HomeMy WebLinkAboutMINUTES - 05152012 - HA C.01RECOMMENDATIONS
ACCEPT the Housing Authority of the County of Contra Costa’s investment report for the quarter ending March 31,
2012.
BACKGROUND
California Government Code (CGC) Section 53646 requires the Housing Authority of the County of Contra Costa
(HACCC) to present the Board of Commissioners with a quarterly investment report that provides a complete
description of HACCC’s portfolio. The report is required to show the issuers, type of investments, maturity dates, par
values (equal to market value here) and the current market values of each component of the portfolio, including funds
managed by third party contractors. It must also include the source of the portfolio valuation (in HACCC’s case it is
the issuer). Finally, the report must provide certifications that (1) all investment actions executed since the last report
have been made in full compliance with the Investment Policy and; (2) HACCC will meet its expenditure obligations
for the next six months. (CGC 53646(b)).
The state-mandated report has been amended to indicate the amount of interest earned and how the interest was
allocated. The amended report is attached.
In summary, HACCC had $23,397.70 in interest earnings for the quarter ending March 31, 2012. That interest was
earned within discrete programs and most of the interest earned is available only for use within the program which
earned the interest. Further, interest earnings may be restricted to specific purposes within a given program.
For example, interest earned on excess housing choice voucher (Section 8) housing assistance payments (HAP) funds
constituted 62.6% of the total interest earned last quarter. The use of these funds is not only restricted for use within
the Section 8 program, but is further limited to the funding of future HAP costs. HUD regulations do not permit
HACCC to utilize this money for any other purpose. Non-restricted interest earnings within both the voucher and
Action of Board On: 05/15/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF
COMMISSIONERS
Contact: 925-957-8028
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of
Supervisors on the date shown.
ATTESTED: May 15, 2012
Joseph Villarreal, Executive Director
By: , Deputy
cc:
C. 1
To:Contra Costa County Housing Authority Board of Commissioners
From:Joseph Villarreal, Executive Director
Date:May 15, 2012
Contra
Costa
County
Subject:Investment Report QE 3-31-12
public housing programs must be used solely within those programs, but such interest earnings can be used for a
wider range of purposes within the individual programs. The interest earned in the State and Local fund can be used
for any purpose within HACCC’s scope of operations.
The interest earned for the quarter ending 03/31/12 is shown below. A more detailed report is attached.
BACKGROUND (CONT'D)
Public Housing Housing Choice Voucher Fund
Rental
Rehabilitation
Fund
State & Local
Non-Restricted Interest
Earned
Restricted
Interest Earned
Non-Restricted
Interest Earned
Restricted Interest
Earned
Non-Restricted
Interest Earned
$2,838.94 $14,652.52 $2,297.74 $456.26 $3,152.24
FISCAL IMPACT None. For reporting purposes only. CONSEQUENCE OF NEGATIVE ACTION Should the Board
of Commissioners elect not to accept the investment report it would result in an audit finding of non-compliance and
could ultimately affect future funding from the U.S. Department of Housing and Urban Development (HUD).
CLERK'S ADDENDUM
ATTACHMENTS 4th Q INV Report