When users get removed, the reputation points due to their votes are removed from the system, and the voting points are subtracted from the current day's reputation. This makes perfect sense.
However, since the points subtracted today have been added at some earlier time, it would make sense to let today's over-the-cap votes to offset the "User was removed" un-votes. Otherwise, the timing of the removal plays into the calculation, which is arbitrary.
Ideally, the process should take into account the entire set of votes on the day the removed vote has been counted: if that day contains a matching over-the-cap vote, the removed vote should not be subtracted at all.
EDIT : It looks like the the reputation does not get restored even with events that come after the user removal: the removal from 4 hours ago does not get reversed with upvotes from two minutes ago (see below).