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FY 2025/2026 Budget - Housing Authority
2025/26 Adopted Budget City of La Quinta Housing Authority THIS PAGE INTENTIONALLY LEFT BLANK Housing Fund Revenues 2024/25 Original 2024/25 Current Variance Original vs. Current 2025/26 Adopted Variance Current vs. Adopted % Change 241 - Housing Authority 1,452,000 1,452,000 -1,666,000 214,000 15% 243 - RDA Low-Mod Housing 60,000 60,000 -130,000 70,000 117% 249 - SA 2011 Low/Mod Bond 18,000 18,000 -86,000 68,000 378% Total Revenues 1,530,000 1,530,000 - 1,882,000 352,000 23% RDA Loan Repayment 701,163 701,163 - 715,187 14,024 Total Operating Revenues 2,231,163 2,231,163 - 2,597,187 366,024 Housing Fund Expenditures 2024/25 Original 2024/25 Current Variance Original vs. Current 2025/26 Adopted Variance Current vs. Adopted % Change 241 - Housing Authority 1,715,440 1,965,440 (255,907) 1,709,533 (255,907) -13% 243 - RDA Low-Mod Housing 250,000 350,000 (25,000) 325,000 (25,000) -7% 249 - SA 2011 Low/Mod Bond 250,000 657,003 (507,003) 150,000 (507,003) -77% Total Expenditures 2,215,440 2,972,443 (787,910) 2,184,533 (787,910) -27% Budget Surplus/(Deficit)15,723 (741,280) 787,910 412,654 HOUSING AUTHORITY 2025/26 BUDGET SUMMARY CITY OF LA QUINTA FY 2025/26 ADOPTED BUDGET 1 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted 25/26 vs. Current 24/25 % Change in Budget 241 - HOUSING AUTHORITY 9101 - Housing Authority - Admin 340 - Charges for Services 526 0 0 0 0 0 0%241-9101-42301 Miscellaneous Revenue 340 - Charges for Services Totals:526 0 0 0 0 0 0% 360 - Use of Money & Property 416,365 200,000 200,000 90,244 365,000 165,000 83%241-9101-41900 Allocated Interest 165,958 0 0 157,153 0 0 0%241-9101-41910 GASB 31 Interest 0 1,000 1,000 0 0 (1,000)-100%241-9101-41915 Non-Allocated Interest 80,124 0 0 0 0 0 0%241-9101-42706 Loan Repayments 148,869 100,000 100,000 11,300 100,000 0 0%241-9101-43504 2nd Trust Deed Repayments 118,416 0 0 0 0 0 0%241-9101-45000 Sale of Other Assets 360 - Use of Money & Property Totals:929,732 301,000 301,000 258,697 465,000 164,000 54% 9101 - Housing Authority - Admin Totals:930,258 301,000 301,000 258,697 465,000 164,000 54% 9103 - Housing Authority - LQRP 360 - Use of Money & Property 200,000 0 0 0 0 0 0%241-9103-43501 Miscellaneous Revenue/LQRP 351,454 350,000 350,000 274,928 350,000 0 0%241-9103-43502 Rent Revenue/LQRP 360 - Use of Money & Property Totals:551,454 350,000 350,000 274,928 350,000 0 0% 9103 - Housing Authority - LQRP Totals:551,454 350,000 350,000 274,928 350,000 0 0% 9104 - Dune Palms Mobile Estates 360 - Use of Money & Property 791,622 800,000 800,000 721,635 850,000 50,000 6%241-9104-42112 Rent Revenue/Tenant/Dune Palms 0 1,000 1,000 0 1,000 0 0%241-9104-42302 Miscellaneous Revenue/Dune Palms 360 - Use of Money & Property Totals:791,622 801,000 801,000 721,635 851,000 50,000 6% 9104 - Dune Palms Mobile Estates Totals:791,622 801,000 801,000 721,635 851,000 50,000 6% 241 - HOUSING AUTHORITY Totals:2,273,334 1,452,000 1,452,000 1,255,260 1,666,000 214,000 15% 243 - RDA LOW-MOD HOUSING FUND 0000 - Undesignated 360 - Use of Money & Property 143,666 60,000 60,000 31,085 130,000 70,000 117%243-0000-41900 Allocated Interest 45,354 0 0 58,226 0 0 0%243-0000-41910 GASB 31 Interest 360 - Use of Money & Property Totals:189,020 60,000 60,000 89,311 130,000 70,000 117% 370 - Miscellaneous 68,161 0 0 0 0 0 0%243-0000-48500 Extraordinary Gain 370 - Miscellaneous Totals:68,161 0 0 0 0 0 0% 0000 - Undesignated Totals:257,181 60,000 60,000 89,311 130,000 70,000 117% 24243 - RDA LOW-MOD HOUSING FUND Totals:257,181 60,000 60,000 89,311 130,000 70,000 117% 526 0 0 0 0 0 526 0 0 0 0 0 416,365 200,000 200,000 90,244 365,000 165,000 165,958 0 0 157,153 0 