FY 2024/2025 Budget - Housing AuthorityCITY OF
LA QUINTA
eettiv
Housing Authority
Adopted Budget
CITY OF LA QUINTA
FY 2024/25 ADOPTED BUDGET
HOUSING AUTHORITY 2024/25 BUDGET SUMMARY
Housing Fund Revenues
2023/24 Current 2024/25 Proposed
2024/25 Adopted
Variance
Current vs.
Adopted
243 - RDA Low -Mod Housing
249 - SA 2011 Low/Mod Bond
Total Revenues
30,000
60,000
60,000
30,000
1,423,009
18,000
18,000 (1,405,009)
3,224,509
1,530,000
1,530,000 (1,694,509)
RDA Loan Repayment
687,415
701,163
701,163
13,748
Total Operating Revenues
3,911,924
2,231,163
2,231,163 (1,680,761)
Housing Fund Expenditures
2023/24 Current 2024/25 Proposed
2024/25 Adopted
Variance
Current vs.
Adopted
- Housing Author
243 - RDA Low -Mod Housing
- SA 2011 Low/Mod Bond
2,326,340
300,000
1,715,440
250,000
250,000
250,000
(50,000)
.,000 (3,574,192)
Total Expenditures
6,450,532
2,215,440
2,215,440 (4,235,092)
Budget Surplus/(Deficit)
(2,538,608)
15,723
15,723
CITY OF LA QUINTA ESTIMATED ENDING FUND BALANCES
FISCAL YEAR ENDING JUNE 30, 2024
FUND
FUND NAME
E STIMATED
AVAILABLE FUND
BALANCE
July 1, 2024
ESTIMATED
REVENUES
ESTIMATED
EXPENDITURES
ESTIMATED
ENDING FUND
BALANCE
June 30, 2025
241 HOUSING AUTHORITY FUND 11,500,000
243" RDA LOW -MOD HOUSING FUND..." 3,500,000.1
249 SA 2011 LOW/MOD BOND 500 t I
1,452, 000
761,163
18,000
1,715,440
250,000
250,000
11,236,560
4,011,163
268,000
GRAND TOTAL
15,500,000
2,231,163
2,215,440
15, 515, 723
General Fund and RDA Low -Mod Housing Fund estimates are for unappropriated reserves and included annual Successor Agency
loan repayments as approved with the last and final recognized obligation payment schedule_ The repayment for FY 2024/25 is
$701,163_
1
CITY OF LA QUINTA
HOUSING AUTHORITY REVENUE DETAIL FY 2024/25 ADOPTED BUDGET
2022/23 2023/24
Actuals Current
2024/25 2024/25
Proposed Adopted
241 - HOUSING AUTHORITY
241-9101-41900 Allocated Interest
241-9101-41910
241-9101-41915
241-9101-42301
241-9101-42706
241-9101-43504
241-9101-45000
241-9103-43501
241-9103-43502
241-9104-42112
241-9104-42302
GASB 31 Interest
Non -Allocated Interest
Miscellaneous Revenue
Loan Repayments
2nd Trust Deed Repayments
Sale of Other Assets
Miscellaneous Revenue/LQRP
Rent Revenue/LQRP
Rent Revenue/Tenant/Dune PaIms
Miscellaneous Revenue/Dune Palrr
Total:
243 - RDA LOW -MOD HOUSING FUND
243-0000-41900 Allocated Interest
243-0000-41910 GASB 31 Interest
243-0000-48500 Extraordinary Gain
248,848
(54,726)
0
1
190,528
50,253
0
0
372,345
786,712
0
150,000
0
500
0
0
150,000
120,000
200,000
350,000
800,000
1,000
200,000
0
1,000
0
0
100,000
0
0
350,000
800,000
1,000
200,000
0
1,000
0
0
100,000
0
0
350,000
800,000
1,000
1,593,961 1,771,500 1,452,000 1,452,000
69,979
(28,370)
95,298
30,000
0
0
60,000
0
0
60,000
0
0
Total: 136,908 30,000
249 - SA 2011 LOW/MOD BOND FUND (Refinance
249-0000-41900 Allocated Interest
249-0000-41910 GASB 31 Interest
249-0000-41915 Non -Allocated Interest
249-0000-42301 Miscellaneous Revenue
249-0000-49500 Transfers In
Total:
HOUSING AUTHORITY REVENUE
60,000 60,000
16,611
(5,220)
47,267
1,106
0
6,000
0
30,000
0
1,387,009
3,000
0
15,000
0
0
3,000
0
15,000
0
0
59,764 1,423,009
18,000 18,000
1,790,633 3,224,509
1,530,000 1,530,000
The Housing Authority budget invests in programs and projects that preserve and increase the supply of affordable
housing in the City.
