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HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: July 16, 1985
FROM: cc:
Perfecto Villarreal , Executive Director
SUBJECT:
REQUEST TO TRANSFER FUNDS
I. RECOMMENDED ACTION:
Approve the transfer of $500,000 from the Section 8 Operating Reserve to the
Local Management Fund of the Housing Authority, as recommended by the Budget
Committee of the Advisory Housing Commission and as adopted by the Advisory Housing
Commission.
II. FINANCIAL IMPACT:
On April 1, 1985 the Section 8 Operating Reserve balance was $1,092,374. This
Reserve account is currently $1,440,525. Transfer of $500,000 to the Local Management
Fund would not impair the viability of this Reserve account.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
On July 2, 1985, the Budget Committee of the Advisory Housing Commission met to
discuss various budgetary items. At that time, staff requested a transfer of
$500,000 from the Section 8 Operating Reserve account to the Local Management Fund
which would enable the Advisory Housing Commission and the Board of Commissioners to
use these funds for commissioners stipends, matching fund awards, employee award
programs, scholarship awards, loan leverage proposals and other locally-determined
housing-related purposes.
At its Regular Meeting on Monday, July 15, 1985, the Advisory Housing
Commission voted to recommend the transfer of $500,000 from the Section 8 Operating
Reserve account to the Local Management Fund of the Housing Authority as recommended
by the Budget Committee of the Advisory Housing Commission.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect to not transfer $500,000 from the
Section 8 Operating Reserve account to the Local Management Fund of the Housing
Authority, HUD could require that these reserves be used for housing program-related
purposes of their choosing, in lieu of additional funding from the Department of
Housing and Urban Development, thus creating a situation whereby the Housing
Authority could lose substantial subsidy.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
X RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEN ATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURES) G�J v'-
ACTION OF BOARD ON July 30 , 1983
APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
_ UNANIMOUS (ABSENT III ) I HEREBY CERTIFY THAT THIS ATRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIONERS ON THE DATE SHOWN.
CC: County Administrator ATTESTED July 30 , 1985
County Counsel Phil Batchelor, Clerk of the
Housing Authority Board of Commissioners
M382/7-83 BY 'G DEPUTY