HomeMy WebLinkAboutMINUTES - 04091991 - 1.5 (2) HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA 1-050
TO: BOARD OF COMMISSIONERS DATE: April 9, 1991
FROM: Perfecto Villarreal , Executive Director cc:
SUBJECT: POLICY AND PROCEDURE FOR USE OF.
SECTION 8 OPERATING RESERVE
I. RECOMMENDED ACTION:
ADOPT the proposed policy and procedure for use of Section 8 Operating Reserve,
as recommended by the Advisory Housing Commission.
II. FINANCIAL IMPACT:
None.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
HUD Handbook No. 7420.7, Change 9, Chapter 8 requires that the Housing
Authority adopt a threshold for Operating Reserve expenditures which must have
approval by the Board of Commissioners. The proposed policy and procedure for
Section 8 Operating Reserve details the purpose, definitions, responsibilities and
policies for use of Section 8 Operating Reserve and complies with all of the
requirements of HUD Handbook 7420.7, Change 9.
The proposed policy for use of Section 8 Operating Reserve requires compliance
with the Housing Authority's Procurement Policy; establishes a threshold of $100,000
which cannot be exceeded without prior approval of the Board of Commissioners;
delineates unallowable costs; and, provides that annual budgets and budget revisions
will detail expenditures from Operating Reserves, which are subject to approval by
the Board of Commissioners.
At its Regular Meeting on Monday, March 18, 1991, the Advisory Housing
Commission voted to recommend adoption of the proposed Policy and Procedure for Use
of Section 8 Operating Reserve.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect to not adopt the proposed policy and
procedure for use of Section 8 Operating Reserves, the Housing Authority would not be
in compliance with the requirements of HUD Handbook No. 7410.7, Change 9.
CONTINUED ON ATTACHMENT: YES SIGNATURE: a"
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATI N OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED 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.
p
CC: ATTESTED APR t
Phil Batchelor, Clerk of the
Board of Commissioners
DEPUTY
M9e2/7-e3 BY