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HomeMy WebLinkAboutMINUTES - 07211992 - 1.61 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA BOARD OF COMMISSIONERS TO: DATE: July 21, 1992 Richard J. Martinez, Acting Interim Executive Director FROM: CLOSING STATEMENTS FOR FISCAL YEAR 1991/92 SUBJECT: I. RECOMMENDED ACTION: REVIEW the financial Closing Statements of the Housing Authority of the County of Contra Costa for the Fiscal Year 1991/92, as submitted to H'!D. II. FINANCIAL IMPACT: None. III. REASONS FOR RECOMMENDATION/BACKGROUND: These financial reports cover the Aided, Section 8 Existing, Section 8 Replacements, Moderate Rehabilitation 001, Moderate Rehabilitation 002, Moderate Rehabilitation 004, Housing Voucher Program, Drug Elimination Program and Non-PHA Management funds for the fiscal year ending March 31, 1992, and the following is an outline explanation of each closing statement: AIDED The Operating Reserve balance as of March 31, 1992 is $1,095,115.01. This is 53% of the Maximum Operating Reserve allowed by HUD. The actual net decrease to the operating reserve was $1,399.61, which is $61,108.39 less than originally budgeted. SECTION 8 EXISTING The net income for the fiscal year ending March 31, 1992 was $221,956.49. This income is the amount of earned administrative fee in excess of administrative expenses, including the interest earned on the Operating Reserve. The balance in the Operating Reserve at the end of the fiscal year is $311,815.24. A recap of this figure is: Beginning Balance 4/1/91 $ 159,609.27 Net Income for fiscal year ending 3/31/92 221,956.49 Non-capitalized purchases from Operating Reserve 69, '50.52) Operating Reserve Balance 3/31/92 $ 311,8'.:;.24 CONTIN{/ED ON ATTACIIM[NT1 ✓ Y[B 810NATUIt91 /IECOMMICNOATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF DOA11D COMMITTsi APPROVB OTHER SIONATUREISI ACTION OF NOAAD ON 7!774PAPPROVt®A6 RCCOMMCND[D L OT1411I1 VOTE OIC COMMISSIONERS UNANIMOUS (ABSENT J 1 I HEREBY CERTIFY THAT THIS A TRUE AND AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND ABSENT: ABSTAIN: ENTERED ON THE AINUTES OF THE BOARD OF COMMISSIONERS ON THE DATE SHOUN. CCIATTESTED /9 9 it Ba -*!DO, Clark of the Board of Commissioners Masa/s•oa BY DEPUTY Board of Commissioners July 21, 1992 Page -2- SECTION 8 REPLACEMENTS PROJECT 026 The net income for the fiscal year ending March 31, 1992 was $67,961.65. This income is the amount of earned administrative fee in excess of administrative expense, including the interest earned on the Operating Reserve. The balance in the Operating Reserve at the end of the fiscal year is $96,362.32. A recap of this figure is: Begining Balance 4/1/91 $ 28,400.67 Net Income for fiscal year ending 3/31/92 67,961.65 Operating Reserve Balance 3/31/92 $ 96,362.32 SECTION 8 REPLACEMENTS PROJECT 028 The net income for the fiscal year ending March 31, 1992 was $13,924.42. This income is the amount of earned administrative fee in excess of administrative expense. Since this is the first year of Section 8 Replacement Funding for Project 028, the amount of the Operating Reserve is $13,924.42. The overall combined Operating Reserve for the Section 8 Existing and Section 8 Replacement Programs is $422,101.98. MODERATE REHAB 001 The net deficit for the fiscal year ending March 31, 1992 was $2,467.85. This deficit is a result of the purchase of equip- ment as approved from the program income for this fiscal year. The balance in the Operating Reserve at the end of the fiscal year is $93,224.94. A recap of this figure is: Beginning Balance 4/1/91 $ 95,6919.79 Net Deficit for fiscal year ending 3/31/92 (2,146?.85) Operating Reserve Balance 3/31/92 $ 93,22,1.94 MODERATE REHAB 002 The net income for the fiscal year ending March 31, 1992 was $7,273.24. This income is the amount of earned administrative fee in excess of administrative expenses, including the interest earned on the Operating Reserve. The balance in the Operating Reserve at the end of the fiscal year is $67,174.24. A recap of this figure is: Beginning Balance 4/1/91 $ 59,901.00 Net income for fiscal year ending 3/31/92 7,273.24 Operating Reserve Balance 3/31/92 $ 67,174.24 MODERATE REHAB 004 The net income for the fiscal year ending March 31, 1992 was $1,991.50. This income is the amount of earned administrative fee in excess of administrative expenses, including the interest earned on the Operating Reserve. The balance in the Operating Reserve at the end of the fiscal year is $97,231.71. A recap of this figure is: Board of Commissioners July 21, 1992 Page -3- Beginning Balance 4/1/91 $107,4 !8.21 Net Income for fiscal year ending 3/31/92 1,9c.)1..50 Non-capitalized purchases from Operating Reserve 12 258.00 Operating Reserve Balance 3/31/92 $ 97,231.71 HOUSING VOUCHER PROGRAM The net deficit for the fiscal year ending March 31, 1992 was $67,566.65. This deficit is a result of inadequate funding by HUD for administrative fees. The blended rate for` +his program as allowed by HUD is only 6.86% as compared to the base rate in the Section 8 Existing Program of 7.65%. Consequently, the administrative costs for the Housing Voucher Program are exceeding the amount of administrative fee income paid by HUD. The balance in the Operating Reserve at the end of the fiscal year is $45,413.55. A recap of this figure is: Beginning Balance 4/1/91 $112,980.20 Net Deficit for fiscal year ending 3/31/92 (67,566.65) Operating Reserve Balance 3/31/92 $ 45,413.55 PUBLIC HOUSING DRUG ELIMINATION PROGRAM The PHD. EP Grant was $250,000. As of March 31, 1992, a total of $244,876.07 had been expended for the two year period of 12/1/90 through 3/31/92. The Unexpended Balance is $5,123.93 which will be utilized during the 1992-93 fiscal year. NON-PHA MANAGEMENT FUND The net decrease to the Surplus Fund Equity account for the fiscal year ending March 31, 1992 is $116,605.39. The Receipts and Expenditures Statement shows the following: Management Fund - Deficit $(140,544.89) Insurance Reserve - Income 23,939.50 The above net loss is a result of expenses exceeding income. The balance in the Non-PHA Management Fund as of 3-31.--92 is $708,83.6.05. Please note that $159,610.50 was transferred from the Fund Equity account to the Deferred Revenue-Management account per instructions from the auditor last year. This balance is comprised of the following: Surplus Fund Equity $ 44,950.96 Reserve for Insurance 574,898.07 Reserve for Capital Assets 88,987.02 TOTAL $ 708,836.05 IV. CONSEQUENCES OF NEGATIVE ACTION: None.