HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2017-06RESOLUTION NO. FWHFC-2017-06
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
APPROVING THE BUDGET FOR THE 2017-2018 FISCAL YEAR
WHEREAS, the Board of Directors of the Fort Worth Housing Finance Corporation (the
"Board"), a Texas housing finance corporation (the "Corporation"), reviewed the attached
budget proposed for the 2017-2018 fiscal year of the Corporation (the "Budget") during the
Corporation's meeting on August 1, 2017; and
WHEREAS, the Board desires to adopt the Budget as presented for the Corporation's
2017-2018 fiscal year.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the attached Budget for the Corporation's 2017-2018 fiscal
year.
2. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 1, 2016. (Correct year is 2017)
FORT )ORTH HOPShNG FINANCE CORPORATION
Kelly
FORT WORTH HOUSING FINANCE CORPORATION
Proposed Operating Budget 2017-18
October 1, 2017 through September 30, 2018
Revenues
2017-18
Interest on Investments
86,752
Loan Repayment — W. Roberson
1,080
Land/Home Sales
50,000
Project Cash Flow — Terrell Homes, Race Street
and Enclave
323,084
Developer Fees- Reserve at Quebec, Mercantile
and Broadmoor
548,497
Affordable Housing Payments
159,000
Developer Fee Interest
20,778
Gas Lease/Royalties
40,000
Misc. Revenue
2,000
Total Revenues
1,231,191
Expenditures
Transfer to City (Salaries)
483,674
Office Supplies
1,500
Postage
150
Conferences and Seminars
9,500
Electricity
1,200
Water and Waste Disposal
300
Dues and Membership
3,290
TALHFA Conference Hosting Costs
9,000
Gas Well Consultant
100
Printing
500
PSH Supportive Services — Reserve at Quebec,
Mercantile and Airporter
123,000
Contractual Services
5,000
Legal Fees - General
10,000
HOME Program Match
157,017
Audit Fees - CohnReznick
16,875
Consultant Fees — Cavile (Carryover)
35,000
D&O Liability Insurance
3,000
Property Insurance
2,500
Mowing HFC Properties
50,300
Security Systems (HFC Houses)
600
Total Expenditures
912,506
Excess of Revenues over Expenditures 318,685