2023 12 19 HA Special Meeting— GEM of the 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 19, 2023, at 6:00 p.m. or thereafter,
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 OCTOBER 17,
2023
BUSINESS SESSION
1. RECEIVE AND FILE FISCAL YEAR 2022/23 HOUSING AUTHORITY YEAR-
END BUDGET REPORT
Dated: December 15, 2023
/s/ Steve Sanchez
STEVE SANCHEZ, Chairperson
Attest:
MONIKA RADEVA, City Clerk and Authority Secretary
City of La Quinta, California
SPECIAL MEETING Page 1 of 2 DECEMBER 19, 2023
HOUSING AUTHORITY
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 19, 2023,
was posted on the City's website, near the entrance to the Council Chamber at 78495
Calle Tampico, and the bulletin board at the La Quinta Cove Post Office at 51321 Avenida
Bermudas, on December 15, 2023.
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
SPECIAL MEETING Page 2 of 2 DECEMBER 19, 2023
HOUSING AUTHORITY
ta Qa�fra
GEM of the DESERT —
Housing Authority agendas and staff reports
are available on the City's
web page: www.LaQuintaCA.pov
HOUSING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBERS
78495 Calle Tampico, La Quinta
SPECIAL MEETING
TUESDAY, DECEMBER 19, 2023
AT 6:00 P.M. (or thereafter)
Members of the public may listen to this meeting by tuning -in live via
httD://laauinta.12milesout.com/video/live.
CALL TO ORDER — HOUSING AUTHORITY
ROLL CALL: Authority Members: Evans, Fitzpatrick, McGarrey, Sanchez, and
Chairperson Pena
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)].
VERBAL ANNOUNCEMENT — AB 23 [AUTHORITY SECRETARY]
PLEDGE OF ALLEGIANCE
CONFIRMATION OF AGENDA
CONSENT CALENDAR
PAGE
1. APPROVE HOUSING AUTHORITY MEETING MINUTES OF OCTOBER 17,
2023
HOUSING AUTHORITY AGENDA Page 1 of 4 DECEMBER 19, 2023
SPECIAL MEETING
BUSINESS SESSION
PAGE
1. RECEIVE AND FILE FISCAL YEAR 2022/23 HOUSING AUTHORITY YEAR-END
BUDGET REPORT
HOUSING AUTHORITY MEMBERS' ITEMS
ADJOURNMENT
*********************************
The next quarterly regular meeting of the Housing Authority will be held on January 16,
2024, 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 board at the La Quinta Cove Post Office at 51321 Avenida
Bermudas, on December 15, 2023.
DATED: December 15, 2023
V
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
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 2 of 4 DECEMBER 19, 2023
SPECIAL MEETING
PUBLIC COMMENTS - INSTRUCTIONS
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
CitVClerkMail(cDLaQuintaCA.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.
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
HOUSING AUTHORITY AGENDA Page 3 of 4 DECEMBER 19, 2023
SPECIAL MEETING
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 § 7920 et seq.].
TELECONFERENCE ACCESSIBILITY — INSTRUCTIONS
Teleconference accessibility may be triggered in accordance with AB 2449 (Stats. 2022,
Ch. 285), codified in the Brown Act [Government Code § 549531, if a member of the
Housing Authority requests to attend and participate in this meeting remotely due to `just
cause" or "emergency circumstances, " as defined, and only if the request is approved. In
such instances, remote public accessibility and participation will be facilitated via Zoom
Webinar as detailed at the end of this Agenda.
*** TELECONFERENCE PROCEDURES — PURSUANT TO AB 2449***
APPLICABLE ONLY WHEN TELECONFERENCE ACCESSIBILITY IS IN EFFECT
Verbal public comments via Teleconference — members of the public may attend
and participate in this meeting by teleconference via Zoom and use the "raise your
hand" feature when public comments are prompted by the Chair; the City will facilitate the
ability for a member of the public to be audible to the Housing Authority and general public
and allow him/her/them to speak on the item(s) requested. Please note — members of
the public must unmute themselves when prompted upon being recognized by the
Chairperson, in order to become audible to the Housing Authority and the public.
Only one person at a time may speak by teleconference and only after being recognized by
the Chair.
ZOOM LINK: https://us06web.zoom.us/m/82540879912
Meeting ID: 825 4087 9912
Or join by phone: (253) 215 —8782
Written public comments — can be provided in person during the meeting or emailed to
the City Clerk's Office at CityClerkMail(a-)-LaQuintaCA.gov any time prior to the
adjournment of the meeting, and will be distributed to the Housing Authority, made public,
incorporated into the public record of the meeting, and will not be read during the meeting
unless, upon the request of the Chairperson, a brief summary of any public comment is
asked to be read, to the extent the City Clerk's Office can accommodate such request.
