housing Authority (sixth loan), interest at 1.50 percent, interest payments due annually commencing on April 1, 2025, subject to cash flow, matures on November 30, 2063. Accrued interest is included in the loan balance. 3,536,776 Note payable to Green Bay Housing Authority (seventh loan), interest at 1.50 percent, interest payments due annually commencing on April 1, 2025, subject to cash flow, matures on November 30, 2063. Accrued interest is included in the loan balance. 1,053,616 TOTAL NOTES PAYABLE 32,729,732 Less: unamortized debt issuance costs (107,240) NET LONG TERM NOTES PAYABLE $ 32,622,492 Maturities of Long-Term Debt Maturities of the long-term debt for Green Bay Housing Authority Properties, LLC at December 31, 2024, are: YEARS PRINCIPAL 2025 $ - 2026 9,679,211 2027 52,254 2028 55,726 2029 59,429 Thereafter 22,883,112 $ 32,729,732 At December 31, 2024, Green Bay Housing Authority Properties, LLC other long term liabilities consisted of: - 20 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 7 - Long-Term Obligations - Continued Green Bay Housing Authority Properties, LLC has entered into a development fee agreement with Gorman & Company, LLC. Any deferred development fee will accrue interest at 5 percent and will be payable from available cash flow. The development fee is due by the fourteenth anniversary of the completion date. In the event the development fee has not been paid within fourteen years after the completion date, the managing member will make a capital contribution to the Company sufficient to satisfy the remaining unpaid portion of the development fee. The development fee payable was $4,355,585 as of December 31, 2024. NOTE 8 - Short-Term Lease Income The Housing Authority currently receives lease income for rooftop space at one of its Public Housing projects. The lease income is from four cancelable short-term leases with varying expiration dates. The leases require the annual rents to be adjusted by 2-5 percent of the rent in effect during the previous year. Income received from these leases during fiscal year 2025 totaled $107,250 and is included in other operating revenue in the accompanying financial statements. NOTE 9 - Cooperative Agreement The Housing Authority has an agreement with the City of Green Bay, Wisconsin (the “City”) whereby the Housing Authority reimburses the City for administrative costs incurred by the City on behalf of the Housing Authority. These administrative costs consist principally of salaries, benefits, and office expenses. The salaries and benefits are for the allocated time that the City employee’s work on the Housing Authority. Included in the benefit expense are those employee’s allocated expenses for the Wisconsin Retirement System (WRS), insurance, and taxes. NOTE 10 - Conduit Debt Obligations From time to time, the Housing Authority has issued Revenue Bonds to provide financial assistance to commercial and non-profit entities for the acquisition and construction of facilities deemed to be in the public interest. The bonds are secured by the property financed. Payments on the underlying mortgage loans are made to the respective bond trustee. Upon repayment of the bonds, ownership of the acquired facilities transfers to the commercial or non-profit entity served by the bond issuance. Neither the Housing Authority, the City of Green Bay, Wisconsin, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of June 30, 2025, there were two series of Revenue Bonds outstanding. The aggregate principal amount payable was not readily determinable by the Housing Authority. The Housing Authority charges annual fees for performing the service of issuing bonds. The commercial and non-profit entities pay the annual fees for as long as the bonds remain outstanding. Fees received by the Housing Authority during the year ended June 30, 2025, totaled $43,600 and are included in other operating revenue in the accompanying financial statements. NOTE 11 - Related Party Transactions The Housing Authority has a management agreement with the component unit for the fiscal year 2025, the Housing Authority received $112,118. - 21 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin NOTES TO THE BASIC FINANCIAL STATEMENTS - Continued JUNE 30, 2025 NOTE 12 - Special Items The Housing Authority has recorded special items as part of the transfer out for the RAD conversion. The special items expense was $2,413,214 as of June 30, 2025. NOTE 13 - Risk Management Insured Risk - The Housing Authority purchases commercial insurance with various deductibles and coverages to cover liability, property, workers’ compensation, errors, omissions, and employee defalcation risk. For insured programs, there have been no significant reductions in insurance coverage. Settlement