241 Housing_Authority Fund: Second Trust Deed Payments and Home Sale Proceeds vary from year-to-year.
Additional repayment of silent second trust deeds are recognized upon receipt.
241-9101-45000, Sale of Other Assets revenues in FY 2023/2024 reflects the purchase and agreement between
the City of La Quinta and the La Quinta Housing Authority for vacant parcels to be used for future low/moderate
affordable housing.
243 RDA Low -Mod Housing Fund: The 2024/25 former Redevelopment Agency loan repayment of $701,163 will
be recognized in reserves within this Fund.
249 Successor Agency (SA) 2011 Low/Mod Bond Fund was used for the acquisition of the vacant property located
west of the Home Depot Center on Highway 111, on the northeast corner of Highway 111 and Dune Palms Road
proposed to be developed as an affordable housing development with a connecting thoroughfare to CV Link in FY
2023/24. Remaining bond funds continue to earn interest and are available for future housing projects.
2
CITY OF LA QUINTA
HOUSING AUTHORITY EXPENSE DETAIL FY 2024/25 ADOPTED BUDGET
2022/23 2023/24 2024/25 2024/25
Actuals Current Proposed Adopted
241 - HOUSING AUTHORITY
9101 - Housing Authority - Admin
50 - Salaries and Benefits
241-9101-50101 Permanent Full Time 282,118 312,700 322,000 322,000
241-9101-50110 Commissions & Boards 700 1,800 1,800 1,800
241-9101-50150 Other Compensation 96 200 200 200
241-9101-50200 PERS-City Portion 22,352 29,600 31,200 31,200
241-9101-50215 Other Fringe Benefits 6,730 3,640 3,640 3,640
241-9101-50221 Medical Insurance 49,290 67,000 70,000 70,000
241-9101-50222 Vision Insurance 402 0 0 0
241-9101-50223 Dental Insurance 2,612 0 0 0
241-9101-50224 Life Insurance 182 0 0 0
241-9101-50225 Long Term Disability 1,634 2,000 2,000 2,000
241-9101-50230 Workers Comp Insurance 5,900 13,400 13,400 13,400
241-9101-50240 Social Security -Medicare 4,130 4,600 4,800 4,800
241-9101-50241 Social Security -FICA 87 0 0 0
50 - Salaries and Benefits Totals: 376,234 434,940 449,040 449,040
60 - Contract Services
241-9101-60103 Professional Services 68,352 75,000 75,000 75,000
241-9101-60106 Auditors 3,780 5,000 5,000 5,000
241-9101-60153 Attorney 15,568 20,000 25,000 25,000
241-9101-60157 Rental Expenes 0 200,000 0 0
60 - Contract Services Totals: 87,700 300,000 105,000 105,000
62 - Maintenance & Operations
241-9101-60320 Travel & Training 293
241-9101-60420 Operating Supplies 119
1,000
2,000
1,000 1,000
2,000 2,000
62 - Maintenance & Operations Totals: 412
3,000
3,000 3,000
69 - Internal Service Charges
241-9101-91843 Property & Crime Insurance 8,100 9,300 9,300 9,300
241-9101-91844 Earthquake Insurance 16,100 18,200 18,200 18,200
241-9101-98110 Information Tech Charges 64,400 80,900 80,900 80,900
69 - Internal Service Charges Totals: 88,600 108,400 108,400 108,400
9101 - Housing Authority - Admin Totals: 552,947 846,340 665,440 665,440
9103 - Housing Authority - LQRP
62 - Maintenance & Operations
241-9103-60157 Rental Expenses
62 - Maintenance & Operations Totals:
9103 - Housing Authority - LQRP Totals:
9104 - Dune Palms Mobile Estates
60 - Contract Services
241-9104-60103 Professional Services
241-9104-60157 Rental Expense
60 - Contract Services Totals:
760,748 350,000
350,000 350,000
760,748 350,000 350,000 350,000
760,748 350,000
350,000 350,000
118,328 100,000
383,008 430,000
100,000 100,000
400,000 400,000
501,337 530,000 500,000 500,000
68 - Capital Expenses
241-9104-72110 Building/Site Improvements 90,409 600,000 200,000 200,000
68 - Capital Expenses Totals: 90,409 600,000 200,000 200,000
9104 - Dune Palms Mobile Estates Totals:
591,746 1,130,000
700,000 700,000
241 - HOUSING AUTHORITY Totals: 1,905,441 2,326,340 1,715,440 1,715,440
241 Housing Authority Fund: These funds are used to account for the housing activities of the Housing Authority which are
to promote and provide quality affordable housing.