HOUSING AUTHORITY AGENDA Page 4 of 4 DECEMBER 19, 2023
SPECIAL MEETING
CALL TO ORDER
CONSENT CALENDAR ITEM NO. 1
HOUSING AUTHORITY
MINUTES
TUESDAY, OCTOBER 17, 2023
A regular quarterly meeting of the La Quinta Housing Authority was called to order at 7:35
p.m. by Chairperson Pena.
PRESENT: Authority Members: Evans, Fitzpatrick, McGarrey, Sanchez, and
Chairperson Pena
ABSENT: None
VERBAL ANNOUNCEMENT — AB 23 was made by the Authority Secretary
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA — None
CONFIRMATION OF AGENDA — Confirmed
1. APPROVE HOUSING AUTHORITY SPECIAL MEETING MINUTES DATED
JUNE 20, 2023
2. ADOPT RESOLUTION TO APPROVE AMENDMENT NO. 1 TO AGREEMENT
FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS WITH BP DUNE
PALMS, LP, BY GENERAL PARTNER BLACKPOINT PROPERTIES, LLC,
REGARDING STORMWATER OUTFLOW IMPROVEMENTS RELATED TO THE
ACQUISITION OF A PORTION OF CERTAIN REAL PROPERTY COMPRISED
OF 5.199 ACRES LOCATED ON THE NORTHEAST CORNER OF HIGHWAY
111 AND DUNE PALMS ROAD (APN: 600-030-018); CEQA: THE PROJECT IS
EXEMPT FROM ENVIRONMENTAL REVIEW PURSUANT TO SECTION 15061
(b)(3) "COMMON SENSE EXEMPTION" [RESOLUTION NO. HA 2023-004]
MOTION — A motion was made and seconded by Authority Members Evans/Sanchez to
approve the Consent Calendar as recommended, with Item No. 2 adopting Resolution
No. HA 2023-004. Motion passed unanimously.
HOUSING AUTHORITY MEMBERS' ITEMS
Authority Member Evans said Governor Newsom approved, on 10/11/2023, Assembly Bill
1449 (Alvarez and Wicks) (Ch. 761, 2023-24), an act to add and repeal Section 21080.40
of the Public Resources Code, related to housing, which may exempt affordable housing
developments from California Environmental Quality Act (CEQA) review if certain criteria
are met; and requested that the Authority receive an update on AB 1449.
HOUSING AUTHORITY MINUTES Page 1 of 2 OCTOBER 17, 2023
QUARTERLY MEETING
5
ADJOURNMENT
There being no further business, it was moved and seconded by Authority Members
Evans/Sanchez to adjourn at 7:38 p.m. Motion passed unanimously.
Respectfully submitted,
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
HOUSING AUTHORITY MINUTES Page 2 of 2 OCTOBER 17, 2023
QUARTERLY MEETING
BUSINESS SESSION ITEM NO. 1
City of La Quinta
HOUSING AUTHORITY MEETING: December 19, 2023
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2022/23 HOUSING AUTHORITY
YEAR-END BUDGET REPORT
RECOMMENDATION
Receive and file 2022/23 Housing Authority Year -End Budget Report.
EXECUTIVE SUMMARY
• After closing the prior fiscal year (FY), Finance presents a year-end summary that
compares the final budget to actual transactions.
• Overall revenue was $164,151 higher than budgeted, after carryovers in the amount
of $1,387,009 are carried over to FY 2023/24.
• Overall expenditures were $188,391 higher than budgeted, after carryovers in the
amount of $4,024,192 are carried over to FY 2023/24.
• The Report will be received and filed by the Housing Commission in January 2024.
BACKGROUND/ANALYSIS
Total adjusted revenues were over budget by $164,151; after $1,387,009 is carried over
to FY 2023/24 for a land purchase. The overage is mostly due to second trust deed
payments and rent revenue.
Total expenditures were over budget by $188,391; after $4,024,192 is carried over to FY
2023/24 for building improvements, homelessness assistance programs, and a land
purchase. The overage is mostly due to landscape conversions to be reimbursed once
completed and other home improvements.
Revenues, expenditures, carryovers, and fund balances are discussed in the Fiscal Year -
End 2022/23 Housing Authority Budget Report (Attachment 1).
ALTERNATIVES
No alternatives are applicable.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, Executive Director
Attachment: 1. Fiscal Year -End 2022/23 Housing Authority Budget Report
7
ATTACHMENT 1
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CALIFORNIA
HOUSING AUTHORITY
FISCAL YEAR-END 2022/23 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, 2023.
