2022 12 20 HA Special Meetingta Qa�tra
GEM of she DESERT — —
NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA HOUSING AUTHORITY
TO THE MEMBERS OF THE LA QUINTA HOUSING AUTHORITY AND TO
THE AUTHORITY SECRETARY:
NOTICE IS HEREBY GIVEN that a Special Meeting of the La Quinta
Housing Authority is hereby called to be held on Tuesday, December 20,
2022, at 5:00 p.m. at La Quinta City Hall located at 78495 Calle Tampico, La
Quinta, CA 92253 for the following purpose:
CONSENT CALENDAR
1. APPROVE HOUSING AUTHORITY MEETING MINUTES OF JULY 19,
2022
BUSINESS SESSION
1. RECEIVE AND FILE FISCAL YEAR 2021/22 HOUSING
AUTHORITY YEAR-END BUDGET REPORT
Dated: December 16. 2022
isi Steve Sanchez
STEVE SANCHEZ, Chairperson
Attest:
MONIKA RADEVA, City Clerk and Authority Secretary
City of La Quinta, California
DECLARATION OF POSTING
I, Monika Radeva, Authority Secretary, do hereby declare that the foregoing
notice for the Special Meeting of the Housing Authority of the City of La Quinta
on December 20, 2022, was posted on the outside entry to the Council
SPECIAL MEETING Page 1 of 2 DECEMBER 20, 2022
HOUSING AUTHORITY
Chamber at 78495 Calle Tampico and on the bulletin boards at 51321 Avenida
Bermudas and 78630 Highway 111 on December 16, 2022.
U6
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
SPECIAL MEETING Page 2 of 2 DECEMBER 20, 2022
HOUSING AUTHORITY
t(V Quixta
GEM of the DESERT —
Housing Authority agendas and staff reports
are available on the City's
web page: www.LaOuintaCA.gov
HOUSING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBERS
78495 Calle Tampico, La Quinta
SPECIAL MEETING
TUESDAY, DECEMBER 20, 2022
AT 5:00 P.M. (or thereafter)
Members of the public may listen to this meeting by tuning -in live via
http://Iaquinta.12milesout.com/video/live.
CALL TO ORDER — HOUSING AUTHORITY
ROLL CALL: Authority Members:
Chairperson Sanchez
PUBLIC COMMENTS - INSTRUCTIONS
Evans, Fitzpatrick, McGarrey, Pena,
Members of the public may address the Housing Authority on any matter listed or
not listed on the agenda as follows:
WRITTEN PUBLIC COMMENTS can be provided either in -person during the meeting
by submitting 15 copies to the City Clerk, it is requested that this takes place prior
to the beginning of the meeting; or can be emailed in advance to
CityClerkMail@LaQuintaCA.gov, no later than 12:00 p.m., on the day of the
meeting. Written public comments will be distributed to the Housing Authority,
made public, and will be incorporated into the public record of the meeting, but will
not be read during the meeting unless, upon the request of the Chairperson, a brief
summary of public comments is asked to be reported.
If written public comments are emailed, the email subject line must clearly state
""Written Comments" and should include: 1) full name, 2) city of residence,
and 3) subject matter.
HOUSING AUTHORITY AGENDA Page 1 of 4 DECEMBER 20, 2022
SPECIAL MEETING
VERBAL PUBLIC COMMENTS can be provided in -person during the meeting by
completing a "Request to Speak" form and submitting it to the City Clerk; it is
requested that this takes place prior to the beginning of the meeting. Please limit
your comments to three (3) minutes (or approximately 350 words). Members of
the public shall be called upon to speak by the Chairperson.
In accordance with City Council Resolution No. 2022-027, a one-time additional
speaker time donation of three (3) minutes per individual is permitted; please note
that the member of the public donating time must: 1) submit this in writing to the
City Clerk by completing a "Request to Speak" form noting the name of the person
to whom time is being donated to, and 2) be present at the time the speaker
provides verbal comments.
Verbal public comments are defined as comments provided in the speakers' own
voice and may not include video or sound recordings of the speaker or of other
individuals or entities, unless permitted by the Chairperson.
Public speakers may elect to use printed presentation materials to aid their
comments; 15 copies of such printed materials shall be provided to the City Clerk
to be disseminated to the Housing Authority, made public, and incorporated into
the public record of the meeting; it is requested that the printed materials are
provided prior to the beginning of the meeting. There shall be no use of Chamber
resources and technology to display visual or audible presentations during public
comments, unless permitted by the Chairperson.
