FROM:
Finance
SUBJECT:
Title
Fiscal Year 2023-24 Third Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2023-24 Third Quarter 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 $6.2 million and total uses (expenditures and transfers out) of $6.9 million. The Third Quarter budget adjustment increases total uses by $1.2 million for a total of $8.1 million and increases total sources by $962,170 for a total of $7.1 million.
Summary of Key Points:
The following budget adjustments are recommended:
Housing Authority - LMIHF Fund #297
• Increase appropriations in the amount of $250,024 to allow for journal entry correction.
Affordable Housing Trust Fund #698
• Increase revenues and appropriations in the amount of $962,170 for developer reimbursement charges.
FISCAL IMPACT:
The fiscal impact associated with the requested actions will have a net fund balance decrease of $250,024 as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.