Metro SHS 2nd Qtr County Financial Data Analysis: $60 Million Spent in 1st Half of FY 2023 But $243 Million Remained.

I have reviewed the 2nd QTR SHS reports from all three counties and added them to the previously posted 1st QTR reports in the PDF file HERE. 

The table pasted below has my analysis. 

Some observations

1. FY 2023 Metro resources allocated YTD though December totaled $76 million.
2. I anticipated another $105 million in resources for the remained of the FY (through June)
3. There was a carryover balance of $122 million from last fiscal year. 
4. So, total resources for FY 2023, including the carryover, total $303 million.
5. Reported spending in the first half totaled $60 million. 
6. This left a balance of $243 million not spent. 
7. To exhaust that $243 million balance would require increasing the second half of the FY spending rate by 308% compared to the rate of spending in the first half of the year ($243M/$60M-1=308%). 
8. While the average increase required across 3 counties is 308%, the required increase in Clackamas (887%) and Washington counties (552%) is MUCH higher than Multnomah (117%). 
9. Note: The spend down plans included in the quarterly reports indicate that both Washington county (75%) and Clackamas county (78%) do NOT plan on spending all of their FY 2023 allocations. It is not clear how much of their outstanding balance from FY 2022 is planned to be spent. 
10. $243M is sufficient to fund 2,643 vouchers for $1,000 a month for the next 7 years, with annual voucher costs inflated 3% a year. If monthly voucher cost is higher, at $1,500 a month , the number of vouchers drops to 1,762.

Originally created and posted on the Oregon Housing Blog.