All writings or documents, including but not limited to emails and attachments to
emails, submitted to the City regarding any item(s) listed or not listed on this
agenda are public records. All information in such writings and documents is
subject to disclosure as being in the public domain and subject to search and review
by electronic means, including but not limited to the City's Internet Web site and
any other Internet Web -based platform or other Web -based form of
communication. All information in such writings and documents similarly is subject
to disclosure pursuant to the California Public Records Act [Government Code §
6250 et seq.].
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the Housing Authority on any
matter not listed on the agenda pursuant to the "Public Comments - Instructions"
listed above. The Housing Authority values your comments; however, in
accordance with State law, no action shall be taken on any item not appearing on
the agenda unless it is an emergency item authorized by the Brown Act
[Government Code § 54954.2(b)].
HOUSING AUTHORITY AGENDA Page 2 of 4 DECEMBER 20, 2022
SPECIAL MEETING
VERBAL ANNOUNCEMENT — AB 23 [AUTHORITY SECRETARY]
PLEDGE OF ALLEGIANCE
CONFIRMATION OF AGENDA
CONSENT CALENDAR
1. APPROVE HOUSING AUTHORITY MEETING MINUTES OF DULY 19, 2022
BUSINESS SESSION
1. RECEIVE AND FILE FISCAL YEAR 2021/22 HOUSING AUTHORITY YEAR-
END BUDGET REPORT
HOUSING AUTHORITY MEMBERS' ITEMS
ADJOURNMENT
*********************************
PAGE
PAGE
The next quarterly regular meeting of the Housing Authority will be held on January
171 2023, at 4:00 p.m. at the City Hall Council Chambers, 78495 Calle Tampico,
La Quinta, CA 92253.
DECLARATION OF POSTING
I, Monika Radeva, Authority Secretary of the La Quinta Housing Authority, do
hereby declare that the foregoing Agenda for the La Quinta Housing Authority
special meeting was posted on the City's website, near the entrance to the Council
Chamber at 78495 Calle Tampico, and the bulletin boards at the Stater Brothers
Supermarket at 78630 Highway 111, and the La Quinta Cove Post Office at 51321
Avenida Bermudas, on December 16, 2022.
DATED: December 16, 2022
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
HOUSING AUTHORITY AGENDA Page 3 of 4 DECEMBER 20, 2022
SPECIAL MEETING
Public Notices
• The La Quinta Housing Authority Chamber is handicapped accessible. If special
equipment is needed for the hearing impaired, please call the City Clerk's office
at (760) 777-7123, twenty-four (24) hours in advance of the meeting and
accommodations will be made.
• If background material is to be presented to the Authority Members during a
Housing Authority meeting, please be advised that 15 copies of all documents,
exhibits, etc., must be supplied to the Authority Secretary for distribution. It is
requested that this takes place prior to the beginning of the meeting.
HOUSING AUTHORITY AGENDA Page 4 of 4 DECEMBER 20, 2022
SPECIAL MEETING
CONSENT CALENDAR ITEM NO. 1
LA QUINTA HOUSING AUTHORITY
QUARTERLY MEETING
MINUTES
TUESDAY, JULY 19, 2022
CALL TO ORDER
A regular quarterly meeting of the La Quinta Housing Authority was called to
order at 8:33 p.m. by Chairperson Sanchez.
PRESENT: Authority Members Evans, Fitzpatrick, Pena, Radi, and
Chairperson Sanchez
ABSENT: None
VERBAL ANNOUNCEMENT - AB 23 was made by Authority Secretary Radeva
STAFF PRESENT: Executive Director McMillen, Authority Counsel Ihrke, City
Clerk/Authority Secretary Radeva, Acting Deputy City Clerk McGinley, Director
of Business Unit and Housing Development Villalpando, Housing Analyst Kinley
PLEDGE OF ALLEGIANCE
Authority Member Radi led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA - None
CONFIRMATION OF AGENDA
Executive Director McMillen said staff would like to include two (2) additional
recitals in the proposed resolution for Consent Calendar Item No. 1 stating
that real property disposition is in compliance with the Surplus Land Act
[Government Code section 54220 et seq. ).
Authority Member Pena said he will recuse himself and abstain from the
discussion and vote on Consent Calendar Item No. 1 due to a potential conflict
of interest stemming from the proximity of real property to the real property
under negotiations.
The Authority concurred.
