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Report on the Draft Computation of Housing Finance Division Total and Unencumbered Fund Balances and Transfers to the State of Texas Housing Trust Fund.
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WHEREAS, Tex. Gov't Code ?2306.204 requires an independent audit of the Department's Housing Trust Fund to determine the amount of unencumbered fund balances that are greater than the amount required for the reserve fund and the report to be submitted to the board by December 31st of each year;
WHEREAS, Housing Finance Division unencumbered funds are the funds associated with any and all of the Department's housing finance activity that are not subject to any restriction precluding their immediate transfer to the housing trust fund. Such restrictions include: being subject to a state or federal law or other applicable legal requirement such as the General Appropriations Act, being held in trust subject to the terms of a bond indenture, or having been designated by the Department's Governing Board for a specific use or contingency;
WHEREAS, Tex. Gov't Code ?2306.205 provides a formula for determining the amount of unencumbered fund balances and the amounts, if any, to transfer to the Housing Trust Fund before January 10th; and
WHEREAS, Staff has drafted a process for determining the three year-end values total and non highest rated bond indebtedness, the amount of unencumbered fund balances and the amounts, if any, to transfer to the State of Texas Housing Trust Fund;
NOW, therefore, it is hereby
RESOLVED, that the Draft Computation of Unencumbered Fund Balances Report as of August 31, 2023, is presented to this meeting and the Board and the Executive Director accepts this report in satisfaction of the requirements of Tex. Gov't Code ??2306.204 and 2306.205 with its final approval determined by the year-end audit performed by the State Auditor's Office.
BACKGROUND
Pursuant to Tex. Gov't Code ??2306.204 and 2306.205, the Department is required to transfer to the State of Texas Housing Trust F...
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