FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 Fourth Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fontana Housing Authority Fiscal Year 2024-25 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 2024-25 operating budget includes total sources (revenues and transfers in) of $5.0 million and total uses (expenditures and transfers out) of $11.2 million. The Fourth Quarter Budget adjustment increases total sources by $518,672 for a total of $5.5 million and total uses by $558,672 for a total of $11.7 million.
Notable Adjustments:
Housing Authority - LMIHG Fund #297:
• Increase appropriations in the amount of $40,000 for legal and consultant costs.
Affordable Housing Trust - Fund #698:
• Increase revenues and appropriations in the amount of $518,672 for contributions from Funds #672, 676 for developer reimbursement charges.
FISCAL IMPACT:
The fiscal impact associated with the requested actions is an increase in revenues of $518,672 and appropriations of $558,672 resulting in a $40,000 decrease to the net fund balance as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.