REVENUES
Total revenues, after non-cash adjustments, were over budget by $1,222,858 which
includes carryovers of $1,387,009, resulting in an actual revenue overage of $164,151.
Revenues are summarized by fund below and detailed in Exhibit A.
Housing Authority Fund
RDA Low -Mod Housing Fund
2011 Bond Fund
Total Revenues
Investments Fair Market Value Adjustment
RDA Loan Interest Earned, Extraordinary Gain
Total Adjusted Revenues
1,574,500
1,593,961
19,461
20,000
136,908
116,908
1,412,009
59,764
(1,352,245)
3,006,509
1,790,633
(1,215,876)
88,316 88,316
95.298) (95.298)
1,783,651 (1
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 $88,316
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.
• Extraordinary Gain revenue of $95,298 in the RDA Low -Mod Housing Fund
records the annual former Redevelopment Agency loan repayment interest earned
in FY 2022/23. 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
E:
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 582,295 552,947 (29,348)
La Quinta Cove Properties 490,000 760,748 270,748
Dune Palms Mobile Estates 1,040,000 591,746 (448,254)
RDA Low -Mod Housing Fund 305,000 255,000 (50,000)
2011 Bond Fund 3,644,192 65,245 (3,578,947)
Total Expenditures 6,061,487 2,225,686 (3,835,801)
Capital Project Carryovers -
Operational/Contractual Carrvovers 4,024,192
Carryovers from FY 2022/23 to FY 2023/24 in the amount of $4,024,192 can be found on
Exhibit C.
iOUSING 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 $29,348 were recognized for salaries and benefits,
legal services, and operational expenses. An overage in the amount of $270,748 was for
rental expenses for the Cove properties due to landscape conversions to be reimbursed
by the Coachella Valley Water District's (CVWD) landscape rebate program as well as
other home improvements. The majority of the savings in the amount of $448,254 is
attributed to building/site improvements for Dune Palms Mobile Estates which are
currently underway.
Funds not being carried over are recognized as Restricted Fund balance in the Housing
Fund. As of June 30, 2023, the available balance in this fund was $12,207,429.
LOW-ivIVU HVUSINu t-UNU (L4J/
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,
4
2023 is $24,500,992; with $4,900,198 or 20% recognized in this fund as a future
receivable.
In FY 2022/23, a total of $255,000 was expensed for homelessness programs in the
greater Coachella Valley, with savings of $50,000 being carried over to FY 2023/24. As
of June 30, 2023, the available balance in this fund was $3,913,326.
1U1 I t3UNU FUND (149)
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. The amount of $3,574,192 will be carried over into FY 2023/24,
as the final property purchase was completed in October 2023. As of June 30, 2023, the
available balance in this fund was $2,857,811.
FUND BALANCES
Below is a summary of Housing Authority fund balances as of June 30, 2023. These funds
are restricted for housing programs.
• • f
Housing Authority Fund 241
12,207,429
Low -Mod Housing Fund 243
3,913,326
2011 Bond Fund 249
2,857,811
TOTAL HOUSING..
10
243 - RDA LOW -MOD HOUSING FUND
EXHIBIT A
CITY OF LA QUINTA
20,000
20,000
69,979
243-0000-41910 GASB 31 Interest
(102,401)
HOUSING AUTHORITY FUNDS
REVENUE DETAILS
2022/23 YEAR-END BUDGET
REPORT
121,903
0
2021/22
2022/23
2022/23
2022/23
20,000
20,000
Actuals
Original Budget
Final Budget
Actuals
241 - HOUSING AUTHORITY
249-0000-41900 Allocated Interest
5,494
5,000
5,000
241-9101-41900
Allocated Interest
99,822
100,000
100,000
248,848
241-9101-41910
GASB 31 Interest
(385,817)
0
0
(54,726)
241-9101-41915
Non -Allocated Interest
430
500
500
0
241-9101-42301
Miscellaneous Revenue
226
0
0
1
241-9101-42706
Loan Repayments
96,215
0
0
190,528
241-9101-43504
2nd Trust Deed Repayments
