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Docusign Envelope ID: E920A380-37C9-8BF7-82F3-83B67B632194
5F
NEWPORT NEWS REDEVELOPMENT & HOUSING AUTHORITY
MEMORANDUM
DATE: September 15, 2026
TO: All Members, Board of Commissioner
FROM: Lysandra M. Shaw, Executive Director
SUBJECT: Resolution-Approving the Adoption and Implementation of the Newport
News Redevelopment & Housing Authority Disposition of Assets Policy
The purpose of this memorandum is to provide background and context regarding the
proposed resolution adopting the Newport News Redevelopment & Housing Authority's
Disposition of Assets Policy.
As part of the Authority's commitment to sound financial management, accountability,
and strong internal controls, staff has developed a comprehensive Disposition of Assets
Policy to establish standardized procedures for the disposal of Authority-owned
personal property that is no longer needed due to age, wear, damage, obsolescence, or
replacement. The policy provides clear guidance for identifying surplus assets,
determining fair market value, and documenting the disposition of Authority property.
The adoption of this policy will strengthen the Authority's asset management practices
by promoting consistency, transparency, and compliance with applicable federal, state,
and local requirements. Additionally, the policy establishes safeguards to ensure that
surplus property is disposed of in a manner that protects the Authority's interests,
maintains accurate fixed asset records, prevents conflicts of interest, and maximizes the
value of public assets whenever practical.
The proposed policy also defines the responsibilities of management and staff
throughout the disposition process and establishes documentation requirements to
support audits and financial reporting. By formalizing these procedures, the Authority
will improve accountability and ensure that all asset dispositions are conducted in a fair,
consistent, and well-documented manner.
Approval of the resolution is recommended.
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