[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR990.315]



[Page 726-727]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 990_THE PUBLIC HOUSING OPERATING FUND PROGRAM--Table of Contents

 

    Subpart J_Financial Management Systems, Monitoring, and Reporting

 

Sec.  990.315  Submission and approval of operating budgets.



    (a) Required documentation:

    (1) Prior to the beginning of its fiscal year, a PHA shall prepare 

an operating budget in a manner prescribed by HUD. The PHA's Board of 

Commissioners shall review and approve the budget by resolution. Each 

fiscal year, the PHA shall submit to HUD, in a time and manner 

prescribed by HUD, the approved Board resolution.

    (2) HUD may direct the PHA to submit its complete operating budget 

with detailed supporting information and the Board resolution if the PHA 

has breached the ACC contract, or for other reasons, which, in HUD's 

determination, threaten the PHA's future serviceability, efficiency, 

economy, or



[[Page 727]]



stability. When the PHA no longer is operating in a manner that 

threatens the future serviceability, efficiency, economy, or stability 

of the housing it operates, HUD will notify the PHA that it no longer is 

required to submit a complete operating budget with detailed supporting 

information to HUD for review and approval.

    (b) If HUD finds that an operating budget is incomplete, inaccurate, 

includes illegal or ineligible expenditures, contains mathematical 

errors or errors in the application of accounting procedures, or is 

otherwise unacceptable, HUD may, at any time, require the PHA to submit 

additional or revised information regarding the budget or revised 

budget.