3
241-9104-60103
CITY OF LA QUINTA
HOUSING AUTHORITY EXPENSE NOTES FY 2024/25 ADOPTED BUDGET
Fund: 241 - HOUSING AUTHORITY
Permanent Full Time 322,000.00
20% - City Manager (80% City Manager)
10% - Finance Director (90% Finance)
10% - City Clerk (90% City Clerk)
40% - Director- Business Unit & Housing Development (60% City Manager)
60% - Senior Management Analyst (40% Information Technology Fund)
60% - Management Specialist (40% City Manager)
80% - Administrative Technician (20% City Manager)
Housing Authority Member Stipends (5)
241-9101-60103 Professional Services 75,000.00
Housing compliance services
241-9101-60320 Travel & Training 1,000.00
For housing related training and staff development
241-9103-60157 Rental Expenses 350,000.00
Expenses associated with 28 homes owned by the Authority
which are located in the La Quinta Cove
Professional Services 100,000.00
For residential property management services at Dune Palms
Mobile Estates
241-9104-60157
Rental Expense 400,000.00
Expenses associated with 102 units owned by the Authority
which are located in North La Quinta
4
CITY OF LA QUINTA
HOUSING AUTHORITY EXPENSE DETAIL FY 2024/25 ADOPTED BUDGET
2022/23 2023/24 2024/25 2024/25
Actuals Current Proposed Adopted
243 - RDA LOW -MOD HOUSING FUND
0000 - Undesignated
64 - Other Expenses
243-0000-60532 Homelessness Assistance
64 - Other Expenses Totals:
0000 - Undesignated Totals:
243 - RDA LOW -MOD HOUSING FUND Totals:
255,000 300,000
250,000 250,000
255,000 300,000 250,000 250,000
255,000 300,000
250,000 250,000
255,000 300,000
250,000 250,000
243 RDA Low -Mod Housing Fund: The 2024/25 former Redevelopment Agency loan repayment of $701,163 will be
recognized in reserves within this Fund. These funds are used to account for the housing activities of the Housing
Authority which are to promote and provide quality affordable housing.
5
CITY OF LA QUINTA
HOUSING AUTHORITY EXPENSE DETAIL FY 2024/25 ADOPTED BUDGET
2022/23 2023/24 2024/25 2024/25
Actuals Current Proposed Adopted
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in
0000 - Undesignated
68 - Capital Expenses
249-0000-74010 Land Acquisition 50,000 3,574,192 0 0
249-0000-80050 Affordable Housing Project Developme 15,245 250,000 250,000 250,000
68 - Capital Expenses Totals: 65,245 3,824,192 250,000 250,000
0000 - Undesignated Totals:
65,245 3,824,192
250,000 250,000
249- SA LOW/MOD BOND FUND (Refinanced in 2016) Totals: 65,245 3,824,192 250,000 250,000
249 Successor Agency Bond Fund: These funds are restricted per individual bond covenants and were used for the
acquisition of the vacant property located west of the Home Depot Center on Highway 111, on the northeast corner of
Highway 111 and Dune Palms Road. This property is proposed to be developed as an affordable housing development
with a connecting thoroughfare to CV Link. Remaining funds are available for future housing projects. For FY 2024/25,
budget will be used for investment in design and development of projects.
6