AGENDA #5r

BUDGET WORKING PAPER

TO:                  W. Calvin Horton, Town Manager

FROM:            Tina Vaughn, Director, Housing Director

SUBJECT:       Report on Use of Public Housing Program Fund Balance

DATE:             March 30, 2004

The purpose of this memorandum is to provide a report on the history of the use of the public housing program fund balance.  The following chart shows a 6-year history of the use of fund balance.

  Fiscal Year                         Fund Balance Used              Year-End Fund Balance

1998 – 1999	$0	$666,745
1999 – 2000	$30,527	$594,285
2000 – 2001	$0	$689,135
2001 – 2002	$32,849	$648,160
2002 - 2003	$0	$699,521
2003 – 2004*	$267,159*	$298,416*

*Note:  Amounts (except 2003-2004) are based on final audit reports.