Title
Resolution to Approve the FY15 Housing Commission Agency-Wide Operating Budget
Memorandum
The Housing Commission's fiscal year begins July 1st and ends June 30th of each year; and the Commission has prepared an initial agency wide operating budget for FY15 (July 1, 2014 thru June 30, 2015).
The FY15 Budget has several changes from previous year's budgets primarily due to the RAD conversion process. As properties convert from public housing to project-based vouchers, they are removed from the East and West AMPS as public housing units and moved to new cost centers based on their funding.
* For example, Miller Manor and S. Maple are expected to close by August 1, 2015, and therefore 1 month of revenue and expenditures are included in the West AMP. Starting August 1, 2015, the revenues and expenditures for S. Maple and Miller have been moved to Maple Towers.
* Baker, Hikone and Green-Baxter are also expected to close by August 1, 2015 and have been moved to River Run and therefore 1 month of revenues and expenditures are included in the East AMP.
* And all of the non-LIHTC properties that are converting or being sold have been moved to Colonial Oaks starting September 1, 2015.
* The East and West AMPS will continue to track the properties that will not convert until FY16.
* The cash-flow from the LIHTC properties are restricted and not included in the net-income admin line item. Some of the cash-flow will go to the AAHC, however, at the end of each fiscal year, after the audit is complete for these properties, the cash-flow will be distributed as agreed to in the development agreement with the equity investor.
The Central Office includes several new grants.
* New revenue from the Continuum of Care (CoC) grant because the AAHC will be getting paid in FY15 to administer the grant for local non-profits.
* The Family Self-Sufficiency Supportive Services Coordinator (FSS/SSC) positions have been moved to Central Office and the revenue from th...
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