amounts have not exceeded insurance coverage for the current year or the three prior years. NOTE 14 - Economic Dependency The Housing Authority received approximately 62 percent of its total revenue from the United States Department of Housing and Urban Development. This funding is subject to federal government budget appropriations and potential funding reductions. - 22 - HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin SUPPLEMENTARY INFORMATION  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin COMBINING STATEMENT OF NET POSITION JUNE 30, 2025 REVENUE BOND GBHA MASON MANOR ELIMINATING ASSETS COCC PROGRAM PROPERTIES I PROPERTIES ENTRY TOTAL CURRENT ASSETS Cash and cash equivalents $ 2,060,600 $ - $ 744,819 $ - $ - $ 2,805,419 Receivables Interest - 1,877 - - - 1,877 Due from other programs 33,388 1,303,474 - - (1,336,862) - Current portion of loans receivable - 15,090 - - - 15,090 TOTAL CURRENT ASSETS 2,093,988 1,320,441 744,819 - (1,336,862) 2,822,386 NONCURRENT ASSETS Loans receivable - 840,563 4,440,000 10,540,000 - 15,820,563 Ground lease receivable - - 216,899 634,013 - 850,912 Capital assets, net of accumulated depreciation - - 383,108 101,363 - 484,471 TOTAL NONCURRENT ASSETS - 840,563 5,040,007 11,275,376 - 17,155,946 TOTAL ASSETS $ 2,093,988 $ 2,161,004 $ 5,784,826 $ 11,275,376 $ (1,336,862) $ 19,978,332 (Continued on page 24) - 23 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin COMBINING STATEMENT OF NET POSITION - Continued JUNE 30, 2025 REVENUE LIABILITIES, DEFERRED INFLOWS OF BOND GBHA MASON MANOR ELIMINATING RESROUCES AND NET POSITION COCC PROGRAM PROPERTIES I PROPERTIES ENTRY TOTAL CURRENT LIABILITIES Accounts payable $ - $ - $ 15,085 $ - $ - $ 15,085 Accrued payroll 3,993 - - - - 3,993 Compensated absences 4,615 - - - - 4,615 Due to other programs 1,303,474 - 33,388 - (1,336,862) - TOTAL CURRENT LIABILITIES 1,312,082 - 48,473 - (1,336,862) 23,693 NONCURRENT LIABILITIES Compensated absences 13,846 - - - - 13,846 TOTAL LIABILITIES 1,325,928 - 48,473 - (1,336,862) 37,539 DEFERRED INFLOWS OF RESOURCES Ground lease - - 216,899 634,013 - 850,912 NET POSITION Net investment in capital assets - - 383,108 101,363 - 484,471 Unrestricted 768,060 2,161,004 5,136,346 10,540,000 - 18,605,410 TOTAL NET POSITION 768,060 2,161,004 5,519,454 10,641,363 - 19,089,881 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION $ 2,093,988 $ 2,161,004 $ 5,784,826 $ 11,275,376 $ (1,336,862) $ 19,978,332 - 24 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin COMBINING STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION YEAR ENDED JUNE 30, 2025 REVENUE BOND ROSS CAPITAL GBHA MASON MANOR ELIMINATING COCC MASON MANOR PROGRAM PROGRAM FUNDS PROPERTIES I PROPERTIES ENTRY TOTAL OPERATING REVENUE Operating grants $ - $ 363 $ - $ 75,090 $ 733,214 $ 112,186 $ - $ - $ 920,853 Other operating revenue 215,591 37,188 171,602 - - 31,579 - (112,188) 343,772 TOTAL OPERATING REVENUE 215,591 37,551 171,602 75,090 733,214 143,765 - (112,188) 1,264,625 OPERATING EXPENSES Administration 111,414 9,120 1,868 - - 128,126 - (112,188) 138,340 Tenant services - - - 75,090 - - - - 75,090 General expenses 8,884 - - - - 2,065 - - 10,949 TOTAL OPERATING EXPENSES 120,298 9,120 1,868 75,090 - 130,191 - (112,188) 224,379 OPERATING INCOME (LOSS) 95,293 28,431 169,734 - 733,214 13,574 - - 1,040,246 NONOPERATING REVENUE (EXPENSES) Interest income 71,181 63,988 66,421 - - 16,768 - - 218,358 Special items - (1,412,803) (267,197) - (733,214) - - - (2,413,214) Operating transfers in 21,663 - - - - - - (21,663) - Operating transfers out - - - - - (21,663) - 21,663 - TOTAL NONOPERATING REVENUE 92,844 (1,348,815) (200,776) - (733,214) (4,895) - - (2,194,856) CHANGE IN NET POSITION 188,137 (1,320,384) (31,042) - - 8,679 - - (1,154,610) NET POSITION AT BEGINNING OF YEAR 579,923 1,320,384 2,192,046 - - 5,510,775 10,641,363 - 20,244,491 NET POSITION AT END OF YEAR $ 768,060 $ - $ 2,161,004 $ - $ - $ 5,519,454 $ 10,641,363 $ - $ 19,089,881 - 25 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin COMBINING STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30, 2025 REVENUE BOND ROSS CAPITAL GBHA ELIMINATING COCC MASON MANOR PROGRAM PROGRAM FUNDS PROPERTIES I ENTRY TOTAL CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts: Interprogram services provided $ (2,084,859) $ - $ - $ - $ - $ - $ 2,084,859 $ - HUD operating grants - 363 - 88,212 - 112,186 - 200,761 Other operating receipts 215,591 37,188 171,602 - - 31,579 (112,188) 343,772 Total cash receipts (1,869,268) 37,551 171,602 88,212 - 143,765 1,972,671 544,533 Cash disbursements: Vendors and suppliers (32,184) (9,120) (1,866) - - (96,908) 112,188 (27,890) Employees compensation and benefits (93,381) - (79) (88,212) - (24,218) - (205,890) Insurance (3,000) - - - - - - (3,000) Interprogram services used (11,725) 1,320,384 9,457 - 733,214 33,529 (2,084,859) - Total cash disbursements (140,290) 1,311,264 7,512 (88,212) 733,214 (87,597) (1,972,671) (236,780) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (2,009,558) 1,348,815 179,114 - 733,214 56,168 - 307,753 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Issuance of loan receivable - - 21,662 - - - - 21,662 Special items - (1,412,803) (267,197) - (733,214) - - (2,413,214) NET CASH PROVIDED BY (USED IN) CAPITAL AND RELATED FINANCING ACTIVITIES - (1,412,803) (245,535) - (733,214) - - (2,391,552) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 71,181 63,988 66,421 - - 16,768 - 218,358 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,916,714) - - - - 51,273 - (1,865,441) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,977,314 - - - - 693,546 - 4,670,860 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 2,060,600 $ - $ - $ - $ - $ 744,819 $ - $ 2,805,419 (Continued on page 27) - 26 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin COMBINING STATEMENT OF CASH FLOWS - Continued YEAR ENDED JUNE 30, 2025 REVENUE BOND ROSS CAPITAL GBHA ELIMINATING COCC MASON MANOR PROGRAM PROGRAM FUNDS PROPERTIES I ENTRY TOTAL RECONCILIATION OF CASH AND CASH EQUIVALENTS PER STATEMENT OF CASH FLOWS TO THE STATEMENT OF NET POSITION Cash and cash equivalents $ 2,060,600 $ - $ - $ - $ - $ 744,819 $ - $ 2,805,419 RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Operating income (loss) $ 95,293 $ 28,431 $ 169,734 $ - $ 733,214 $ 13,574 $ - $ 1,040,246 Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities Decrease (increase) in assets Due from other governments - - - 13,122 - - - 13,122 Due from other programs (11,725) 1,320,384 9,457 - 733,214 141 (2,051,471) - Increase (decrease) in liabilities Accounts payable (3,919) - - - - 9,065 - 5,146 Accrued payroll (9,632) - (77) (13,122) - - - (22,831) Compensated absences 5,284 - - - - - - 5,284 Due to other governments - - - - (733,214) - - (733,214) Due to other programs (2,084,859) - - - - 33,388 2,051,471 - NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (2,009,558) $ 1,348,815 $ 179,114 $ - $ 733,214 $ 56,168 $ - $ 307,753 - 27 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin STATEMENTS AND CERTIFICATIONS OF ACTUAL AND MODERNIZATION COSTS JUNE 30, 2025 1. The actual costs of the Housing Authority of the City of Green Bay (the “Housing Authority”) were as follows: WI39P074501-22 WI39P074501-23 Budget $ 425,644 $ 428,425 Advances Cumulative through 6/30/2024 $ 119,510 $ 1,345 Current year 306,134 427,080 Cumulative through 6/30/2025 425,644 428,425 Costs Cumulative through 6/30/2024 119,510 1,345 Current year 306,134 427,080 Cumulative through 6/30/2025 425,644 428,425 YEAR END RECEIVABLE/DEFERRED REVENUE $ - $ - REMAINING BUDGET $ - $ - HUD Form 53001 Submitted Yes Yes 2. The distribution of costs as shown on the Financial Statement of Costs accompanying the Actual Cost Certificate submitted to HUD for approval is in agreement with the Housing Authority’s records. 3. For the above completed grants, all costs have been paid and all related liabilities have been discharged through payment. - 28 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS JUNE 30, 2025 PASS-THROUGH ASSISTANCE ENTITY SUBRECIPIENT GRANTOR/PASS THROUGH AGENCY/ LISTING IDENTIFYING PASS-THROUGH FEDERAL PROGRAM TITLE AND GRANT NUMBER NUMBER NUMBER EXPENDITURES EXPENDITURES U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT - Direct Programs ROSS - Service Coordinators 14.870 - $ - $ 75,090 Public Housing Capital Fund 14.872 - - 733,214 Public Housing Operating Fund 14.850 - - 112,549 TOTAL EXPENDITURES OF FEDERAL AWARDS $ - $ 920,853 Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of Green Bay and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements. NOTE 2 - Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Housing Authority of the City of Green Bay has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. NOTE 3 - Disclosure of Other Forms of Assistance The Housing Authority of the City of Green Bay received no federal awards of non-monetary assistance that are required to be disclosed for the fiscal year ended June 30, 2025. The Housing Authority of the City of Green Bay had no loans or loan guarantees required to be disclosed for the fiscal year ended June 30, 2025. - 29 - HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin OTHER REPORTS  INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Commissioners Housing Authority of the City of Green Bay Green Bay, Wisconsin We have audited in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Housing Authority of the City of Green Bay (the “Housing Authority”), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the Housing Authority’s basic financial statements, and have issued our report thereon dated January 20, 2026. Our report includes reference to other auditors who audited the financial statements of the discretely presented component units as described in our report on the Housing Authority’s financial statements. This report does not include the results of the other auditors’ testing of internal control over financial reporting or compliance and other matters that are reported on separately by those auditors. