FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

QUALITY HOUSING INITIATIVE

FUND #090

FUND INFORMATION

The Quality Housing Initiative was started in 2011 as a way to incentivize the purchase of a new affordable housing unit. The Initiative offered grants of up to $15,000 to a qualified homebuyer of a new, affordably priced home. The original program funded 40 such grants, with the City contributing $400,000 towards the effort. The remaining $200,000 was offered by Clay County and participating local banks. In 2013, the program had awarded all 40 of the original grants and was extended for an additional 40 homes. The City will contribute $100,000 towards the second round of grants. Clay County, SMU, and local banks will contribute the remaining amount of money for the second round. In FY17, SMU forwarded their final obligation of $100,000 to the City for expensing on the final 10 grants. The City also deposited $100,000 for the future of the program when current funding runs out.

FY 2016 ACTUAL

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL

BUDGET

REVENUES

USE OF MONEY MISCELLANEOUS OTHER FINANCING

250.00

570.15

228.06 100.00

853.38

-

100,000.00

100,000.00 100,000.00

- 853.38

-

-

TOTAL REVENUES

100,250.00

200,570.15

200.07

EXPENDITURES CONTRACTUAL SVCS

100,000.00

90,000.00

90.00

- -

TRANSFERS

-

-

-

-

100,000.00

90,000.00

90.00

TOTAL EXPENDITURES

Fund Balance

(DECREASE) INCREASE /

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

110,570.15

31,047.52

200,570.15

90,000.00

141,617.67

RESTRICTED CASH