0 0 1,000 1,000 0 0 (1,000) 80,124 0 0 0 0 0 148,869 100,000 100,000 11,300 100,000 0 118,416 0 0 0 0 0 929,732 301,000 301,000 258,697 465,000 164,000 930,258 301,000 301,000 258,697 465,000 164,000 200,000 0 0 0 0 0 351,454 350,000 350,000 274,928 350,000 0 551,454 350,000 350,000 274,928 350,000 0 551,454 350,000 350,000 274,928 350,000 0 791,622 800,000 800,000 721,635 850,000 50,000 0 1,000 1,000 0 1,000 0 791,622 801,000 801,000 721,635 851,000 50,000 791,622 801,000 801,000 721,635 851,000 50,000 2,273,334 1,452,000 1,452,000 1,255,260 1,666,000 214,000 143,666 60,000 60,000 31,085 130,000 70,000 45,354 0 0 58,226 0 0 189,020 60,000 60,000 89,311 130,000 70,000 68,161 0 0 0 0 0 68,161 0 0 0 0 0 257,181 60,000 60,000 89,311 130,000 70,000 257,181 60,000 60,000 89,311 130,000 70,000 CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAIL FY 2025/26 ADOPTED BUDGET 2 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted 25/26 vs. Current 24/25 % Change in Budget 249 - SA 2011 LOW/MOD BOND FUND financed in 2016) 0000 - Undesignated 340 - Charges for Services 0 0 0 4,483 0 0 0%249-0000-42301 Miscellaneous Revenue 340 - Charges for Services Totals:0 0 0 4,483 0 0 0% 360 - Use of Money & Property 4,616 3,000 3,000 0 0 (3,000)-100%249-0000-41900 Allocated Interest 23,261 0 0 7,840 0 0 0%249-0000-41910 GASB 31 Interest 86,083 15,000 15,000 75,125 86,000 71,000 473%249-0000-41915 Non-Allocated Interest 360 - Use of Money & Property Totals:113,960 18,000 18,000 82,965 86,000 68,000 378% 390 - Other Financing Sources 1,387,009 0 0 0 0 0 0%249-0000-49500 Transfers In 390 - Other Financing Sources Totals:1,387,009 0 0 0 0 0 0% 0000 - Undesignated Totals:1,500,969 18,000 18,000 87,447 86,000 68,000 378% 249 - SA 2011 LOW/M249 BOND FUND (Refinanced in 2016) Totals:1,500,969 18,000 18,000 87,447 86,000 68,000 378% 0 0 0 4,483 0 0 0 0 0 4,483 0 0 4,616 3,000 3,000 0 0 (3,000) 23,261 0 0 7,840 0 0 86,083 15,000 15,000 75,125 86,000 71,000 113,960 18,000 18,000 82,965 86,000 68,000 1,387,009 0 0 0 0 0 1,387,009 0 0 0 0 0 1,500,969 18,000 18,000 87,447 86,000 68,000 1,500,969 18,000 18,000 87,447 86,000 68,000 CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAIL FY 2025/26 ADOPTED BUDGET 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. 241-241-9101-45000, Sale of Other Assets revenues in FY 2023/24 reflect the purchase and sale agreement between the City of La Quinta and the La Quinta Housing Autho for vacant parcels to be used for future low/moderate affordable housing. 243 RDA Low-Mod Housing Fund: The 2025/26 former Redevelopment Agency loan repayment of $715,187 will be recognized in reserves within this Fund. 249 Successor Agency (SA) 2011 Low/Mod Bund Fund: In FY 2023/24, 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. Remaining bond funds continue to earn interest and are available for future housing projects. 3 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted Budget 25/26 vs. Current 24/25 % Change in Budget 241 - HOUSING AUTHORITY 9101 - Housing Authority - Admin 50 - Salaries and Benefits 308,362 322,000 322,000 312,250 352,600 30,600 10%241-9101-50101 Permanent Full Time 58 0 0 111 0 0 0%241-9101-50105 Salaries - Overtime 500 1,800 1,800 450 1,800 0 0%241-9101-50110 Commissions & Boards 145 200 200 131 200 0 0%241-9101-50150 Other Compensation 27,150 31,200 31,200 27,685 32,500 1,300 4%241-9101-50200 PERS-City Portion 4,875 3,640 3,640 9,085 9,380 5,740 158%241-9101-50215 Other Fringe Benefits 53,229 70,000 70,000 48,442 70,900 900 1%241-9101-50221 Medical Insurance 455 0 0 419 0 0 0%241-9101-50222 Vision Insurance 2,747 0 0 2,333 0 0 0%241-9101-50223 Dental Insurance 175 0 0 166 0 0 0%241-9101-50224 Life Insurance 1,764 2,000 2,000 1,920 