This report is intended to provide the Board of Commissioners with an overview of the financial position of the Housing Authority of the County of Contra Costa (HACCC) for the 1st quarter period ending 6/30/2017. The report begins with a summary of HACCC’s overall fiscal standing at the end of the quarter. The overall numbers are then broken down by individual funds. Each fund overview includes a brief program summary and an explanation of the variance between budgeted and actual performance.
AGENCY OVERVIEW:
HACCC's overall budget position for the quarter ending 6/30/17 is shown in the chart below. Activity in Section 8 Voucher and Housing Certificate programs had the most significant impact on HACCC's budget.
The projected revenue increase of $2,723,102 is primarily a result of the rapid increase in rents in the Section 8 Voucher and Housing Certificates programs which accounted for $2,461,155 or 90% of the increase. Rent increases for these programs were over $3.4 million during this period.
Projected expenditure increase of $2,756,234 is a result of the rent increases referenced above less a major cost adjustment benefiting all of the federal programs in implementing GASB (General Accounting Standards Board) -75
Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions (OPEB). In accord with OMB requirements, OPEB obligations are now recorded under the management fund HACCC's State Local Programs.
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HACC Agency Summary
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Annual Budget
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1st Quarter
Actual
6/30/17
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Remaining FY Estimate
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Annual Total
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Variance
|
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Revenue
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$ 114,281,783
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$ 31,293,548
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$ 85,711,337
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$ 117,004,885
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$ 2,723,102
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Expenditures
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$ 113,496,710
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$ 31,130,413
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$ 85,122,533
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$ 116,252,944
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$(2,756,234)
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|
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$ 785,073
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$ 163,135
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$ 588,805
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$ 751,941
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The net change to reserve totals for the end of this quarter was a gain of $163,135. The net gain was a result of a decrease to restricted reserves in the amount of $854,852 and an unrestricted reserve increase of $1,017,987 as shown in the summary below.
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Analysis of Agency
Reserves
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Beginning
Balance 4/1/17 (Unaudited)
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1st Quarter ending
6/30/17
(Unaudited)
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Reserve
Balance period ending 6/30/17
(Unaudited)
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Total Reserves
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$ 15,980,003
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$ 163,135
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$ 16,143,138
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|
|
|
|
|
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Restricted Reserves
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|
|
|
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Housing Choice Vouchers
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$ 5,802,124
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$ (894,648)
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$ 4,907,476
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Public Housing & Cap. Funds
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$ -0-
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$ -0-
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$ -0-
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State & Local Programs
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$ 1,884,156
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$ 39,796
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$ 1,923,952
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Housing Certificates Programs
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$ -0-
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$ -0-
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$ -0-
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Total Restricted Reserves
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$ 7,686,280
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$ (854,852)
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$ 6,831,428
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|
|
|
|
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Unrestricted Reserves
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|
|
|
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Housing Choice Vouchers
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$ 3,908,751
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$ 365,700
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$ 4,274,451
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Public Housing & Cap. Funds
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$ 1,295,242
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$ 479,306
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$ 1,774,548
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State & Local Programs
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$ 3,089,730
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$ 172,981
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$ 3,262,711*
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Housing Certificates Programs
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$ -0- .
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$ -0- .
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$ -0- .
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Total Unrestricted Reserves
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$ 8,293,723
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$ 1,017,987
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$ 9,311,710
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|
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* Does not include unfunded pension liability of $10.8 million.
As a reminder, almost all reserves are restricted for use within each program. The designation of restricted or unrestricted reserves merely indicates that the funds are obligated for special use within the program (restricted) or that they can be used for any purpose tied to the program (unrestricted). The only reserves that can be used freely are unrestricted reserves within the State and Local Programs that are not tied to the tax credit properties. These reserves can be used to support any of HACCC’s programs.
None. Information item only.