HomeMy WebLinkAboutMINUTES - 03122013 - HA C.5RECOMMENDATIONS
RECEIVE the Housing Authority of the County of Contra Costa’s investment report for the quarter ending December
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
Action of Board On: 03/12/2013 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF COMMISSIONERS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Geneva Green, Tenant Seat
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: March 12, 2013
Joseph Villarreal, Executive Director
By: June McHuen, Deputy
cc:
C. 5
To:Contra Costa County Housing Authority Board of Commissioners
From:Joseph Villarreal, Housing Authority
Date:March 12, 2013
Contra
Costa
County
Subject:Investment Report QE 12-31-12
BACKGROUND (CONT'D)
summary, HACCC had $23,784.78 in interest earnings for the quarter ending December 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 60.10 % 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 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 12/31/12 is shown below. A more detailed report is attached.
Public Housing
Non-Restricted Interest Earned: $2,007.69
Housing Choice Voucher Fund
Restricted Interest Earned: $14,294.94
Housing Choice Voucher Fund
Non-Restricted Interest Earned: $3,501.10
Housing Choice Voucher Fund Rental Rehabilitation Fund
Non-Restricted Interest Earned Restricted Interest Earned: $670.60
State & Local
Non-Restricted Interest Earned: $3,310.45
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).
ATTACHMENTS
Investment Report 12-31-12