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 fu...
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