FROM:
Finance
SUBJECT:
Title
Fiscal Year 2025-26 Fourth Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fontana Housing Authority Fiscal Year 2025-26 Fourth 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 2025-26 operating budget includes total sources (revenues and transfers in) of $5.8 million and total uses (expenditures and transfers out) of $9.3 million. The Fourth Quarter Budget adjustment increases total uses by $15,000 for a total of $9.3 million.
Notable Adjustments:
Housing Authority - LMIHG Fund #297:
• Increase appropriations in the amount of $15,000 for legal and consultant costs.
FISCAL IMPACT:
The fiscal impact associated with the requested actions is an increase appropriations of $15,000 resulting in a $15,000 decrease to the net fund balance as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.