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HomeMy WebLinkAboutMINUTES - 06251991 - 1.83 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS DATE: June 25, 1991 FROM: Perfecto Villarreal , Executive Director cc: SUBJECT: CLOSING STATEMENTS FOR FISCAL YEAR 1990/91 I. RECOMMENDED ACTION: REVIEW the financial Closing Statements of the Housing Authority of the County of Contra Costa for the Fiscal Year 1990/91, as submitted to HUD. II. FINANCIAL IMPACT: None. III. REASONS FOR RECOMMENDATION/BACKGROUND: These financial reports cover the Aided, Section 8 Existing, Section 8 Replacements, Moderate Rehabilitation 001, Moderate Rehabilitation 002, Moderate Rehabilitation 004, Housing Voucher Program, Drug Elimination Program and Non-PHA Management funds for the fiscal year ending March 31, 1991, and the following is an outline explanation of each closing statement: AIDED The Operating Reserve balance as of March 31, 1991 is $1,096,514.62. This is 58% of the Maximum Operating Reserve allowed by HUD. The actual net provision to the operating reserve was $85,408.49. SECTION 8 EXISTING The net income for the fiscal year ending March 31, 1991 was $250,596.37. 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 $159,609.27. A recap of this figure is: Beginning Balance 4/1/90 $ 184,409.38 Net Income for fiscal year ending 3/31/91 250,596.37 Non-capitalized purchases from Operating Reserve (275,396.48) Operating Reserve Balance 3/31/91 $ 159,609.27 CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S) ACTION OF BOARD ON APPROVED AS RECOMMENDED X 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: County Administrator ATTESTED o? County Counsel 1 Batchelor, Clerk of the Housing Authority Board of Commissioners M382/7-83 BY DEPUTY Board of Commissioners June 25, 1991 Page -2- The underpayment of the Annual Contribution in the amount of $126,260.24 is due from HUD. SECTION 8 REPLACEMENTS The net income for the fiscal year ending March 31, 1991 was $28,400.67. This income is the amount of earned administrative fee in excess of administrative expense. Since this is the first year of Section 8 Replacement funding, the amount of the Operating Reserve is $28,400.67. The overpayment of the Annual Contribution in the amount of $123,571.92 is due HUD. The overall combined Operating Reserve for the Section 8 Existing and Section 8 Replacement Programs is $188,009.94. The net underpayment of the Annual Contribution for both programs, in the amount of $2,688.32, is due from HUD MODERATE REHAB 001 The net income for the fiscal year ending March 31, 1991 was $134.95. 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 $95,692.79. A recap of this figure is: Beginning Balance 4/1/90 $ 95,557.84 Net Income for fiscal year ending 3/31/91 134.95 Operating Reserve Balance 3/31/91 $ 95,692.79 The underpayment of the Annual Contribution, in the amount of $7,461.69, is due from HUD. MODERATE REHAB 002 The net income for the fiscal year ending March 31, 1991 was $2,226.63. 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 $59,901.00. A recap of this figure is: Beginning Balance 4/1/90 $ 57,674.37 Net income for fiscal year ending 3/31/91 2,226.63 Operating Reserve Balance 3/31/91 $ 59,901.00 The overpayment of the Annual Contribution, in the amount of $596.29 is due HUD. MODERATE REHAB 004 The net income for the fiscal year ending March 31, 1991 was $12,017.60. 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 $107,498.21. A recap of this figure is: Board of Commissioners June 25, 1991 Page -2- Beginning Balance 4/1/90 $ 95,480.61 Net Income for fiscal year ending 3/31/91 12,017.60 Operating Reserve Balance 3/31/91 $107,498.21 The underpayment of the Annual Contribution in the amount of $7,498.69 is due from HUD. HOUSING VOUCHER PROGRAM The net income for the fiscal year ending March 31, 1991 was $1,712.54. 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 $112,980.20. A recap of this figure is: Beginning Balance 4/1/90 $111,267.66 Net Income for fiscal year ending 3/31/91 1,712.54 Operating Reserve Balance 3/31/90 $112,980.20 The underpayment of the annual contribution in the amount of $138,064.89 is due from HUD. PUBLIC HOUSING DRUG ELIMINATION PROGRAM The PHDEP Grant was $250,000. As of March 31, 1991, a total of $31,718.74 had been expended. The Unexpended Balance was $218,281.26 which will be utilized during the 1991-92 fiscal year. NON-PHA MANAGEMENT FUND The net decrease to the Surplus Fund Equity account for the fiscal year ending March 31, 1991 is $75,723.39. The Receipts and Expenditures Statement shows the following: Management Fund - Deficit $(112,823.55) Insurance Reserve - Income 37,100.16 The above net loss is a result of expenses exceeding income. The balance in the Non-PHA Management Fund as of 3-31-91 is $985,051.94. This balance is comprised of the following: Surplus Fund Equity $ 345,106.35 Reserve for Insurance 550,958.57 Reserve for Capital Assets 88,987.02 TOTAL $ 985,051.94 IV. CONSEQUENCES OF NEGATIVE ACTION: None.