FROM:
Finance
SUBJECT:
Title
Fiscal Year 2026-27 First Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2026-27 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:
The Fontana Housing Authority (Authority) budget is an important policy document, serving as the annual financial plan that identifies the spending priorities for the Authority. Quarterly budget status reports are developed and presented to the Board of Directors to provide the most current information on the financial activities of the Authority upon which to base decisions. Additionally, quarterly reports assist the Authority in communicating its financial operations throughout the fiscal year including any program changes and significant impacts to their annual budgets, as well as gauging the Authority’s budget plan as compared to actual revenue and expenditures, This report includes requested adjustments and preliminary year-to-date actuals through Quarter 1 of Fiscal Year 2026-27, covering the period through September 30, 2026.
The current FY2026-27 operating budget includes total sources (revenues and transfers in) of $3.0 million and total uses (expenditures and transfers out) of $1.0 million. First Quarter Budget adjustment increase total uses by $5.4 million for a total of $6.4 million.
Summary of Key Points:
The following budget adjustments are recommended:
• Housing Authority - LMIHF Fund #297
o Increase appropriations in the amount of $3.2 million primarily for the Slovene Apartments project.
• Affordable Housing Trust Fund #698
o Increase appropriations in the amount of $2.2 million for the Slovene Apartments project.
FISCAL IMPACT:
The fiscal impact associated with the requested actions will have a net fund balance decrease of $5.4 million as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.