HOUSING AUTHORITY MINUTES Page 1 of 2
QUARTERLY MEETING
JULY 19, 2022
5
CONSENT CALENDAR
1. ADOPT RESOLUTION TO APPROVE AGREEMENT FOR PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN THE LA
QUINTA HOUSING AUTHORITY AND CORONEL HOMES & DESIGN
INC., FOR VACANT PARCEL; LOCATION: SOUTHEAST SECTION OF
AVENIDA VILLA AND CALLE SONORA; ASSESSOR'S PARCEL
NUMBER 773-233-019 [RESOLUTION NO. HA 2022-004]
City Manager McMillen said the following two (2) recitals will be added to the
proposed resolution:
WHEREAS, the Property may be disposed in compliance with the
Surplus Land Act (Gov. Code, § 54220 et seq.) because the Property is less
than 5,000 square feet in area, is not contiguous to land owned by a state or
local agency that is used for open -space or low- and moderate -income housing
purposes, and is therefore "exempt surplus land'; and
WHEREAS, even if the Property were not exempt surplus land, a written
notice of availability seeking offers for sale or lease of the Property for the
purpose of developing low- or moderate -income housing had been sent to
local public agencies as identified in the Act, and no response was received or
recorded; and
MOTION - A motion was made and seconded by Authority Members
Evans/Radi to approve Consent Calendar Item No. 1, adopting Resolution No.
HA 2022-004, as amended. Motion passed: ayes - 4, noes - 0, abstain -
1(Pe na).
HOUSING AUTHORITY MEMBERS' ITEMS - None
ADJOURNMENT
There being no further business, a motion was made and seconded by
Authority Members Evans/Radi adjourned the meeting at 8:35 p.m. Motion
passed unanimously.
Respectfully submitted,
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
HOUSING AUTHORITY MINUTES Page 2 of 2 JULY 19, 2022
QUARTERLY MEETING
6
BUSINESS SESSION ITEM NO. 1
City of La Quinta
HOUSING AUTHORITY MEETING: December 20, 2022
STAFF REPORT
AGENDA TITLr : RECEIVE AND FILE FISCAL YEAR 2021/22 HOUSING
AUTHORITY YEAR-END BUDGET REPORT
RECOMMENDATION
Receive and file 2021/22 Housing Authority Year -End Budget Report.
EXECUTIVE SUMMARI
• After closing the prior fiscal year (FY), Finance presents a year-end
summary that compares the final budget to actual transactions.
• Overall revenue was $121,381 higher than budgeted.
• Overall expenditures were $734,188 under budget and $55,000 would be
carried over to FY 2022/23.
• The Report was received and filed by the Housing Commission on
December 14, 2022.
BACKGROUND/ANALYSIS
Total adjusted revenues were over budget by $121,381; mostly due to second
trust deed payments and rent revenue.
Total expenditures were under budget by $734,188 with $55,000 to be carried
over to FY 2022/23 for homelessness assistance programs.
Revenues, expenditures, carryovers, and fund balances are discussed in the
Fiscal Year -End 2021/22 Housing Authority Budget Report (Attachment 1).
ALTERNTIVES
No alternatives are applicable.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, Executive Director
Attachment: 1. Fiscal Year -End 2021/22 Housing Authority Budget
Report
rA
ATTACHMENT 1
cca Qa�&a
CALIFORNIA
HOUSING AUTHORITY
FISCAL YEAR-END 2021/22 BUDGET REPORT
The La Quinta Housing Authority oversees three funds, which are restricted
for affordable housing programs. This report focuses on significant activities
and variances from the final budget during the fiscal year (FY) ended June 30,
2022.
REVENUE!
Total revenues, after non -cash adjustments, were over budget by $121,381.
Revenues are summarized by fund below and detailed in Exhibit A.
Housing Authority Fund 1,666,400 1,403,947 (262,453)
RDA Low -Mod Housing Fund 35,000 43,583 8,583
2011 Bond Fund 26,000 8,177 (17,823)
Total Revenues 1.727.400 1.455.707 (271.693)
Investments Fair Market Value Adjustment 514,977 514,977
RDA Loan Interest Earned, Extraordinary Gain (121,903) (121,903
Total Adiusted Revenues 1,848,781 121,381
Larger revenue variances from the final budget are described below.
• Use of Money and Property includes the annual fair market value
adjustment to the Authority's investments; noted as GASB 31 Interest
on the revenue line items. In accordance with accounting regulations, a
portfolio value adjustment of $514,977 was recorded in order to
recognize current market values. This amount has been recorded as an
adjustment to revenues, as it is not cash received nor anticipated to be
received in the future.
