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their operating expenditures with the anticipation that the money would <br />be repaid. At the end of the 1983 Fiscal Year, the Board decided to grant <br />the money to the Housing Authority since the Housing Authority did not <br />appear to be able to repay the- Board, much less pay for their operating <br />expenditures. The Board also directed that the amounts lent to the Housing <br />Authority be recorded and a running total be available for the Board's <br />information. <br />I have also attached a copy of a memo presented to the Board on <br />September 21, 1983 for further information. <br />TO:Board of County Commissioners DATE: September 21, 1983 FILE: <br />SUBJECT: Indian River County Housing Authority <br />FROM: Jeffrey K. Barton, Director t" ERENCES: <br />Office of Management & Budge <br />The following is a breakdown by year of the actual and estimated loan balance on the above: <br />Loan Balance @ 9/30/81 <br />36,199.37 <br />Loan 81-82 FY <br />58,458.98 <br />Loan Balance @ 9/30/82 <br />94,658.35 <br />82-83 FY Budget <br />70,000.00 <br />Sub -total <br />164,658.35 <br />Salary Adjustment <br />(4,176.00) <br />Unexpended Funds <br />(6,232.00) <br />Projected Loan Balance @ 9/30/83 <br />154,250.35 <br />Projected 83-84 Budget <br />68,652.00 <br />Balance Forward Funds <br />6,232.00 <br />Projected Loan Balance @ 9/30/84 <br />229,134.35 <br />This memo is to show the actual and estimated accumulation by year of the loan balance from <br />the Board of County Commissioners to the Indian River County Housing Authority. For the <br />accounting records, it is necessary to record the loans as expenditures. The purpose of <br />this memo is to provide you with the history of those expenditures with the understanding <br />that if the Indian River County Housing Authority generates any revenues in the future over <br />and above their expenditures, they will reimburse the Board of County Commissioners of Indil <br />River County for these loans. <br />Commissioner Eggert believed each year budgetwise money has <br />been given to the Housing Authority and asked if that isn't <br />different than the specific loan that was given to them. <br />Finance Director Fry explained that originally when the <br />Housing Authority started, the anticipation was that the revenues <br />generated from the first project would be enough to repay the <br />Board and to provide funds for the operation; so, this was <br />APR 7 1987 65 <br />BOOK UP F -A ,,H 842 <br />