Operating Subsidy. The calculation of operating subsidy for the Initial Year is based on HABC’s funding amount already calculated by HUD for its fiscal year July 1, 2004 – June 30, 2005, in the amount of $58,395,634 ($25,182,725 of which relates to utility costs). There shall be two adjustments allowed to this baseline amount in subsequent years: (1) an inflation factor applied to the utility cost component of the subsidy ($25,182,725 in the initial year) based on an energy index as determined by HUD each year; and (2) the remainder of the annual funding amount ($33,212,909) shall be adjusted by an annual inflation factor pursuant to existing regulations. Funding for operating subsidy in the second and subsequent years of this agreement will be based on initial year funding (the baseline as adjusted) and will be further adjusted annually commensurate with adjustments to annual appropriations for the Operating Subsidy Program. Furthermore, Congress has stipulated that HUD transition all public housing authorities to a calendar year funding cycle for Operating Subsidy. Therefore, HUD funded HABC for six months starting July 1, 2005 and ending December 31, 2005 based on HABC’s frozen level pro-rated for six months. Then, starting on January 1, 2006, HABC receives operating subsidy at the frozen level (including adjustments mentioned above) on a calendar year basis for the duration of the Restated Agreement. No additional funding shall be provided beyond the amount specified above for Operating Subsidy and further that such funds are subject to the availability of appropriations. Eligibility for operating subsidy for calendar 2008, prior to pro-ration, is $75,791,519 ($38,900,649 of which relates to utility costs). For purposes of determining post-MTW project-level utility expense levels where an Energy Performance Contract (EPC) extends beyond the term of this Restated Agreement, the Department will use, for the remaining period of the EPC, the “frozen consumption levels” used to determine the baseline for the EPC.
Operating Subsidy. The Agency agrees to provide ongoing financial assistance to the Owner as described in this Section provided the Owner is in compliance with the terms and requirements outlined in this Agreement, the Targeting Unit Agreement, and the Targeting Program Manual.
Operating Subsidy. BC Housing will provide a monthly Operating Subsidy as approved in the annual Operating Budget.
Operating Subsidy. HRM shall pay to the Society an annual Operating Subsidy in consideration of the Services provided by the Society.
Operating Subsidy. From time to time the amount of Operating Revenue deposits and Fund 536 Transfers into the Operating Account may be insufficient to pay Operating Expenses. In the event that Operating Revenues, Fund 536 Transfers, and cost containment strategies, are not sufficient in any month during the Operating Term to maintain the Operating Cash Balance Threshold or to fund a deficiency in the Operating Revenue over Operating Expenses, City may T-26492.002\1086141 -32- 133\1100388.5 facilitate a transfer of a subsidy from the City General Fund into the Receipts Account (“Subsidy”). The Subsidy transfers shall be made by the City’s Director of Finance on or before the 15th day of each month. It is the intention of the parties that any Subsidy transfer will be repaid to the City General Fund from future Available Operating Revenues of the Facilities, if any, at the interest rate earned from time to time on City’s short-term General Fund deposits; provided, however, TSJ has no liability or obligation with respect to repayment of the Subsidy transfer.
Operating Subsidy. The calculation of operating subsidy eligibility will continue in accordance with applicable operating subsidy formula law and regulations, except as providing for frozen rental income as specified in the “Instructions for Completing HUD-Form 52723 Calculation for Operating Subsidy.”
Operating Subsidy. Operating subsidy is calculated as operating cost minus operating revenues. Between 2015 and 2019, operating subsidy requirements for increased by 15 percent, from $1.040 billion in 2015 to $1.191 billion in 2019. This yields a 3.5 percent CAGR. This was due to operating revenues growing at a slower pace (1.9 percent annually) than operating costs (2.7 percent annually). The operating subsidy requirements were funded from Federal and State sources: • Federal grants applied to operations, primarily for capitalized maintenance, accounted for 45 percent of operating subsidies between 2015 and 2019. Although the general trend was downward (-7.7 percent CAGR), the annual amount of Federal funds was highly variable, ranging from a high of $615 million in 2017 to a low of $387 million in 2019. • State funds accounted for 55 percent of operating subsidies between 2015 and 2019. The general trend was upward (12.3 percent CAGR), but was influenced by a large increase in State funds in 2019 ($804 million), compared to the prior four years (average $565 million). In summary, NJT operating results indicate stable service levels having a fairly low rate of O&M cost growth, but requiring a growing amount of State operating assistance. The growth in State operating subsidy was necessitated by low growth in operating revenues and a decline in the amount of Federal funds transferred from the capital program to capitalized maintenance. NJT was able to fund all O&M costs from current revenues.
Operating Subsidy. Subject to the terms and conditions of this Agreement, the Agency agrees to provide ongoing financial assistance to the Owner described in this Section and the attached document entitled “DHHS Targeting Plan and Key Program Operating Assistance: Procedures and Requirements”, dated Sample July 11, 2006 (the “Requirements”). This Agreement is subject to the terms of the Requirements, which are incorporated herein. In the event of a conflict between this Agreement and the Requirements, the Agreement will control.
Operating Subsidy
