OverviewAlong
with project-based funding, PHAs will be required to undertake project-based budgeting,
the next building block of asset management.
Essentially, project-based
budgeting means that operating budgets will now be completed at the project-level
as opposed to the PHA or entity-wide level. - Primarily, project-based
budgets will be used for internal PHA planning purposes.
- Project-based
budgets must be approved by the PHA’s Board prior to the start of each fiscal
year.
- However, these budgets will not be subject to HUD approval, except
in the case of non-performing properties.
- HUD does prescribe a specific
budget format although the budget should reconcile to the updated Financial Data
Schedule or FDS .
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