FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 Midyear Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fontana Housing Authority Fiscal Year 2024-25 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 2024-25 operating budget includes total sources (revenues and transfers in) of $4.4 million and total uses (expenditures and transfers out) of $6.6 million. Midyear Budget adjustment increases total sources by $9,445 for a total of $4.4 million. Midyear Budget adjustment increases total uses by $4.0 million for a total of $10.5 million.
Notable Adjustments:
Housing Authority - LMIHF Fund #297:
• Increase appropriations in the amount of $2.9 million for upcoming Aldea Lease payments.
• Increase appropriations in the amount of $600,000 for Slovene Hall pre-development costs.
Affordable Housing Trust Fund #698
• Increase appropriations in the amount of $500,000 for Aldea start-up costs.
FISCAL IMPACT:
The fiscal impact associated with the requested actions is an increase in appropriations of $4.0 million resulting in a net fund balance decrease of $4.0 million as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.