2,300 300 15%241-9101-50225 Long Term Disability 13,400 13,400 13,400 10,050 12,300 (1,100)-8%241-9101-50230 Workers Comp Insurance 4,479 4,800 4,800 4,536 5,200 400 8%241-9101-50240 Social Security-Medicare 56 0 0 59 0 0 0%241-9101-50241 Social Security-FICA 50 - Salaries and Benefits Totals:417,394 449,040 449,040 417,636 487,180 38,140 8% 60 - Contract Services 75,228 75,000 75,000 94,672 110,000 35,000 47%241-9101-60103 Professional Services 5,000 5,000 5,000 5,000 5,000 0 0%241-9101-60106 Auditors 33,905 25,000 25,000 26,538 25,000 0 0%241-9101-60153 Attorney 200,000 0 0 0 0 0 0%241-9101-60157 Rental Expenses 60 - Contract Services Totals:314,133 105,000 105,000 126,210 140,000 35,000 33% 62 - Maintenance & Operations 467 1,000 1,000 0 1,000 0 0%241-9101-60320 Travel & Training 734 2,000 2,000 987 2,000 0 0%241-9101-60420 Operating Supplies 62 - Maintenance & Operations Totals:1,201 3,000 3,000 987 3,000 0 0% 69 - Internal Service Charges 9,300 9,300 9,300 6,975 9,600 300 3%241-9101-91843 Property & Crime Insurance 18,200 18,200 18,200 13,650 18,453 253 1%241-9101-91844 Earthquake Insurance 80,900 80,900 80,900 60,675 101,300 20,400 25%241-9101-98110 Information Tech Charges 69 - Internal Service Charges Totals:108,400 108,400 108,400 81,300 129,353 20,953 19% 9101 - Housing Authority - Admin Totals:841,128 665,440 665,440 626,133 759,533 94,093 14% 9103 - Housing Authority - LQRP 62 - Maintenance & Operations 379,320 350,000 350,000 235,421 350,000 0 0%241-9103-60157 Rental Expenses 62 - Maintenance & Operations Totals:379,320 350,000 350,000 235,421 350,000 0 0% 9103 - Housing Authority - LQRP Totals:379,320 350,000 350,000 235,421 350,000 0 0% 308,362 322,000 322,000 312,250 352,600 30,600 58 0 0 111 0 0 500 1,800 1,800 450 1,800 0 145 200 200 131 200 0 27,150 31,200 31,200 27,685 32,500 1,300 4,875 3,640 3,640 9,085 9,380 5,740 53,229 70,000 70,000 48,442 70,900 900 455 0 0 419 0 0 2,747 0 0 2,333 0 0 175 0 0 166 0 0 1,764 2,000 2,000 1,920 2,300 300 13,400 13,400 13,400 10,050 12,300 (1,100) 4,479 4,800 4,800 4,536 5,200 400 56 0 0 59 0 0 417,394 449,040 449,040 417,636 487,180 38,140 75,228 75,000 75,000 94,672 110,000 35,000 5,000 5,000 5,000 5,000 5,000 0 33,905 25,000 25,000 26,538 25,000 0 200,000 0 0 0 0 0 314,133 105,000 105,000 126,210 140,000 35,000 467 1,000 1,000 0 1,000 0 734 2,000 2,000 987 2,000 0 1,201 3,000 3,000 987 3,000 0 9,300 9,300 9,300 6,975 9,600 300 18,200 18,200 18,200 13,650 18,453 253 80,900 80,900 80,900 60,675 101,300 20,400 108,400 108,400 108,400 81,300 129,353 20,953 841,128 665,440 665,440 626,133 759,533 94,093 379,320 350,000 350,000 235,421 350,000 0 379,320 350,000 350,000 235,421 350,000 0 379,320 350,000 350,000 235,421 350,000 0 CITY OF LA QUINTA HOUSING AUTHORITY E;PENSE DETAILS FY 2025/26 ADOPTED BUDGET 4 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted Budget 25/26 vs. Current 24/25 % Change in Budget 9104 - Dune Palms Mobile Estates 60 - Contract Services 116,883 100,000 100,000 96,938 100,000 0 0%241-9104-60103 Professional Services 428,068 400,000 400,000 356,671 400,000 0 0%241-9104-60157 Rental Expense 0 0 0 2,381 0 0 0%241-9104-60159 Relocation/Temp Housing 60 - Contract Services Totals:544,952 500,000 500,000 455,990 500,000 0 0% 68 - Capital Expenses 99,064 200,000 450,000 10,716 100,000 (350,000)-78%241-9104-72110 Building/Site Improvements 68 - Capital Expenses Totals:99,064 200,000 450,000 10,716 100,000 (350,000)-78% 9104 - Dune Palms Mobile Estates Totals:644,015 700,000 950,000 466,706 600,000 (350,000)-37% 241 - HOUSING AUTHORITY Totals:1,864,463 1,715,440 1,965,440 1,328,261 1,709,533 (255,907)-13% 116,883 100,000 100,000 96,938 100,000 0 428,068 400,000 400,000 356,671 400,000 0 0 0 0 2,381 0 0 544,952 500,000 500,000 455,990 500,000 0 99,064 200,000 450,000 10,716 100,000 (350,000) 99,064 200,000 450,000 10,716 100,000 (350,000) 644,015 700,000 950,000 466,706 600,000 (350,000) 1,864,463 1,715,440 1,965,440 1,328,261 1,709,533 (255,907) CITY OF LA QUINTA HOUSING AUTHORITY E;PENSE DETAILS FY 2025/26 ADOPTED BUDGET 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. 