FROM:
Finance
SUBJECT:
Title
Fiscal Year 2023-24 Midyear Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2023-24 Midyear Budget adjustments.
End
End
COUNCIL GOALS:
• Operate in a businesslike manner by ensuring that the public debate is based on accurate information.
• Practice sound fiscal management by producing timely and accurate financial information.
• Practice sound fiscal management by living within our means while investing in the future.
• Practice sound fiscal management by fully funding liabilities and reserves.
• Practice sound fiscal management by producing transparent information in a timely matter.
DISCUSSION:
Each year, the Housing Authority adopts a budget committing fiscal and staff resources to the accomplishments of its goals. During the year, actual revenues and expenditures are carefully monitored against the approved budget.
The current FY2023-24 operating budget includes total sources (revenues and transfers in) of $6.9 million and total uses (expenditures and transfers out) of $6.9 million. Midyear Budget adjustment decreases total sources by $738,892 for a total of $6.2 million. Midyear Budget adjustment increases total uses by $13,510 for a total surplus of $6.9 million.
Summary of Key Points:
The following budget adjustments are recommended from the Permanent Local Housing Allocation Housing Authority AB 1486 Fund #291:
• Decrease revenues in the amount of $80,000 to match PLHA Grant funds with the HCD allocation.
Permanent Local Hsg Alloc Fund #295:
• Decrease revenues in the amount of $658,892 adjusting PHLA Grant Funds to match HCD allocation.
• Decrease appropriations in the amount of $35,240 re-appropriating PHLA Grant Funds and matching HCD allocation.
Housing Authority - LMIHF Fund #297:
• Increase appropriations in the amount of $47,630 to add a new Administrative Analyst II position.
• Increase appropriation in the amount of $1,120 resulting from ineligible personnel expenditure budget in CDBG Fund #362.
FISCAL IMPACT:
The fiscal impact associated with the requested actions includes a decrease in revenues of $738,892, an increase in appropriations of $13,510, resulting in a net decrease in fund balance of $752,402 as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.