FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024/2025 Fontana Housing Authority Supplemental Budget Report
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2024/25 Supplemental Budget adjustments
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 developing long-term funding and debt management plans.
DISCUSSION:
Each Year, the Fontana Housing Authority adopts a budget committing fiscal staff resources to the accomplishment of its goals. During the year, actual revenues and expenditures are carefully monitored against the approved budget.
It is the mission of the Fontana Housing Authority to actively improve, increase and develop quality neighborhoods and housing opportunities throughout the City of Fontana.
On June 13, 2023, total estimated revenues and appropriations for Fiscal Year 2024/25 were approved as part of the two-year budget process. Revenues were approved in the amount of $3.1 million, and appropriations were approved in the amount of $1.8 million.
The proposed Supplemental Budget Report decreases revenues by $1.4 million and decreases appropriations by $1.1 million. As a result of these adjustments, the Fiscal Year 2024/25 revised budget includes revenues of $1.7 million and appropriations of $727,030.
FISCAL IMPACT:
The fiscal impact associated with the approval of this item is detailed in the attached schedules.
MOTION:
Approve staff recommendation