HomeMy WebLinkAboutFY19 Affordable Housing Fund BOZ E MAN"'
Finonce
DATE: June 12, 2018
TO: CAHAB
FROM: Kristin Donald, Finance Director
SUBJECT: City Manager Recommended FY19 Budget Update on Workforce Housing Fund
Workforce Housing Fund
Workforce Housing fund is where our affordable housing program operates in.Affordable Housing is part of our Strategic
Plan and a priority for FY19.With the hiring of the program coordinator,the City is forming its plan to be approved by the
Commission. To ensure there is enough for the program needs one-time monies from the General Fund equal to two
mills, $210,488, will be transferred into the fund and this to help achieve Strategic Plan Priorities. Below are the
revenues, expenditure and the fund balance:
Workforce Housing Fund
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
FY17 FY18 FY19
Total Estimated Revenues: Total Proposed Expenditures:
Ending Fund Balance
FY19 CM
FUND IFY17AMM FM Approved Recommended
Special Revenue Funds
120-Workforce Housing Fund
Revenues
Property Tax Revenue 260,687 278,745 315,732
Interest Income 4,401 3,000 4,000
Loan Principal & Interest 494 9,500 9,500
Transfers 210,488
Total Revenues 265,582 291,245 539,720
Expenditures
Personnel - - 78,708
Operations 284,401 324,400 293,150
Total Expenditures 284,401 1 324,400 371,858
Finonce
The following is the detail of the graph showing a healthy fund balance that can be further appropriated based on the
developing affordable housing plan.
Workforce Housing Funding
Within the Community Housing Fund Actual Approved Recommended
3 Mills 3 Mills 3 Mills
FY17 FY18 FY19
Beginning Balance 583,543 564,724 556,409
Revenues:
General Fund Transfer 210,498
Dedication of Tax Revenue 260,687 303,585 315,732
Interest Earnings 4,401 3,000 4,000
Loan Principal Repayments 494 9,500 9,500
Total Estimated Revenues: 265,582 316,085 539,720
Expenditures:
Road to Home-Administration 40,000 40,000 40,000
HRDC-West Edge Project Downpayment Assistance
HRDC Administration of Revolving Loan Fund 14,400 14,400 14,400
Workforce Housing Ordinance Development/Update
Support for Low Income Housing Projects(offset
Impact Fees)
Remainder of CAHAB Support not contained in Fund
121 (to total$14,400/yr)
GMD- Project Assistance
Administrative Costs 230,001 70,000 87,458
Affordable Housing Action Plan Update 30,000
Impact Fees For Home Purchase
Impact Fees For Rental Housing
Emergency Shelter
Down Payment Assistance 200,000 200,000
Total Proposed Expenditures: 284,401 324,400 371,868
Ending Fund Balance 564,724 556,409 724,271