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CITY OF SAN LEANDRO <br />F''XCESS SURPLUS CALCULATION <br />Excess surplus is defined in health and Safety Code Section 33334.12(b) as any unexpended and <br />unencumbered amount in an Agency's Low and Moderate Income Housing Fund that exceeds <br />the greater of $1 or the aggregate amount deposited into the Low and Moderate Income <br />Housing Fund during the preceding four fiscal years, as of the beginning of the fiscal year. <br />If excess surplus exists, the Agency must lawfully spend the excess or transfer it to a housing <br />authority or other public agency in the following fiscal year, expend or encumber in the next two <br />fiscal years or face sanctions. Essentially, agencies have a three -year window to expend, <br />encumber, or transfer the excess surplus. <br />Opening Fund Balance -- July 1, 2010 <br />Less Unavailable Amounts: <br />Encumbrances (Section 33334.12(g)(2)) <br />Low and Moderate Income <br />Housing Funds -- All Project Areas <br />July 1, 2010 <br />$1,732,486 <br />$29,598 <br />29,598 <br />Available Low and Moderate Income Housing Funds 1,762,084 <br />Limitation (greater of $1,000,000 or four years set - aside) <br />Set - Asid.e for last four years - fiscal years ended: <br />June 30, 2010 <br />2,619,906 <br />,Tune 30, 2009 <br />2,770,986 <br />June 30, 2008 <br />2,486,261 <br />June. 30, 2007 <br />2,366,940 <br />Total $10,244,093 <br />Base limitation. $1,000,000 <br />Greater amount 10,244,093 <br />Computed Excess Surplus - July 1, 2010 None <br />49 <br />