HomeMy WebLinkAboutMINUTES - 06271989 - 1.113 113
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: June 27, 1989
FROM: cc:
Perfecto Villarreal , Executive Director
SUBJECT:
CLOSING STATEMENTS FOR FISCAL YEAR 1988/89
I. RECOMMENDED ACTION:
REVIEW the financial Closing Statements of the Housing Authority of the County
of Contra Costa for the Fiscal Year 1988/89, as submitted to HUD.
II. FINANCIAL IMPACT:
None.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
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, 1989, and
the following is an outline explanation of each closing statement:
AIDED
The Operating Reserve balance as of March 31, 1989 is $879,763.49.
This is 50% of the Maximum Operating Reserve allowed by HUD. The
actual net provision to the operating reserve was $45,560.34.
SECTION 8
The net income for the fiscal year ending March 31, 1989 was
$584,342.25. 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 $465,655.62. A recap of this figure is:
Beginning Balance 4/1/88 $ 603,346.92
Net Income for fiscal year
ending 3/31/89 584,342.25
Non-capitalized purchases from
Operating Reserve (722,033.55)
Operating Reserve Balance 3/31/89 $ 46T,65 5_.62
CONTINUED ON ATTACHMENT; YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIA OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURES)
ACTION OF BOARD ON APPROVED AS RECOMMENDED K OTHER
VOTE OF COMMISSIONERS
X_. UNANIMOUS !ABSENT ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIONERS ON THE DATE SHOWN.
CC:
ATTESTED JUN 2 7 1989
Phil Batchelor, Clerk of the
Board of Commissioners
M9e2/7-e3 BY DEPUTY
Board of Commissioners
June 27, 1989
Page -2-
The underpayment of the Annual Contribution in the amount of
$303,488.38 is due from HUD.
MODERATE REHAB 001
The net deficit for the fiscal year ending March 31, 1989 was
$435716.00. This deficit is a result of equipment purchased
in the amount of $57,452.51 utilizing reserve funds.
The balance in the Operating Reserve at the end of the fiscal year
is $725044.66. A recap of this figure is:
Beginning Balance 4/1/88 $ 1159760.66
Net Deficit for fiscal year
ending 3/31/89 (43,716.00)
Operating Reserve Balance 3/31/89 $ 2
The underpayment of the Annual Contribution, in the amount of
$3,875.97, is due from HUD.
MODERATE REHAB 002
The net deficit for the fiscal year ending March 31, 1989 was
$20,418.16. This deficit is a result of equipment purchased
in the amount of $25,530.59 utilizing reserve funds.
The balance in the Operating Reserve at the end of the fiscal
year is $469961.40. A recap of this figure is:
Beginning Balance 4/1/88 $ 675379.56
Net income for fiscal year
ending 3/31/89 (209418.16)
Operating Reserve Balance 3/31/89 46,96 .40
The underpayment of the Annual Contribution, in the amount of
$3,783.37 is due from HUD.
MODERATE REHAB 004
The net deficit for the fiscal year ending March 31, 1989 was
$32,248.98. This deficit is a result of equipment purchased
in the amount of $54,411.26 utilizing reserve funds.
The balance in the Operating Reserve at the end of the fiscal
year is $77,250.91. A recap of this figure is:
Beginning Balance 4/1/88 $109,499.89
Net Income for fiscal year
ending 3/31/89 (32,248.98)
Operating Reserve Balance 3/31/89 7/9250.91
The underpayment of the Annual Contribution in the amount of
$7,374.53 is due from HUD.
HOUSING VOUCHERS
The net income for the fiscal year ending March 31, 1989 was
$56,052.07. This income is the amount of earned administrative fee in
excess of administrative expenses.
duaru ur Commissioners
June 27, 1989
Page -S-
The balance in the Operating Reserve at the end of the fiscal year is
$69,259.71. A recap of this figure is:
Beginning Balance 4/1/88 $ 13,207.64
Net Income for fiscal year
ending 3/31/89 56,052.07
Operating Reserve Balance 3/31/89 $ 699259. /i
The underpayment of the annual contribution in the amount of
$129,321.59 is due from HUD.
NON-PHA MANAGEMENT FUND
The net decrease to the Surplus Fund Equity account for the fiscal
year ending March 31, 1989 is $190,662.99. The Receipts and
Expenditures Statement shows the following:
Management Fund - Deficit $(198,501.63)
Insurance Reserve - Income 24,801.51
S.F. Development Fund - Deficit (16,962.87)
The above net losses are a result of expenses exceeding income.
The balance in the Non-PHA Management Fund as of 3-31-89 is
$989,317.55. This balance is comprised of the following:
Surplus Fund Equity $ 5069407.42
Reserve for Insurance 4829910.13
TOTAL $ 9891317.55
IV. CONSEQUENCES OF NEGATIVE ACTION:
None.