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Housing Authority’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the basic financial statements, but not for the purpose of the expressing an opinion on the effectiveness of the Housing Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Housing Authority’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the Housing Authority’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit the attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. - 30 - Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Housing Authority’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Housing Authority’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Housing Authority’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. La Crosse, Wisconsin January 20, 2026 - 31 -  INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE To the Board of Commissioners Housing Authority of the City of Green Bay Green Bay, Wisconsin Report on Compliance for Each Major Federal Program Qualified Opinion We have audited Housing Authority of the City of Green Bay’s (“Housing Authority”) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the Housing Authority’s major federal programs for the year ended June 30, 2025. The Housing Authority’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Qualified Opinion on Public Housing Capital Fund In our opinion, except for the noncompliance described in the Basis for Qualified Opinion section of our report, the Housing Authority complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on Public Housing Capital Fund for the year ended June 30, 2025. Basis for Qualified Opinion We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditors’ Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the Housing Authority and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the Housing Authority’s compliance with the compliance requirements referred to above. Matter Giving Rise to Qualified Opinion on Public Housing Capital Fund As described in the accompanying schedule of findings and questioned costs, the Housing Authority did not comply with requirements regarding Assistance Listing No. 14.872 Public Housing Capital Funds as described in finding number 2025-001 for Cash Management. Compliance with such requirements is necessary, in our opinion, for the Housing Authority to comply with the requirements applicable to that program. - 32 - Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the Housing Authority’s federal programs. Auditor’s Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Housing Authority’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Housing Authority’s compliance with the requirements of each major federal program as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the Housing Authority’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.  Obtain an understanding of the Housing Authority’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the Housing Authority’s internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. Other Matters Government Auditing Standards requires the auditor to perform limited procedures on the Housing Authority’s response to the noncompliance findings identified in our audit described in the accompanying schedule of findings and questioned costs. The Housing Authority’s response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. Report on Internal Control Over Compliance Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as discussed below, we did identify a certain deficiency in internal control over compliance that we consider to be a material weaknesses. - 33 - A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiency in internal control over compliance described in the accompanying schedule of findings and questioned costs as item 2025-001 to be a material weakness. