HomeMy WebLinkAboutMINUTES - 06031986 - 1.12 (2) HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
BOARD OF COMMISSIONERS May 14, 1986
TO: DATE:
FROM: Perfecto Villarreal , Executive Director cc:
SUBJECT: CLOSING STATEMENTS FOR FISCAL YEAR 1985/86
For your review, we are enclosing copies of the financial Closing Statements of the
Housing Authority of the County of Contra Costa for the Fisal Year 1985/86, as
submitted to HUD.
These financial reports cover the Aided, Section 8, Moderate Rehabilitation 001,
Moderate Rehabilitation 002, Moderate Rehabilitation 004 and Non-PHA Mangement funds.
Following is an outline explanation of each closing statement:
AIDED
The Operating Reserve balance as of March 31, 1986 is $798,928.38.
This is 57% of the Maximum Operating Reserve allowed by HUD. The
actual net deficit was $454,456.62, which was $5,524.62 more than
the revised budget amount.
SECTION 8
The net income for the fiscal year ending March 31, 1986 was
$502,798.17. 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 $511,215.14. A recap of this figure is:
Beginning Balance 4/1/85 $1,092,374.97
Net Income for fiscal year
ending 3/31/86 502,798.17
Non-capitalized purchases from
Operating Reserve (83,958.00)
Cash transfer to Management Fund (1,000,000.00)
Operating Reserve Balance 3/31/86 $ 511,215.14
The underpayment of the Annual Contribution in the amount of
$461,411.09 is due from HUD.
MODERATE REHAB 001
The net income for the fiscal year ending March 31, 1986 was
$26,173.70. 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 $80,447.10. A recap of this figure is:
Beginning Balance 4/1/85 $ 55,322.29
Net Income for fiscal year
ending 3/31/86 26,173.70
Non-capitalized purchases from
Operating Reserve (1,048.89)
Operating Reserve Balance 3/31/86 $ 80,447.10
Board of Commissioners
May 14, 1986
Page -2-
The overpayment of the Annual Contribution, in the amount of
$1,266.58, was remitted to HUD as part of the year end settlement.
This overpayment was the excess of partial payments received for the
fiscal year over the Annual Contributions required.
MODERATE REHAB 002
The net income for the fiscal year ending March 31, 1986 was
$11,699.76. 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 $35,559.28. A recap of this figure is:
Beginning Balance 4/1/85 $ 23,859.52
Net income for fiscal year
ending 3/31/86 11,699.76
Operating Reserve Balance 3/31/86 $ 35,559.28
The overpayment of the Annual Contribution, in the amount of
$1,275.99 was remitted to HUD as part of the year end settlement.
This overpayment was the excess of partial payments received for the
fiscal year over the Annual Contributions required.
MODERATE REHAB 004
The net income for the fiscal year ending March 31, 1986 was
$32,988.50. 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 $47,873.29. A recap of this figure is:
Beginning Balance 4/1/85 $ 14,884.79
Net Income for fiscal year
ending 3/31/86 32,988.50
Operating Reserve Balance 3/31/86 $ 47,873.29
The underpayment of the Annual Contribution in the amount of
$38,649.18 is due from HUD.
NON-PHA MANAGEMENT FUND
The net increase to the Unreserved Surplus account for the fiscal
year ending March 31, 1986 is $52,061.18. The Operating Receipts
and Expenditures Statement shows a deficit in the amount of
$11,937.52, and the Non-Operating Receipts and Expenditures
Statement reflects a surplus of $63,998.70, which results in net
income of $52,061.18. The balance in the Non-PHA Management Fund as
of 3-31-86 is $2,021,747.34.
CC ?* County Administrator I hereby certify that th!s Is a true and correct copy of
County Counsel an action taken and entered on the minutes of the
Housing Authority. Board of Supervis s on the date shown.
ATTESTED:
PHIL 63 Tf ELO t, C;erk of the Board
of Supervisors and Crju'y,Administrator
1
By Deputy