BACKGROUND (CONT'D)
AGENCY OVERVIEW: Budget Report
HACCC's overall budget position for the Fiscal Year 3/31/20 is shown in the chart below. Activity in the Public Housing Program had the most significant impact on HACCC's budget.
The variance in revenue and expenditures at the Agency Level is a summary of all variances reported at the program levels. The program revenue and expenditure variance summary is as follows:
Revenue Variance Summary
Housing Choice Vouchers favorable variance $ 2,486,155
Public Housing favorable variance 1,124,544
State and Local favorable variance 918,415
Housing Certificate favorable variance 301,406
Agency Favorable Variance $ 4,830,520
Expenditure Variance Summary
Housing Choice Vouchers favorable variance $ -1,543,369
State and Local unfavorable variance - 689,295
Public Housing unfavorable variance - 937,842
Housing Certificate favorable variance - 397,583
Agency Unfavorable Variance $-3,568,089
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HACC Agency Summary
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Annual Budget
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4th Quarter
Actual
3/31/2020
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Remaining FY Estimate
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Annual Total
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Variance
|
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Revenue
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$ 183,684,001
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$ 188,511,521
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$ -0-
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$ 188,511,521
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$ 4,830,520
|
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Expenditures
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$ 184,610,904
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$ 188,178,994
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$ -0-
|
$ 188,178,994
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$( 3,568,090)
|
|
|
$ (929,903)
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$ 332,527
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$ -0-
|
$ 332,527
|
|
The net change to overall reserves was an increase of $332,527. The summary of Agency Reserves by Program and type is as follows:
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Analysis of Agency
Reserves
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Beginning
Balance 4/1/19 (Audited)
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4th Quarter ending
3/31/2020
(Unaudited)
|
Reserve
Balance period ending 3/31/2020
(Unaudited)
|
|
Total Reserves
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$ 32,479,898
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$ 332,527
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$ 32,812,425
|
|
|
|
|
|
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Net Invested in Capital Assets
|
|
|
|
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Housing Choice Vouchers
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$ 353,584
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$ 946,832
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$ 1,300,416
|
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Public Housing & Cap. Funds
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$ 6,419,660
|
$ 211,191
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$ 6,630,851
|
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State & Local Programs
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$ 13,474,466
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$ (892,159)
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$ 12,582,307
|
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Housing Certificates Programs
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-0-
|
-0-
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-0-
|
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Total Capital Assets
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$ 20,247,710
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$ 2,769,238
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$ 23,016,948
|
|
|
|
|
|
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Restricted Reserves
|
|
|
|
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Housing Choice Vouchers
|
$ -0-
|
$ -0-
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$ -0-
|
|
Public Housing & Cap. Funds
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FISCAL IMPACT
None. Information item only.
CONSEQUENCE OF NEGATIVE ACTION
Should the Board of Commissioners elect not to accept the investment report it would result in an audit finding of non-compliance and could ultimately affect future funding from the U.S. Department of Housing and Urban Development (HUD).
CLERK'S ADDENDUM