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SFHA finance update: admin-fee changes, IT upgrade and pension exposures detailed
Summary
SFHA staff reported a $150,000 near-term HCV admin subsidy shortfall, a planned network/IT infrastructure upgrade now estimated closer to $2.0 million, and pension-related exposures of roughly $14 million (pension withdrawal liability) and about $234 million (current employees) as of Sept. 30; staff also said $5.6 million of capital reserves were invested in U.S. Treasuries.
SAN FRANCISCO — At its July 31 meeting, the Housing Authority’s finance team reviewed nine-months fiscal forecasts and an investment strategy intended to shore up pension liabilities and program operations.
Senior budget analyst Roy Lobel told commissioners that Housing Choice Voucher (HCV) admin subsidy revenue was generally in line with the approved budget but showed a current shortfall of about $150,000; Lobel said HUD admin rates recently rose 3% and proration assumptions were increased to 91 percent,…
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