From
Katherine Garcia-Thomson
Title
Ordinance to convert 2015 and 2016 Calendar Year Section 8 Budgets to a Fiscal Year 2015-2016 Budget and to amend the original Fiscal Year 2015-2016 budget based on actual results of operations for the same fiscal period
Presenter
William A. Hills, Director, Housing and Neighborhood Services
Recommended Action
Approve
Analysis
The Section 8 Program was enacted as part of the Housing and Community Development Act of 1974. Each year, local housing agencies are required to establish budgets on a calendar year basis according to congressional appropriations which are determined on a calendar year basis. In order to convert calendar year budgets to fiscal year budgets, budget amendments are required (1) for the periods of January - September and (2) for the periods October - December. These amendments will allow for an accurate Budget-To-Actual presentation in the city's CAFR which is reported on a fiscal year basis.
On February 3, 2015, the Calendar Year 2015 budget was presented to and approved by the F&G Committee and the City Council (CC 16-4345).
On January 5, 2016, the proposed Fiscal Year 2015-2016 budget was presented and approved by the F&G Committee and the City Council (CC 16-5266). The approved Fiscal Year 2014-2015 budget included nine months (9/12) of the Calendar Year 2015 approved budget.
On February 2, 2016, the Calendar Year 2016 budget was presented to and approved by the F&G Committee and City Council (CC 16-5329).
At this time, Housing and Neighborhood Services is requesting (1) approval of the proposed Fiscal Year 2015-2016 budget, which includes three months (3/12) of the approved Calendar Year 2015 and nine months (9/12) of the approved Calendar Year 2016 budget; and (2) approval of necessary amendments of the fiscal year budget based on actual results of operations for the same fiscal period.
Financial Consideration
300192 Section 8 Admin - There is an overall increase in the fund balance of $211,996, which represents an increase in budgeted revenues, and an increase in unbudgeted expenditures and revenues. There was an increase in actual unbudgeted revenue of $ 2,629,400 due to unexpected portability administrative fees, as well as $2,501,025 in portability HAP expenses.
300292 Section 8 Voucher Program - There is an increase in the fund balance of $195,617. There was a decrease in budgeted revenues of $755,379 and a decrease in budgeted expenditures of $969,057.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE 2015 AND 2016 CALENDAR YEAR SECTION 8 BUDGET
WHEREAS, the Section 8 budget is approved on a calendar year basis according to congressional appropriations; and
WHEREAS, these budget amendments will allow for an accurate Budget-To-Actual presentation in the city's CAFR issued on a fiscal year basis for 2015/2016.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. The 2015 Calendar Year Section 8 prorated budget for three months (October 2015 - September 2016) and the 2016 Calendar Year Section 8 prorated budget for nine months (January 2016 - September 2016) as shown in Exhibit A are approved and incorporated herein.
SECTION 2. The original Fiscal Year 2015-2016 budget is amended as presented and is incorporated herein.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 13TH DAY OF DECEMBER, 2016.