The Authority's investments have a five-year horizon with laddered
maturities. The Authority has worked diligently to leverage highly
restricted investments under volatile market conditions. On June 30,
2021, the portfolio was earning a 0.95% rate of return and on June 30,
2022 the return was 0.79%. The fiscal year to date rate of return is
W
1.30% as of September 2022, which will increase interest earnings
going forward.
• Extraordinary Gain revenue of $121,903 in the RDA Low -Mod Housing
Fund records the annual former Redevelopment Agency loan repayment
interest earned in FY 2021/22. The loan repayments are structured to
pay all principal first, then interest. Each year the City records the
payment received and interest earned in accordance with the State
Department of Finance approved loan repayment schedule. This amount
is also reduced from revenues as an adjustment because it is earned,
but not received until a future date.
EXPENSES
Housing Authority expenses by fund are summarized below and detailed in
Exhibit B.
Housing Authority Fund
Administration 519,200 507,209 (11,991)
La Quinta Cove Properties 250,000 251,793 1,793
Dune Palms Mobile Estates 992,000 461,780 (530,220)
RDA Low -Mod Housing Fund 250,000 50,700 (199,300)1
2011 Bond Fund 8,650,545 8,656,075 5,530
Total Expenditures 10,661,745 9,927,557 (734,188)
Capital Project Carryovers -
Operational/Contractual Carryovers 55,000
Total Expenditures After Carryovers 10,661,745 9,982,557 (679,188
Carryovers from FY 2021/22 to FY 2022/23 in the amount of $55,000 can be
found on Exhibit C.
HOUSING AUTHORITY FUND (241)
This fund recognizes administrative expenses and housing activities for
several Authority -owned properties in the La Quinta Cove and Dune Palms
Mobile Estates.
Combined administration savings of $11,991 were recognized for salaries and
benefits, legal services, and operational expenses. A minor overage in the
amount of $1,793 was for rental expenses for cove Properties. The majority
of the savings in the amount of $530,220 is attributed to building/site
10
improvements for Dune Palms Mobile Estates which are currently underway in
FY 2022/23.
Funds not being carried over are recognized as Restricted Fund balance in the
Housing Fund. As of June 30, 2022, the available balance in this fund was
$12,402,782.
LOW -MOD HOUSING FUND (243)
Revenue in this fund is solely derived from Redevelopment Agency loan
repayments and interest earnings. Annually loan repayments are allocated
80% to the General Fund and 20% to the Low -Mod Housing Fund. The total
outstanding loan balance as of June 30, 2022 is $27,394,184; with
$5,478,837 or 20% recognized in this fund as a future receivable.
In FY 2021/22, a total of $50,700 was expensed for homelessness programs
in the greater Coachella Valley, with savings of $55,000 being carried over to
FY 2022/23. As of June 30, 2022, the available balance in this fund was
$3,475,630.
2011 BOND FUND (249)
This fund is restricted to future housing projects. In FY 21/22, the City
acquired vacant property located between the Pavilion at La Quinta Shopping
Center and the La Quinta Valley Plaza Shopping Center on Highway 111, for
the purposes of building affordable housing and potentially mixed -use
economic development projects with commercial and residential components,
with an obligation for the City to repay the housing fund if a portion of the
property is subsequently sold or used for purposes that are not in furtherance
of affordable housing and related infrastructure. As of June 30, 2022, the
available balance in this fund was $2,887,859.
FUND BALANCES
Below is a summary of Housing Authority fund balances as of June 30, 2022.
These funds are restricted for housing programs.