130,179
100,000
100,000
50,253
241-9101-45000
Sale of Other Assets
367,078
200,000
200,000
0
241-9102-42305
Miscellaneous Reimbursements
(1,820)
0
0
0
241-9103-43502
Rent Revenue/LQRP
306,372
300,000
355,000
372,345
241-9104-42112
Rent Revenue/Tenant/Dune Palms
791,261
750,000
818,000
786,712
241-9104-42302
Miscellaneous Revenue/Dune Palrr
0
1,000
1,000
0
Tota 1:
1,403,947
1,451,500
1,574,500
1,593,961
243 - RDA LOW -MOD HOUSING FUND
243-0000-41900 Allocated Interest
24,081
20,000
20,000
69,979
243-0000-41910 GASB 31 Interest
(102,401)
0
0
(28,370)
243-0000-48500 Extraordinary Gain
121,903
0
0
95,298
Total:
43,583
20,000
20,000
136,908
249 - SA 2011 LOW/MOD BOND FUND (Refinances
249-0000-41900 Allocated Interest
5,494
5,000
5,000
16,611
249-0000-41910 GASB 31 Interest
(26,759)
0
0
(5,220)
249-0000-41915 Non -Allocated Interest
29,442
20,000
20,000
47,267
249-0000-42301 Miscellaneous Revenue
0
0
0
1,106
249-0000-49500 Transfers In
0
0
1,387,009
0
Total:
8,177
25,000
1,412,009
59,764
HOUSING AUTHORITY REVENUE
1,455,707
1,496,500
3,006,509
1,790,633
Non -Cash Transactions 6,982
Adjusted Revenues 1,783,651
11
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
50 - Salaries and Benefits Totals
334,191 386,070 390,695 376,234
60 - Contract Services
507,209
562,670
582,295
EXHIBIT B
CITY OF LA QUINTA
74,532
60,000
2022/23 YEAR-END BUDGET REPORT
HOUSING AUTHORITY FUNDS
EXPENSE DETAILS
5,000
5,000
5,000
3,780
2021/22
2022/23
2022/23
2022/23
15,568
Actuals
Original Budget
Final Budget
Actuals
241 - HOUSING AUTHORITY
251,793
250,000
490,000
760,748
9101 - Housing Authority - Admin
9103 - Housing Authority - LQRP Totals:
50 - Salaries and Benefits
251,793
241-9101-50101 Permanent Full Time
252,219
278,970
278,970
282,118
241-9101-50105 Salaries - Overtime
172
0
0
0
241-9101-50110 Commissions & Boards
550
1,800
1,800
700
241-9101-50150 Other Compensation
103
200
200
96
241-9101-50200 PERS-City Portion
20,432
24,200
24,200
22,352
241-9101-50215 Other Fringe Benefits
2,000
0
4,625
6,730
241-9101-50221 Medical Insurance
44,830
69,300
69,300
49,290
241-9101-50222 Vision Insurance
415
0
0
402
241-9101-50223 Dental Insurance
2,337
0
0
2,612
241-9101-50224 Life Insurance
151
0
0
182
241-9101-50225 Long Term Disability
1,320
1,700
1,700
1,634
241-9101-50230 Workers Comp Insurance
5,900
5,900
5,900
5,900
241-9101-50240 Social Security -Medicare
3,697
4,000
4,000
4,130
241-9101-50241 Social Security -FICA
66
0
0
87
50 - Salaries and Benefits Totals
334,191 386,070 390,695 376,234
60 - Contract Services
507,209
562,670
582,295
552,947
241-9101-60103 Professional Services
74,532
60,000
75,000
68,352
241-9101-60106 Auditors
5,000
5,000
5,000
3,780
241-9101-60153 Attorney
15,792
20,000
20,000
15,568
60 - Contract Services Totals:
95,324
85,000
100,000
87,700
62 - Maintenance & Operations
241-9101-60320 Travel & Training 0 1,000 1,000 293
241-9101-60420 Operating Supplies 94 2,000 2,000 119
62 - Maintenance & Operations Totals: 94 3,000 3,000 412
69 - Internal Service Charges
507,209
562,670
582,295
552,947
241-9101-91843 Property & Crime Insurance
8,100
8,100
8,100
8,100
241-9101-91844 Earthquake Insurance
16,100
16,100
16,100
16,100
241-9101-98110 Information Tech Charges
53,400
64,400
64,400
64,400
69 - Internal Service Charges Totals:
77,600
88,600
88,600
88,600
9101 - Housing Authority - Admin Totals:
507,209
562,670
582,295
552,947
9103 - Housing Authority - LQRP
62 - Maintenance & Operations
241-9103-60157 Rental Expenses
251,793
250,000
490,000
760,748
62 - Maintenance & Operations Totals:
251,793
250,000
490,000
760,748
9103 - Housing Authority - LQRP Totals:
251,793
250,000
490,000
760,748
9104 - Dune Palms Mobile Estates
60 - Contract Services
241-9104-60103 Professional Services
101,257
100,000
120,000
118,328
