FROM:
Finance
SUBJECT:
Title
Fiscal Year 2025-26 First Quarter Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2025-26 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 2025-26, covering the period through September 30, 2025.
The current FY2025-26 operating budget includes total sources (revenues and transfers in) of $3.5 million and total uses (expenditures and transfers out) of $1.2 million. First Quarter Budget adjustment decreases total sources by $644,670 for a total of $2.8 million uses by $167,076 for a total of $990,024.
Summary of Key Points:
The following budget adjustments are recommended:
• Permanent Local Housing Allocation Fund #295
o Decrease revenues and appropriations in the amount of $644,760 for PLHA projects to match HDC allocation.
• Housing Authority - LMIHF Fund #297
o Increase appropriations in the amount of $114,204 primarily for the Aldea Apartments downpayment.
• Affordable Housing Trust Fund #698
o Increase appropriations in the amount of $363,390 for the Aldea Apartment downpayment.
FISCAL IMPACT:
The fiscal impact associated with the requested actions will have a net fund balance decrease of $477,594 as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.