FROM:
Finance
SUBJECT:
Title
Fiscal Year 2025-26 Midyear Budget Status Report - Fontana Housing Authority
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2025-26 Midyear 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:
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 FY2025-26 operating budget includes total sources (revenues and transfers in) of $5.7 million and total uses (expenditures and transfers out) of $8.2 million. The Midyear Budget adjustment increases total sources by $136,478 for a total of $5.8 million and increases total uses by $1.1 million for a total of $9.3 million.
Summary of Key Points:
The following budget adjustments are recommended:
• Permanent Local Housing Allocation Fund #295
o Increase revenues and appropriations in the amount of $19,473 to match PLHA Project TBD grant allocation.
• Housing Authority - LMIHF Fund #297
o Increase appropriations in the amount of $35,000 primarily for The Path Events and appliances, legal services, and consultant services.
• Affordable Housing Trust Fund #698
o Increase revenues in the amount of $117,005 and appropriations in the amount of $1.1 million for the contribution from Fund #675 for the DIF reimbursement draw’ developer reimbursement charges, and the FY24-25 project carryover update.
FISCAL IMPACT:
The fiscal impact associated with the requested actions will have a net fund balance decrease of $1.0 million as outlined in the attached Housing Authority schedules.
MOTION:
Approve staff recommendation.