From
Cheryl Estes, CPA
Title
Ordinance to convert 2014 and 2015 Calendar Year Section 8 Budgets to a Fiscal Year 2014-2015 Budget and to amend the original Fiscal Year 2014-2015 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 18, 2014, the Calendar Year 2014 budget was presented to and approved by the F&G Committee and the City Council (CC 14-3419).
On October 14, 2014, the proposed Fiscal Year 2013-2014 budget was presented and approved by the F&G Committee and the City Council (CC 14-4048). The approved Fiscal Year 2013-2014 budget included nine months (9/12) of the Calendar Year 2014 approved budget.
On February 3, 2015, the Calendar Year 2015 budget was presented to and approved by the F&G Committee and City Council (CC 15-4345).
At this time, Housing and Neighborhood Services is requesting (1) approval of the proposed Fiscal Year 2014-2015 budget, which includes three months (3/12) of the approved Calendar Year 2014 and nine months (9/12) of the approved Calendar Year 2015 budget; and (2) approval of necessary amendments of the fiscal year budget based on actual results of operations for the same fiscal period.
Exhibit 1 compares 3/12 of the approved Calendar Year 2014 budget with actual revenues and ex...
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