Housing
Funds
Fund Balance
as of 6/ 30/ 22
Housing Authority
Fund 241
12,402,782
Low -Mod Housing
Fund 243
3,475,630
2011 Bond Fund
249
2,887,859
TOTAL HOUSING
FUNDS
.. ,271
11
12
CITY OF LA QUINTA EXHIBIT A
HOUSING AUTHORITY FUNDS REVENUE DETAILS 2021/22 YEAR-END BUDGET REPORT
2020/21
2021/22
2021/22
2021/22
Actuals
Original Budget
Final Budget
Actuals
241 - HOUSING AUTHORITY
241-9101-41900
Allocated Interest
130,011
160,000
160,000
99,822
241-9101-41910
GASB 31 Interest
(122,128)
0
0
(385,817)
241-9101-41915
Non -Allocated Interest
366
400
400
430
241-9101-42301
Miscellaneous Revenue
1
0
0
226
241-9101-42706
Loan Repayments
0
0
0
96,215
241-9101-43504
2nd Trust Deed Repayments
385,447
50,000
50,000
130,179
241-9101-45000
Sale of Other Assets
1,219,485
0
370,000
367,078
241-9102-42305
Miscellaneous Reimbursements
1,820
0
0
(1,820)
241-9103-43502
Rent Revenue/LQRP
290,939
290,000
290,000
306,372
241-9104-42112
Rent Revenue/Tenant/Dune Palms
363,115
370,000
795,000
791,261
241-9104-42302
Miscellaneous Revenue/Dune Palrr
0
1,000
1,000
0
Total:
2,269,056
871,400
1,666,400
1,403,947
243 - RDA LOW -MOD HOUSING FUND
243-0000-41900 Allocated Interest 28,268 35,000 35,000 24,081
243-0000-41910 GASB 31 Interest (27,323) 0 0 (102,401)
243-0000-48500 Extraordinary Gain 147,987 0 0 121,903
Total:
148,931
35,000
35,000
43,583
249 - SA 2011 LOW/MOD BOND FUND (Refinance.
249-0000-41900 Allocated Interest
5,696
1,000
1,000
5,494
249-0000-41910 GASB 31 Interest
(81,406)
0
0
(26,759)
249-0000-41915 Non -Allocated Interest
79,292
200,000
25,000
29,442
Total:
3,582
201,000
26,000
8,177
HOUSING AUTHORITY REVENUE 2,421,570 1,107,400 1,727,400 1,455,707
Non -Cash Transactions 393,074
Adjusted Revenues 1,848,781
Unaudited, final numbers will be reported in the 2021/22 Financial Statements. 13
14
CITY OF LA QUINTA EXHIBIT B
HOUSING AUTHORITY FUNDS EXPENSE DETAILS 2021/22 YEAR-END BUDGET REPORT
2020/21
2021/22
2021/22
2021/22
Actuals
Original Budget
Final Budget
Actuals
241 - HOUSING AUTHORITY
9101 - Housing
Authority - Admin
50 - Salaries and Benefits
241-9101-50101
Permanent Full Time
253,048
258,300
258,300
252,219
241-9101-50105
Salaries - Overtime
385
0
0
172
241-9101-50110
Commissions & Boards
650
1,800
1,800
550
241-9101-50150
Other Compensation
185
200
200
103
241-9101-50200
PERS-City Portion
20,263
23,400
23,400
20,432
241-9101-50215
Other Fringe Benefits
4,208
0
0
2,000
241-9101-50221
Medical Insurance
40,720
58,600
58,600
44,830
241-9101-50222
Vision Insurance
542
0
0
415
241-9101-50223
Dental Insurance
2,118
0
0
2,337
241-9101-50224
Life Insurance
113
0
0
151
241-9101-50225
Long Term Disability
975
1,600
1,600
1,320
241-9101-50230
Workers Comp Insurance
5,700
5,900
5,900
5,900
241-9101-50240
Social Security -Medicare
3,716
3,800
3,800
3,697
241-9101-50241
Social Security -FICA
82
0
0
66
50 - Salaries and Benefits Totals
332,705 353,600 353,600 334,191
60 - Contract Services
241-9101-60103 Professional Services
82,963
60,000
60,000
74,532
241-9101-60106 Auditors
5,000
5,000
5,000
5,000
241-9101-60153 Attorney
12,109
20,000
20,000
15,792
60 - Contract Services Totals:
100,073
85,000
85,000
95,324
62 - Maintenance & Operations
241-9101-60320 Travel & Training 209 1,000 1,000 0
241-9101-60420 Operating Supplies 1,513 2,000 2,000 94
62 - Maintenance & Operations Totals: 1,722 3,000 3,000 94
69 - Internal Service Charges
241-9101-91843 Property & Crime Insurance
8,000
8,100
8,100
8,100
241-9101-91844 Earthquake Insurance
14,000
16,100
16,100
16,100
241-9101-98110 Information Tech Charges
52,400
53,400
53,400
53,400
69 - Internal Service Charges Totals:
74,400
77,600
77,600
77,600
99 - Transfers Out
241-9101-99900 Transfers Out 278,062 0 0 0
99 - Transfers Out Totals: 278,062 0 0 0
9101 - Housing Authority - Admin Totals:
786,962
519,200
519,200
