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HOUSING AUTHORITY OF THE CITY OF SANTA ANA – FY 2021/22 Page 8
<br />The following provides the Excess Surplus test for the preceding four Fiscal Years:
<br />
<br /> FY 2018/19 FY 2019/20 FY 2020/21 FY 2021/22
<br />Beginning Balance $36,663,531 $33,014,290 $29,197,585 $26,417,704
<br />Add: Deposits $786,125 $1,371,881 $170,606 $1,246,112
<br />(Less) Expenditures $4,435,366 $5,188,586 $2,950,487 $417,392
<br />Ending Balance $33,014,290 $29,197,585 $26,417,704 $27,246,424
<br />
<br />The LMIHAF does not have an Excess Surplus. (Refer to calculation below.)
<br />
<br />Fund Balance – June 30, 2022 $27,246,424
<br />
<br />Less Unavailable Amounts:
<br /> Loans and notes (22,284,000)
<br /> Land held for resale (75,000)
<br /> Restricted cash and investments with fiscal agent (74,967)
<br /> Liabilities – Accounts payables & deposits (158,011)
<br /> Deferred inflows of revenues (4,292)
<br /> Project Commitments and Monitoring (2,033,268)
<br />
<br /> Available Low Income Housing Funds 2,616,886
<br />Limitation (Greater of $1,000,000 or Four Years Deposits):
<br /> Aggregate amounts deposited for preceding four fiscal years
<br /> 2018 – 2019 786,125
<br /> 2019 – 2020 1,371,881
<br /> 2020 – 2021 170,606
<br /> 2021 – 2022 1,246,112
<br />
<br /> Total deposits for the preceding four fiscal years 3,574,724
<br />
<br /> Base limitation 1,000,000
<br />
<br /> Greater Amount 3,574,724
<br />
<br />Computed Excess Surplus – June 30, 2022 $ -
<br />
<br />EXHIBIT 1
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