HomeMy WebLinkAboutMINUTES - 05191987 - 1.81 PA
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA 1-0g1
TO: DATE:
BOARD OF COMMISSIONERS// April 30, 1987
FROM: (��Y d- 4....t" cc:
Perfecto Villarreal , Executive Director
SUBJECT:
CLOSING STATEMENTS FOR FISCAL YEAR 1986/87
Copies of the financial Closing Statements of the Housing Authority of the County of
Contra Costa for the Fiscal Year 1986/87, as submitted to HUD, have been made
available for your review.
These financial reports cover the Aided, Section 8, Moderate Rehabilitation 001,
Moderate Rehabilitation 002, Moderate Rehabilitation 004, Section 8 Housing Vouchers
and Non-PHA Management funds for the fiscal year ending March 31, 1987, and the
following is an outline explanation of each closing statement:
AIDED
The Operating Reserve balance as of March 31, 1987 is $627,863.85.
This is 42% of the Maximum Operating Reserve allowed by HUD. The
actual net deficit was $171,064.53, which was $46,312.53 more than
the revised budget amount. A major factor contributing to the
larger net deficit than budgeted is a result of less interest earned
on general fund investments. The performance funding system
requires reconciliation of interest based on a rate provided by HUD.
The Housing Authority will receive additional operating subsidy in
the fiscal year 87/88 in the approximate amount of $60,000, as a
result of the interest income reconciliation.
SECTION 8
The net income for the fiscal year ending March 31, 1987 was
$154,884.97. 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 $524,719.22. A recap of this figure is:
Beginning Balance 4/1/86 $ 511,215.14
Net Income for fiscal year
ending 3/31/87 154,884.97
Non-capitalized purchases from
,Operating Reserve (141 380.89)
Operating Reserve Balance 3/31/87 $ 524,7 9.22
The underpayment of the Annual Contribution in the amount of
$148,268.86 is due from HUD.
MODERATE REHAB 001
The net income for the fiscal year ending March 31, 1987 was
$31,206.58. 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 $110,053.68. A recap of this figure is:
Beginning Balance 4/1/86 $ 80,447.10
Net Income for fiscal year
ending 3/31/87 31,206.58
Non-capitalized purchases from
Operating Reserve (1,600.00)
Operating Reserve Balance 3/31/87 $- 110,053.68
Pr'
Board of Commissioners
April 30, 1987
Page -2-
The underpayment of the Annual Contribution, in the amount of
$7,930.84, is due from HUD.
MODERATE REHAB 002
The net-income for the fiscal year ending March 31, 1987 was
$14,632.07. 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 $50,191.35. A recap of this figure is:
Beginning Balance 4/1/86 $ 35,559.28
Net income for fiscal year
ending 3/31/87 14,632.07
Operating Reserve Balance 3/31/87 $ 50,191.35
The underpayment of the Annual Contribution, in the amount of
$2,122.35 is due from HUD.
MODERATE REHAB 004
The net income for the fiscal year ending March 31, 1987 was
$33,575.44. 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 $81,448.73. A recap of this figure is:
Beginning Balance 4/1/86 $ 47,873.29
Net Income for fiscal year
ending 3/31/87 33,575.44
Operating Reserve Balance 3/31/87 $ 81,448.73
The underpayment of the Annual Contribution in the amount of
$4,425.39 is due from HUD.
HOUSING VOUCHERS
The net income for the fiscal year ending March 31, 1987 was $293.93.
This income is the amount of earned administrative fee in excess of
administrative expenses.
The balance in the Operating Reserve at the end of the fiscal year is
$293.93. This is the first fiscal year ending for this program.
NON-PHA MANAGEMENT FUND
The net decrease to the Unreserved Surplus account for the fiscal
year ending March 31, 1987 is $419,684.89. The Receipts and
Expenditures Statement shows the following deficits:
Management Fund $383,934.89
Insurance Reserve 30,181.41
S.F. Development Fund 5,568.84
The above net losses are a result of expenses exceeding income.
The balance in the Non-PHA Management Fund as of 3-31-87 is
$1.647.804.08. This balance is comprised of the followinq:
Board of Commissioners
April 3(3.; 1987
t Page -3-
Surplus Unreserved ($ 181,017.09)
Operating Reserve 50,000.00
Reserve for Development 2449065.21
Reserve for Insurance 481,163.16
S.F. Development Fund 53,592.80
Donated Capital from Section 8
Operating Reserve 1,000,000.00
TOTAL $ 1,647,804.
PASSED BY THE FOLLOWING VOTE OF THE COMMISSIONERS :
AYES : Commissioners Fanden, Torlakson, Schroder ,
NOES : None .
ABSENT : Commissioners Powers , McPeak.
ABSTAIN: None. .
I hereby certlij►that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervl r�e date 9WW9
ATTESTEM
PHIL BATCHELOR, Clerk of the Board
of Supervisors and County Administrator
Deputy
By
CC : County Adr,in.is;trator
County Counsel
Housing Autfiority