507,209
9103 - Housing Authority - LQRP
62 - Maintenance & Operations
241-9103-60157 Rental Expenses
157,545
250,000
250,000
251,793
62 - Maintenance & Operations Totals:
157,545
250,000
250,000
251,793
9103 - Housing Authority - LQRP Totals:
157,545
250,000
250,000
251,793
9104 - Dune Palms Mobile Estates
60 - Contract Services
241-9104-60103 Professional Services
56,960
33,000
77,000
101,257
241-9104-60157 Rental Expense
95,307
240,000
415,000
360,523
60 - Contract Services Totals:
152,267
273,000
492,000
461,780
68 - Capital Expenses
241-9104-72110 Building/Site Improvements
0
500,000
500,000
0
68 - Capital Expenses Totals:
0
500,000
500,000
0
9104 - Dune Palms Mobile Estates Totals: 152,267 773,000 992,000 461,780
241 - HOUSING AUTHORITY Totals: 1,096,775 1,542,200 1,761,200 1,220,781
Unaudited, final numbers will be reported in the 2021/22 Financial Statements. 15
CITY OF LA QUINTA EXHIBIT B
HOUSING AUTHORITY FUNDS EXPENSE DETAILS 2021/22 YEAR-END BUDGET REPORT
2020/21
2021/22
2021/22
2021/22
Actuals
Original Budget
Final Budget
Actuals
243 - RDA LOW -MOD HOUSING FUND
0000 - Undesignated
64 - Other Expenses
243-0000-60532 Homelessness Assistance
300,000
250,000
250,000
50,700
64 - Other Expenses Totals:
300,000
250,000
250,000
50,700
0000 - Undesignated Totals: 300,000 250,000 250,000 50,700
243 - RDA LOW -MOD HOUSING FUND Totals: 300,000 250,000 250,000 50,700
Unaudited, final numbers will be reported in the 2021/22 Financial Statements. 16
CITY OF LA QUINTA EXHIBIT B
HOUSING AUTHORITY FUNDS EXPENSE DETAILS 2021/22 YEAR-END BUDGET REPORT
2020/21
2021/22
2021/22
2021/22
Actuals
Original Budget
Final Budget
Actuals
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in
0000 - Undesignated
68 - Capital Expenses
249-0000-74010 Land Acquisition
5,813,436
0
8,630,545
8,631,040
249-0000-80050 Affordable Housing Project Developme
0
20,000
20,000
25,035
68 - Capital Expenses Totals:
5,813,436
20,000
8,650,545
8,656,075
0000 - Undesignated Totals: 5,813,436 20,000 8,650,545 8,656,075
L LOW/MOD BOND FUND (Refinanced in 2016) Totals: 5,813,436 20,000 8,650,545 8,656,075
Unaudited, final numbers will be reported in the 2021/22 Financial Statements. 17
M.,
CITY OF LA QUINTA EXHIBIT C
HOUSING AUTHORITY FUNDS CARRYOVER SUMMARY 2021/22 YEAR-END BUDGET REPORT
Revised Continuing Appropriations/Carryovers from 2021/22 to 2022/23
Vendor/Program Account Number Description Estimated Revised
Homelessness Assistance 243-0000-60532 Homelessness Assistance - $ 55,000
TOTAL AUTHORITY CARRYOVERS $ - $ 55,000
NOTE: In June 2022 when the budget was adopted all carryovers were estimates based on projected invoices to end fiscal year
2021122. Upon completion of the final audit, Finance verified account balances and additional carryover recommendations based on
current budgetary needs. In no event shall a carryover exceed the revised per account amount noted above.
19
20
POWER POINTS
HOUSING AUTHORITY
MEETING
DECEMBER 20, 2020
Housing Authority
December 20, 2022
Housing Authority Meeting
December 20, 2022
B1 - Fiscal Year -End 2021/22
Housing Authority Budget Report
I
f `
Overall Revenues
• $121,381 over budget due to:
— Trust deed repayments and actual rent revenue
• Two non -cash adjustments
— ($514,977) fair market value
— $121,903 RDA loan interest earnings
• $660,722 RDA loan repayment in 2021/22
— 20% Housing portion
Overall Expenses
• Housing Authority Fund under budget by $540,418
— Savings in payroll, legal, and operational expenses
— Building/site improvements scheduled for FY 22-23
• Low -Mod & Bond Fund savings
— Land acquisition for vacant property on HWY 111
— Carryover of $55,000 to FY 2022/23
Available Fund Balances
Receivable in Low -Mod Housing Fund
RDA Loan Balance $5,478,837
Principal $2,607,097
Interest $2,871,740
CALIFORNIA
LA