5 Fund: 241 - HOUSING AUTHORITY Permanent Full Time 352,600.00241-9101-50101 20% - City Manager (80% City Manager) 10% - Finance Director (90% Finance) 10% - City Clerk Director (90% City Clerk) 40% - Director- Business Unit & Housing Development (60%City Manager) 60% - Sr. Management Analyst (40% Information Technology Fund) 60% - Management Specialist (40% City Manager) 80% - Administrative Technician (20% City Manager) Housing Authority Member Stipends (5) Housing Commissioner Stipends Professional Services 110,000.00241-9101-60103 Housing compliance services Travel & Training 1,000.00241-9101-60320 For housing related training and staff development Rental Expenses 350,000.00241-9103-60157 Expenses associated with 28 homes owned by the Authority which are located in the La Quinta Cove Professional Services 100,000.00241-9104-60103 For residential property management services at Dune Palms Mobile Estates Rental Expense 400,000.00241-9104-60157 Expenses associated with 102 units owned by the Authority which are located in North La Quinta CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE NOTES FY 2025/26 ADOPTED BUDGET 6 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted Budget 25/26 vs. Current 24/25 % Change in Budget 243 - RDA LOW-MOD HOUSING FUND 0000 - Undesignated 64 - Other Expenses 250,000 250,000 350,000 300,800 325,000 (25,000)-7%243-0000-60532 Homelessness Assistance 64 - Other Expenses Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7% 0000 - Undesignated Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7% 24243 - RDA LOW-MOD HOUSING FUND Totals:250,000 250,000 350,000 300,800 325,000 (25,000)-7% 250,000 250,000 350,000 300,800 325,000 (25,000) 250,000 250,000 350,000 300,800 325,000 (25,000) 250,000 250,000 350,000 300,800 325,000 (25,000) 250,000 250,000 350,000 300,800 325,000 (25,000) CITY OF LA QUINTA HOUSING AUTHORITY E;PENSE DETAILS FY 2025/26 ADOPTED BUDGET 243 RDA Low-Mod Housing Fund: The 2025/26 former Redevelopment Agency loan repayment of $715,187 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. 7 2023/24 Actuals 2024/25 Original Budget 2024/25 Current Budget 2024/25 YTD Activity* 2025/26 Adopted Budget 25/26 vs. Current 24/25 % Change in Budget 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016) 0000 - Undesignated 68 - Capital Expenses 3,587,121 0 0 0 0 0 0%249-0000-74010 Land Acquisition 900 250,000 657,003 746,407 150,000 (507,003)-77%249-0000-80050 Affordable Housing Project Development 68 - Capital Expenses Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77% 0000 - Undesignated Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77% 249 - SA 2011 LOW/M249 BOND FUND (Refinanced in 2016) Totals:3,588,021 250,000 657,003 746,407 150,000 (507,003)-77% 3,587,121 0 0 0 0 0 900 250,000 657,003 746,407 150,000 (507,003) 3,588,021 250,000 657,003 746,407 150,000 (507,003) 3,588,021 250,000 657,003 746,407 150,000 (507,003) 3,588,021 250,000 657,003 746,407 150,000 (507,003) CITY OF LA QUINTA HOUSING AUTHORITY E;PENSE DETAILS FY 2025/26 ADOPTED BUDGET 249 Successor Agency Bond Fund: These funds are restricted per individual bond covenants and were used for the acquisition of the vacant propoerty 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 2025/26, budget will be used for investment in design and development of projects. 8