FROM:
Finance
SUBJECT:
Title
Proposed Operating Budget for the Fontana Housing Authority for Fiscal Years 2025/26 and 2026/27
End
RECOMMENDATION:
Recommendation
1. Adopt Resolution No. FHA 2025-002 of the Fontana Housing Authority adopting the Authority’s Annual Operating Budget for Fiscal Years 2025/2026 and 2026/2027.
2. Authorize the carryforward of available one-time funding and capital improvement project budgets at 2024-25 fiscal yearend to the following fiscal year.
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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 developing long-term funding and debt management plans.
• Invest in the City’s infrastructure (streets, sewers, parks, etc.) by maintaining and improving the city's existing infrastructure.
DISCUSSION:
The Fontana Housing Authority is a separate legal entity governed by California State Housing Authority law. The Fontana Housing Authority was formed on May 3, 1994, by City of Fontana Resolution Number 94-38, declaring that there is a “need” for a housing authority within the City of Fontana and declaring City Council Members to be the Commissioners of the Fontana Housing Authority. Adoption of Resolution Number HA 94-01 by the Fontana Housing Authority on June 7, 1994, established the time and place of its regular meeting and established organizational bylaws.
It is the mission of the Fontana Housing Authority to actively improve, increase, and develop quality neighborhoods and housing opportunities throughout the City of Fontana.
Total estimated revenues are $3,468,020 for FY 2025/26 and $2,823,350 for FY 2026/27 which reflects a 31% and 19% decrease respectively as compared to the prior fiscal year. Total estimated appropriations are $1,157,100 for FY 2025/26 and $643,900 for FY 2026/27 which reflects a 90% and 44% decrease respectively as compared to the prior fiscal year. These decreases are due to a decrease in projected annual funding allocation and the completion of projects in FY 2024/25.
To view the Proposed Operating Budget for Fiscal Years 2025/26 and 2026/27 in its whole entirety please visit <https://www.fontanaca.gov/263/Budget>
FISCAL IMPACT:
The fiscal impact associated with the approval of this item is the establishment of the operating budgets for Fiscal Years 2025/26 and 2026/27. The total appropriations and sources for Fiscal Year 2025/26 are $1.2 million and $3.5 million respectively, and for Fiscal Year 2026/27 $643,900 and $2.8 million respectively. The net fund balance impacts for both Fiscal Years 2025/26 and 2026/27 are an increase of $2.3 million and $2.2 million respectively.
MOTION:
Approve staff recommendation.