FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 Third Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fontana Housing Authority Fiscal Year 2024-25 Third Quarter 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 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 $10.5 million.
The Third Quarter Budget adjustment increases total sources by $644,681 for a total of $5.0 million and total uses by $644,681 for a total of $11.2 million to account for the Year 5 PLHA allocation.
FISCAL IMPACT:
The fiscal impact associated with the requested actions is an increase in revenues and appropriations of $644,681 resulting in no changes to the net fund balance as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.