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. We did not identify any deficiencies in internal control over compliance that we consider to be significant deficiencies, as defined above. However, significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. Government Auditing Standards requires the auditor to perform limited procedures on the Housing Authority’s response to the internal control over compliance findings identified in our audit described in the accompanying schedule of findings and questioned costs. The Housing Authority’s response was not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. La Crosse, Wisconsin January 20, 2026 - 34 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2025 Section I - Summary of Auditors’ Results Financial Statements Type of auditors’ report issued: Unmodified Internal control over financial reporting:  Material weakness(es) identified? Yes X No  Significant deficiency(ies) identified that are not considered to be material weakness(es)? Yes X None reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal control over major federal program:  Material weakness(es) identified? X Yes No  Significant deficiency(ies) identified that are not considered to be material weakness(es)? Yes X None reported Type of auditors’ report issued on compliance for major programs: Qualified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? X Yes No Identification of federal major programs: Assistance Listing Numbers Name of Federal Program/Cluster 14.872 Public Housing Capital Funds Dollar threshold used to distinguish between Type A and Type B programs: $750,000 Auditee qualified as low-risk auditee? Yes X No Section II - Financial Statement Findings - None - 35 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2025 Section III - Federal Award Findings and Questioned Costs Item 2025-001 - Capital Fund Draw Not Expended in Three Days Program: 14.872 - Capital Funds Criteria: 2 CFR 200.305 requires PHAs to minimize the time federal funds are drawn down to expenditure. The Capital Fund Program provides guidelines of three business days from draw down to expenditure to minimize the interest accrued by the PHA. 24 CFR 905.310 states the PHA shall initiate a fund requisition from HUD only when funds are due and payable, unless HUD approves another payment schedule as authorized by 2 CFR 200.305. Condition: The Housing Authority had drawn down Capital Funds and did not expend within three days. Cause: The Housing Authority was not aware that Capital Funds drawn needed to be expended within three days. Questioned Costs: Not applicable. Effect: The Housing Authority is not in compliance with cash management requirements. Prior Year Finding: N/A Information: Isolated instance. Recommendation: Traditionally we would recommend that the Housing Authority implements appropriate controls over voucher draws to ensure compliance with Public Housing Capital Fund cash management requirements. We recognize that the Capital Funds have been fully expended as of June 30, 2025, so the recommendation does not apply. When receiving Capital Funds in the future, we recommend to follow this recommendation. Management’s Response: Management concurs with the recommendation to implement timely LOCCS fundings that coincides with our normal accounting cycle when receiving Capital Funds in the future. Section IV - Prior Year Findings 2024-001 - Material Audit Adjustments - Cleared in 2025 2024-002 - Capital Fund Draw Not Expended in Three Days - Current year finding 2025-001 - 36 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2025 Section V - Other Issues 1. Does the auditors’ report or the notes to the financial statements include a disclosure with regard to substantial doubt as to the auditee’s ability to continue as a going concern? No 2. Was a management letter or other document conveying audit comments issued as a result of this audit? Yes 3. Name and signature of partner Joseph D Haas, Partner - 37 -  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin INDEPENDENT AUDITORS’ REPORT ON COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE JUNE 30, 2025  HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin TABLE OF CONTENTS JUNE 30, 2025 Page 2-4 Independent Auditors’ Report on Communication With Those Charged With Governance Appendix A - Management Representation Letter -1-  INDEPENDENT AUDITORS' REPORT ON COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE To the Board of Commissioners Housing Authority of the City of Green Bay Green Bay, Wisconsin We have audited the financial statements of the Housing Authority of the City of Green Bay (the “Housing Authority”) as of and for the year ended June 30, 2025, and have issued our report thereon dated January 20, 2026. Professional standards require that we advise you of the following matters relating to our audit. Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated July 7, 2025, our responsibility, as described by professional standards, is to form and express an opinion about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities. Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Housing Authority’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the Housing Authority solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you. We have provided our findings regarding significant control deficiencies over financial reporting and material noncompliance, and other matters noted during our audit in a separate letter to you dated January 20, 2026. Planned Scope and Timing of the Audit We conducted our audit consistent with the planned scope and timing we previously communicated to you. -2- Compliance With All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, our firm, and our network firms have complied with all relevant ethical requirements regarding independence. Significant Risks Identified We have identified the following significant risks:  Management Override of Controls - Professional standards require the auditor to address the risk that management is in a unique position to override controls that otherwise appear to be operating effectively.  Improper Revenue Recognition - Professional standards require the auditor to presume that risks of material misstatements exist in revenue recognition. We have designed our audit procedures to adequately address the significant risks identified. Qualitative Aspects of the Housing Authority’s Significant Accounting Practices Significant Accounting Policies Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the Housing Authority is included in Note 1 to the financial statements. As described in Note 1 of the financial statements, during the year, the Housing Authority adopted Government Accounting Standards Board (GASB) Statement No. 101, Compensated Absences. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions, and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. Significant Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates exist that were not identified as a significant risk. We evaluated the key factors and assumptions used to develop the estimate in determining that it was reasonable in relation to the financial statements as a whole. Financial Statement Disclosures Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the Housing Authority’s financial statements relate to: capital assets, notes receivable & economic dependency. Significant Difficulties Encountered During the Audit For purposes of this communication, professional standards require us to communicate to you significant unusual transactions identified during our audit. We have not identified any significant unusual transactions during the audit. -3- Uncorrected and Corrected Misstatements For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. Management has corrected all identified misstatements. Uncorrected misstatements or matters underlying those uncorrected misstatements could potentially cause future- period financial statements to be materially misstated, even though the uncorrected misstatements are immaterial to the financial statements currently under audit. In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. No such misstatements were identified during our audit procedures. Disagreements With Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Housing Authority’s financial statements or the auditors’ report. No such disagreements arose during the course of the audit. Representations Requested From Management We have requested certain written representations from management, which are included in the letter under Appendix A dated January 20, 2026. Management’s Consultations With Other Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters. Other Significant Matters, Findings, or Issues In the normal course of our professional association with the Housing Authority, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating and regulatory conditions affecting the Housing Authority, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the Housing Authority’s auditors. This information is intended solely for the use of Board of Commissioners and management of Housing Authority of the City of Green Bay and is not intended to be, and should not be, used by anyone other than these specified parties. La Crosse, Wisconsin January 20, 2026 -4- HOUSING AUTHORITY OF THE CITY OF GREEN BAY Green Bay, Wisconsin APPENDIX A MANAGEMENT REPRESENTATION LETTER  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 AGENDA ITEM # F.1 GBHA Bills. BACKGROUND RECOMMENDATION FISCAL IMPACT ATTACHMENTS 1. Check report - Nov 2. Check report - Dec 3. Check report - Jan 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov 11:09 AM Green Bay Housing Authority 02/03/26 Check Detail November 2025 Type Num Date Name Memo Account Paid Amount Check 11/30/2025 Service Cha... 1111.01 · General ... Service Charge 4530.00 · Bank Fees -58.00 TOTAL -58.00 Bill Pmt -Check 7439 11/13/2025 HAWKINS ASH BA... 2025 Audit 1111.01 · General ... Bill 3243044 10/31/2025 2025 Audit 4171.00 · Auditing ... -4,500.00 2025 Audit 4171.00 · Auditing ... -4,500.00 2025 Audit 4171.00 · Auditing ... -2,875.00 2025 Audit 4171.00 · Auditing ... -625.00 TOTAL -12,500.00 Page 1 11:10 AM Green Bay Housing Authority 02/03/26 Check Detail December 2025 Type Num Date Name Memo Account Paid Amount Check 12/31/2025 Service Cha... 1111.01 · General ... Service Charge 4530.00 · Bank Fees -50.00 TOTAL -50.00 Bill Pmt -Check 7440 12/01/2025 CITY OF GREEN B... 1111.01 · General ... Bill 970-12420 11/4/25 11/04/2025 cc fees 1242.00 · Fees coll... -65.93 Bill 970-12422 11/2025 11/30/2025 wages 4110.00 · Admin Sa... -5,937.39 benefits 4182.00 · Employe... -2,176.82 TOTAL -8,180.14 Bill Pmt -Check 7441 12/01/2025 Jayme Valentine waha 1111.01 · General ... Bill WAHA meeting 11/18/2025 WAHA meeting 4150.00 · Travel -39.29 TOTAL -39.29 Bill Pmt -Check 7442 12/11/2025 CITY OF GREEN B... office suppli... 1111.01 · General ... Bill 205371 12/02/2025 copies 4190.01 · Printing -48.25 supplies & zo... 4190.03 · Paper & ... -39.07 TOTAL -87.32 Bill Pmt -Check 7443 12/29/2025 CITY OF GREEN B... 1111.01 · General ... Bill 970-12420 12/2/25 12/02/2025 cc fees 1242.00 · Fees coll... -69.85 Bill 970-12422 12/30/25 12/29/2025 wages 4110.00 · Admin Sa... -5,592.88 benegits 4182.00 · Employe... -2,048.88 TOTAL -7,711.61 Page 1 11:10 AM Green Bay Housing Authority 02/03/26 Check Detail January 2026 Type Num Date Name Memo Account Paid Amount Bill Pmt -Check 7444 01/22/2026 CITY OF GREEN B... 1111.01 · General ... Bill 206708 12/31/2025 Admin Exp 4190.10 · Miscellan... -663.25 TOTAL -663.25 Bill Pmt -Check 7445 01/22/2026 WAHA Dues 1111.01 · General ... Bill 2026 Dues 01/01/2026 2026 Dues 4190.05 · Members... -250.00 TOTAL -250.00 Page 1  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 AGENDA ITEM # F.2 GBHA Financial Report. BACKGROUND RECOMMENDATION FISCAL IMPACT ATTACHMENTS 1. Monthly FS 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov  Green Bay Housing Authority Budget vs. Actual Green Bay Housing Authority Jan-26 COCC Mason Manor RevBonds TOTAL YTD Budget YTD Budget YTD Budget YTD Budget Total Income 119,396.83 164,628.66 0.00 3,000.00 50,037.49 185,889.53 169,434.32 353,518.19 Total Expense 73,006.37 159,900.00 4,500.00 4,500.00 366,212.71 52,400.00 443,719.08 216,800.00 Net Income 46,390.46 4,728.66 -4,500.00 -1,500.00 -316,175.22 133,489.53 -274,284.76 136,718.19 purchased a truck Loan to Grand Boulevard Apts  Green Bay Housing Authority Budget vs. Actual COCC YTD Budget $ Over Budget % of Budget Income 3510.00 · Management Fee Revenue 0.00 0.00 0.00 0.0% 3610.00 · Int Income 57,537.12 10,000.00 47,537.12 575.37% 3690.01 · Other Income - Ins Dividends 1,212.89 0.00 1,212.89 100.0% 3690.02 · Other Income 60,646.82 104,628.66 -43,981.84 57.96% 3690.03 · Cell Tower Rent 0.00 0.00 0.00 0.0% 9110.00 · Transfers In 0.00 50,000.00 -50,000.00 0.0% Total Income 119,396.83 164,628.66 -45,231.83 72.53% Expense 4110.00 · Admin Salaries 47,419.08 81,000.00 -33,580.92 58.54% 4130.00 · Legal Expense 0.00 2,000.00 -2,000.00 0.0% 4140.00 · Staff Training 0.00 9,000.00 -9,000.00 0.0% 4150.00 · Travel 78.29 200.00 -121.71 39.15% 4171.00 · Auditing Fees 2,875.00 12,000.00 -9,125.00 23.96% 4182.00 · Employee Benefits - Admin 16,141.07 29,500.00 -13,358.93 54.72% 4190.01 · Printing 139.03 500.00 -360.97 27.81% 4190.02 · Postage 42.70 400.00 -357.30 10.68% 4190.03 · Paper & Office Supplies 108.49 500.00 -391.51 21.7% 4190.04 · Publications 0.00 200.00 -200.00 0.0% 4190.05 · Membership Dues & Fees 261.99 400.00 -138.01 65.5% 4190.06 · Computer Support 0.00 5,000.00 -5,000.00 0.0% 4190.10 · Miscellaneous 1,904.72 15,000.00 -13,095.28 12.7% 4420.00 · Maint - Supplies 0.00 100.00 -100.00 0.0% 4510.01 · Insurance Expenses - Liability 3,728.00 3,500.00 228.00 106.51% 4530.00 · Bank Fees 308.00 600.00 -292.00 51.33% 4590.00 · Other General 0.00 0.00 0.00 0.0% 4800.00 · Depreciation Expense 0.00 0.00 0.00 0.0% 9120.00 · Transfers Out 0.00 0.00 0.00 0.0% Total Expense 73,006.37 159,900.00 -86,893.63 45.66% Net Income/(Loss) 46,390.46 4,728.66 41,661.80 981.05% 0.00  Green Bay Housing Authority Budget vs. Actual Mason Manor YTD Budget $ Over Budget % of Budget Income 3510.00 · Management Fee Revenue 0.00 0.00 0.00 0.0% 3610.00 · Int Income 0.00 3,000.00 -3,000.00 0.0% 3690.01 · Other Income - Ins Dividends 0.00 0.00 0.00 0.0% 3690.02 · Other Income 0.00 0.00 0.00 0.0% 3690.03 · Cell Tower Rent 0.00 0.00 0.00 0.0% 9110.00 · Transfers In 0.00 0.00 0.00 0.0% Total Income 0.00 3,000.00 -3,000.00 0.0% Expense 4110.00 · Admin Salaries 0.00 0.00 0.00 0.0% 