FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 First Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2024-25 First 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 financial and staff resources to the accomplish its goals. During the year, actual revenues and expenditures are carefully monitored against the approved budget.
The current 2024-25 operating budget includes total sources (revenues and transfers in) of $1.7 million and total uses (expenditures and transfers out) of $727,030. First Quarter Budget adjustments include an increase in total sources of $232,063 for a total of $1.9 million and an increase in total uses of $1.4 million for a total of $2.1 million.
Summary of Key Points:
The following budget adjustments are recommended from the Permanent Local Housing Allocation Fund #295:
• Decrease revenues in the amount of $213,750 due to actual funding being less than anticipated.
The following budget adjustments are recommended from the Affordable Housing Trust Fund #698
• Increase appropriations in the amount of $1.0 million for the Aldea Apartment Lease.
FISCAL IMPACT:
The fiscal impact associated with the requested actions will have a net fund balance decrease of $1.1 million as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.