From
Jana Mims
Title
Ordinance amending the 2012 Calendar Year Section 8 budget
Presenter
William A. Hills, Director, Housing and Neighborhood Services
Recommended Action
Approve
Analysis
A recommendation of the 2011 Weaver And Tidwell, LLP audit was the need to have the Section 8 budget amended to reflect changes in revenues/expenditures from that of the original Section 8 budget submission.
Staff presented the Final Calendar Year 2011 Budget Amendment to both F&G and Council in August 2012. The proposed amendment included in this communication is a Section 8 Preliminary Budget Amendment for Calendar Year 2012; a final Calendar Year 2012 Budget Amendment will be forth coming once the calendar year is closed. This preliminary amendment will allow for an accurate Budget To Actual presentation in the city’s CAFR issued on a fiscal year basis for 2012.
Recall that policy decisions at the federal level, changes in rental subsidies, and/or changes in the number of clients served due to unforeseen circumstances may require a HUD directed change in the voucher subsidy which in turn will affect the financial component of each voucher.
Accordingly, expenditures may exceed/fall short the budget during the proposed budget year, but only to the extent that this change will be offset by a like change in revenues and/or HUD directed use of designated fund balance for the management and administration of the Section 8 voucher program. HUD monitors the financial activity and unit activity of the Section 8 program each month through required submissions via the Voucher Management System (VMS).
Financial Consideration
On September 4, 2012 an amendment was presented to the F & G, and recommended for approval by City Council for the prorated Calendar Year 2012. (January - September 2012) Section 8 expenditures are projected to exceed the allocated budget authority and as such are now recommended to be presented and approved by the City Council for the proje...
Click here for full text