4130.00 · Legal Expense 0.00 0.00 0.00 0.0% 4140.00 · Staff Training 0.00 0.00 0.00 0.0% 4150.00 · Travel 0.00 0.00 0.00 0.0% 4171.00 · Auditing Fees 4,500.00 4,500.00 0.00 100.0% 4182.00 · Employee Benefits - Admin 0.00 0.00 0.00 0.0% 4190.01 · Printing 0.00 0.00 0.00 0.0% 4190.02 · Postage 0.00 0.00 0.00 0.0% 4190.03 · Paper & Office Supplies 0.00 0.00 0.00 0.0% 4190.04 · Publications 0.00 0.00 0.00 0.0% 4190.05 · Membership Dues & Fees 0.00 0.00 0.00 0.0% 4190.06 · Computer Support 0.00 0.00 0.00 0.0% 4190.10 · Miscellaneous 0.00 0.00 0.00 0.0% 4420.00 · Maint - Supplies 0.00 0.00 0.00 0.0% 4510.01 · Insurance Expenses - Liability 0.00 0.00 0.00 0.0% 4530.00 · Bank Fees 0.00 0.00 0.00 0.0% 4590.00 · Other General 0.00 0.00 0.00 0.0% 4800.00 · Depreciation Expense 0.00 0.00 0.00 0.0% 9120.00 · Transfers Out 0.00 0.00 0.00 0.0% Total Expense 4,500.00 4,500.00 0.00 100.0% Net Income/(Loss) -4,500.00 -1,500.00 -3,000.00 300.0% 0.00  Green Bay Housing Authority Budget vs. Actual RevBonds YTD Budget $ Over Budget % of Budget Income 3510.00 · Management Fee Revenue 0.00 0.00 0.00 0.0% 3610.00 · Int Income 0.00 5,000.00 -5,000.00 0.0% 3690.01 · Other Income - Ins Dividends 0.00 0.00 0.00 0.0% 3690.02 · Other Income 12,045.00 75,136.84 -63,091.84 16.03% 3690.03 · Cell Tower Rent 37,992.49 105,752.69 -67,760.20 35.93% 9110.00 · Transfers In 0.00 0.00 0.00 0.0% Total Income 50,037.49 185,889.53 -135,852.04 26.92% Expense 4110.00 · Admin Salaries 0.00 550.00 -550.00 0.0% 4130.00 · Legal Expense 0.00 0.00 0.00 0.0% 4140.00 · Staff Training 0.00 0.00 0.00 0.0% 4150.00 · Travel 0.00 0.00 0.00 0.0% 4171.00 · Auditing Fees 625.00 600.00 25.00 104.17% 4182.00 · Employee Benefits - Admin 0.00 250.00 -250.00 0.0% 4190.01 · Printing 0.00 0.00 0.00 0.0% 4190.02 · Postage 49.71 0.00 49.71 100.0% 4190.03 · Paper & Office Supplies 0.00 0.00 0.00 0.0% 4190.04 · Publications 0.00 0.00 0.00 0.0% 4190.05 · Membership Dues & Fees 0.00 0.00 0.00 0.0% 4190.06 · Computer Support 0.00 0.00 0.00 0.0% 4190.10 · Miscellaneous 15,538.00 1,000.00 14,538.00 1,553.8% * 4420.00 · Maint - Supplies 0.00 0.00 0.00 0.0% 4510.01 · Insurance Expenses - Liability 0.00 0.00 0.00 0.0% 4530.00 · Bank Fees 0.00 0.00 0.00 0.0% 4590.00 · Other General 350,000.00 0.00 350,000.00 100.0% # 4800.00 · Depreciation Expense 0.00 0.00 0.00 0.0% 9120.00 · Transfers Out 0.00 50,000.00 -50,000.00 0.0% Total Expense 366,212.71 52,400.00 313,812.71 698.88% Net Income/(Loss) -316,175.22 133,489.53 -449,664.75 -236.85% 0.00 # Loan to Grand Boulevard Apts * purchased a truck  Green Bay Housing Authority Budget vs. Actual TOTAL YTD Budget $ Over Budget % of Budget Income 3510.00 · Management Fee Revenue 0.00 0.00 0.00 0.0% 3610.00 · Int Income 57,537.12 18,000.00 39,537.12 319.65% 3690.01 · Other Income - Ins Dividends 1,212.89 0.00 1,212.89 100.0% 3690.02 · Other Income 72,691.82 179,765.50 -107,073.68 40.44% 3690.03 · Cell Tower Rent 37,992.49 105,752.69 -67,760.20 35.93% 9110.00 · Transfers In 0.00 50,000.00 -50,000.00 0.0% Total Income 169,434.32 353,518.19 -184,083.87 47.93% Expense 4110.00 · Admin Salaries 47,419.08 81,550.00 -34,130.92 58.15% 4130.00 · Legal Expense 0.00 2,000.00 -2,000.00 0.0% 4140.00 · Staff Training 0.00 9,000.00 -9,000.00 0.0% 4150.00 · Travel 78.29 200.00 -121.71 39.15% 4171.00 · Auditing Fees 8,000.00 17,100.00 -9,100.00 46.78% 4182.00 · Employee Benefits - Admin 16,141.07 29,750.00 -13,608.93 54.26% 4190.01 · Printing 139.03 500.00 -360.97 27.81% 4190.02 · Postage 92.41 400.00 -307.59 23.1% 4190.03 · Paper & Office Supplies 108.49 500.00 -391.51 21.7% 4190.04 · Publications 0.00 200.00 -200.00 0.0% 4190.05 · Membership Dues & Fees 261.99 400.00 -138.01 65.5% 4190.06 · Computer Support 0.00 5,000.00 -5,000.00 0.0% 4190.10 · Miscellaneous 17,442.72 16,000.00 1,442.72 109.02% 4420.00 · Maint - Supplies 0.00 100.00 -100.00 0.0% 4510.01 · Insurance Expenses - Liability 3,728.00 3,500.00 228.00 106.51% 4530.00 · Bank Fees 308.00 600.00 -292.00 51.33% 4590.00 · Other General 350,000.00 0.00 350,000.00 100.0% 4800.00 · Depreciation Expense 0.00 0.00 0.00 0.0% 9120.00 · Transfers Out 0.00 50,000.00 -50,000.00 0.0% Total Expense 443,719.08 216,800.00 226,919.08 204.67% Net Income/(Loss) -274,284.76 136,718.19 -411,002.95 -200.62%  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 AGENDA ITEM # F.3 Director's Report. BACKGROUND RECOMMENDATION FISCAL IMPACT ATTACHMENTS None 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov  Report to the Housing Authority of the City of Green Bay MEETING DATE PREPARED BY February 19, 2026 AGENDA ITEM # F.4 Occupancy Report. BACKGROUND RECOMMENDATION FISCAL IMPACT ATTACHMENTS None 100 North Jefferson Street, Room 608, Green Bay, Wisconsin 54301-5026 (p) 920.448.3400 (f) 920.448.3426 greenbaywi.gov