241-9104-60157 Rental Expense
360,523
300,000
420,000
383,008
60 - Contract Services Totals:
461,780
400,000
540,000
501,337
68 - Capital Expenses
241-9104-72110 Building/Site Improvements
0
500,000
500,000
90,409
68 - Capital Expenses Totals:
0
500,000
500,000
90,409
9104 - Dune Palms Mobile Estates Totals: 461,780 900,000 1,040,000 591,746
241 - HOUSING AUTHORITY Totals: 1,220,781 1,712,670 2,112,295 1,905,441
12
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
0000 - Undesignated Totals: 50,700 250,000 305,000 255,000
243 - RDA LOW -MOD HOUSING FUND Totals: 50,700 250,000 305,000 255,000
13
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
EXHIBIT B
CITY OF LA QUINTA
2022/23 YEAR-END BUDGET REPORT
HOUSING AUTHORITY FUNDS EXPENSE DETAILS
2021/22
2022/23
2022/23
2022/23
Actuals
Original Budget
Final Budget
Actuals
243 - RDA LOW -MOD HOUSING FUND
0000 - Undesignated
64 - Other Expenses
243-0000-60532 Homelessness Assistance
50,700
250,000
305,000
255,000
64 - Other Expenses Totals:
50,700
250,000
305,000
255,000
0000 - Undesignated Totals: 50,700 250,000 305,000 255,000
243 - RDA LOW -MOD HOUSING FUND Totals: 50,700 250,000 305,000 255,000
13
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
0000 - Undesignated Totals: 8,656,075 20,000 3,644,192 65,245
L LOW/MOD BOND FUND (Refinanced in 2016) Totals: 8,656,075 20,000 3,644,192 65,245
14
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
EXHIBIT B
CITY OF LA QUINTA
2022/23 YEAR-END BUDGET REPORT
HOUSING AUTHORITY FUNDS EXPENSE DETAILS
2021/22
2022/23
2022/23
2022/23
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
8,631,040
0
3,624,192
50,000
249-0000-80050 Affordable Housing Project Developme
25,035
20,000
20,000
15,245
68 - Capital Expenses Totals:
8,656,075
20,000
3,644,192
65,245
0000 - Undesignated Totals: 8,656,075 20,000 3,644,192 65,245
L LOW/MOD BOND FUND (Refinanced in 2016) Totals: 8,656,075 20,000 3,644,192 65,245
14
Unaudited, final numbers will be reported in the 2022/23 Financial Statements
CITY OF LA QUINTA EXHIBIT C
HOUSING AUTHORITY FUNDS CARRYOVER SUMMARY 2022/23 YEAR-END BUDGET REPORT
Revised Continuing Appropriations/Carryovers from 2022/23 to 2023/24
Vendor/Program Account Number Description Estimated Revised
Land Purchase- Highway 111 & Dune Palms
249-0000-49500
Transfers In
- $
1,387,009
Dune Palms Mobile Estates improvements
241-9104-72110
Building/Site Improvements
400,000 $
400,000
Homelessness Assistance
243-0000-60532
Homelessness Assistance
- $
50,000
Land Purchase- Highway 111 & Dune Palms
249-0000-74010
Land Acquisition
3,624,192 $
3,574,192
TOTAL AUTHORITY CARRYOVERS $
4,024,192 $
5,411,201
NOTE: In June 2023 when the budget was adopted all carryovers were estimates based on projected invoices to end fiscal year 2022/23.
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.
15
POWER POINTS
HOUSING
AUTHORITY
SPECIAL
MEETING
DECEMBER 19, 2023
CALIFORNIA
Housing Authority Special Meeting
December 19, 2023
B1 — Fiscal Year -End 2022/23
Housing Authority Budget Report
.�. ,.
tu
Overall Revenues
• $164,151 over budget due to:
— Loan repayments, allocated interest ,actual rent revenue
— Carryover of $1,387,009 to FY 2023/24
• Two non-cash adjustments
— ($88,316) fair market value
— $95,298 RDA loan interest earnings
• $673,936 RDA loan repayment in 2022/23
— 20% Housing portion
Overall Expenses
• Housing Authority Fund under budget by $206,854
— Savings in payroll, legal, and operational expenses
— Building/site improvements underway for FY 23-24
• Low -Mod & Bond Fund savings
— Carryover of $4,024,192 to FY 2023/24
• Land acquisition for vacant property on HWY 111
• Homelessness assistance
Available Fund Balances
Receivable in Low -Mod Housing Fund
Principal $1,933,160
Interest $2,967,038
RDA Loan Balance $4,900,198
CALIFORNIA
LA