Loading...
2017 06 20 HA QuarterlyHOUSING AUTHORITY AGENDA 1 JUNE 20, 2017 QUARTERLY MEETING HOUSING AUTHORITY AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta REGULAR QUARTERLY MEETING TUESDAY, JUNE 20, 2017 AT 4:00 P.M. CALL TO ORDER ROLL CALL: Authority Members: Evans, Peña, Radi, Sanchez, Chairperson Fitzpatrick VERBAL ANNOUNCEMENT – AB 23 [AUTHORITY SECRETARY] CONFIRMATION OF AGENDA CLOSED SESSION – NONE 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. Please complete a "request to speak" form and limit your comments to three minutes. 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 GC 54954.2(b). ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – NONE CONSENT CALENDAR – NONE BUSINESS SESSION PAGE 1.ADOPT A RESOLUTION TO APPROVE FISCAL YEAR 2017/18 HOUSING AUTHORITY ANNUAL BUDGET [RESOLUTION NO. HA 2017-003] 3 Housing Authority agendas and staff reports are available on the City’s web site: www.laquintaca.gov HOUSING AUTHORITY AGENDA 2 JUNE 20, 2017 QUARTERLY MEETING STUDY SESSION – NONE PUBLIC HEARINGS – NONE DEPARTMENTAL REPORTS – NONE CHAIR AND BOARD MEMBERS' ITEMS REPORTS AND INFORMATIONAL ITEMS – NONE ADJOURNMENT *************************************** The next regular quarterly meeting of the Housing Authority will be held on October 17, 2017, at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Susan Maysels, Authority Secretary of the La Quinta Housing Authority, do hereby declare that the foregoing agenda for the La Quinta Housing Authority was posted near the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 111, on June 16, 2017. DATED: June 16, 2017 SUSAN MAYSELS, Authority Secretary La Quinta Housing Authority Public Notices  The La Quinta City Council Chamber is handicapped accessible. If special equipment is needed for the hearing impaired, please call the City Clerk’s Office at 777-7103, twenty-four (24) hours in advance of the meeting and accommodations will be made.  If special electronic equipment is needed to make presentations to the Housing Authority, arrangement should be made in advance by contacting the City Clerk's Office at 777-7103. A one (1) week notice is required.  If background material is to be presented to the Housing Authority during a meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the City Clerk for distribution. It is requested that this take place prior to the beginning of the meeting.  Any writings or documents provided to a majority of the Housing Authority regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. City of La Quinta HOUSING AUTHORITY MEETING: June 20, 2017 STAFF REPORT AGENDA TITLE: ADOPT RESOLUTION TO APPROVE HOUSING AUTHORITY FISCAL YEAR 2017/18 BUDGET RECOMMENDATION Adopt a Resolution approving the La Quinta Housing Authority 2017/18 Budget. EXECUTIVE SUMMARY •Annually, the budget for the La Quinta Housing Authority (Authority) is prepared and submitted for the Authority’s review and approval. •The Housing Commission reviewed and approved the Authority’s Budget. •Projected expenditures of $1,192,100 will exceed projected revenues of $919,000 by $273,100; the shortfall will be covered by the Authority’s estimated available fund balance of $10.6 million. FISCAL IMPACT Projected expenditures of $1,192,100 will exceed projected revenues of $919,000 by $273,100; the shortfall will be covered by the Authority’s estimated available fund balance of $10.6 million. Twenty percent of loan repayments to the General Fund from the Successor Agency are designated for Housing at approximately $610,405 in 2017/18. This payment of $610,405 increases funds in the Authority’s fund balance available for appropriation. In addition, 2004 and 2011 Housing Bond proceeds and expenditures totaling $11,104,900 are designated for the Washington Street Apartments (WSA) rehabilitation and relocation project. BACKGROUND/ANALYSIS The draft Authority budget was presented to City Council on May 16th. At the joint Council/Housing Authority meeting of June 6, 2017, the refined annual budget of the Authority was presented for review. Subsequently the Housing Commission reviewed and approved the proposed budget on June 7, 2017. There have been no changes made to the Authority’s proposed budget since these presentations. Housing Authority Funds Housing Authority Fund expenses have increased by $196,700 due to building repairs at the La Quinta Cove properties, necessary minor mechanical repairs at WSA, and the BUSINESS SESSION ITEM NO.1 3 addition of half a position to support program administration (this position was authorized in the 2016/17 Mid-Year Budget adjustment). Funding totaling $11,104,900 for the proposed WSA’s rehabilitation and relocation plan have been incorporated in the 2004 and 2011 Bond Funds. These bonds were refinanced in 2014 and 2016, respectively. The project expenses meet the original intended purpose of the bond proceeds. Relocation funds are projected to be distributed in January 2019. These funds will be carried over from 2017/18 to 2018/19. A formal recognition of this future expenditure is required for approval of the relocation plan. Construction, planning and design costs will be disbursed through monthly draws to the developer when expenses are incurred. These funds will also be carried over to future fiscal years until the project is completed and require formal approval. ALTERNATIVES The Authority may further adjust the various appropriations. Prepared by: Karla Campos, Finance Director Approved by: Frank J. Spevacek, City Manager 4 RESOLUTION NO. HA 2017- A RESOLUTION OF THE LA QUINTA HOUSING AUTHORITY APPROVING A BUDGET FOR FISCAL YEAR 2017/2018 WHEREAS, each year the La Quinta Housing Authority adopts a Budget for Revenues and Expenditures for the upcoming Fiscal Year; and WHEREAS, the Housing Authority desires to make provisions for a level of services commensurate with the needs of the City; and WHEREAS, the Housing Authority has reviewed said budget and has had several public meetings to receive public input; and WHEREAS, the Housing Authority has, after due deliberation and consideration, made such amendments in the proposed budget as it considers desirable; and NOW, THEREFORE, BE IT RESOLVED by the La Quinta Housing Authority to adopt, as follows: SECTION 1. The Fiscal Year 2017/2018 Budget (Exhibit A), which is on file with the La Quinta Housing Authority Secretary, is hereby approved. SECTION 2. Budget adjustment procedures are approved as follows: A. Additional appropriations and the transfer of cash or unappropriated fund balance from one fund to another shall be made only upon Housing Authority approval. B. Transfers of budgeted appropriations between divisions or capital projects shall be made only upon Housing Authority approval. C. Transfers of budgeted appropriations between accounts within a division or capital project may be made with the approval of the Executive Director or his designee. D. Prior year budget continuing Appropriations and Encumbrances for unexpended capital project appropriations remaining from uncompleted prior year capital projects shall be made with Executive Director approval. These carry-over appropriations are for prior year Housing Authority approved capital projects and shall not exceed the approved project budget. 5 Resolution No. HA 2017- La Quinta Housing Authority Annual Budget – Fiscal Year 2017/18 Adopted: June 20, 2017 Page 2 of 2 SECTION 3. The Executive Director shall render a monthly report on the status of City operations as it relates to the approved budget and any amendments thereto. PASSED, APPROVED, and ADOPTED at a regular meeting of the La Quinta Housing Authority held on this 20th day of June, 2016, by the following vote: AYES: NOES: ABSENT: ABSTAIN: _______________________________ KATHLEEN FITZPATRICK, Chairperson La Quinta Housing Authority, California ATTEST: __________________________________ SUSAN MAYSELS, Authority Secretary La Quinta Housing Authority, California (AUTHORITY SEAL) APPROVED AS TO FORM: ________________________________ WILLIAM H. IHRKE, Authority Attorney La Quinta Housing Authority, California 6 HOUSING AUTHORITY EXHIBIT A 7 2015/16 Actual Revenue 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget 241 - HOUSING AUTHORITY 28,785.08 12,000.00 12,000.00 20,000.00 20,000.00241-0000-41900 Allocated Interest 18,491.10 400.00 400.00 0.00 0.00241-0000-41915 Non-Allocated Interest 0.00 614,800.00 614,800.00 614,800.00 614,800.00241-0000-42112 Rent Revenue/Tenant/W 0.00 2,400.00 2,400.00 4,200.00 4,200.00241-0000-42302 Miscellaneous Revenue/W 287,173.84 260,000.00 260,000.00 280,000.00 280,000.00241-0000-43502 Rent Revenue/LQRP 33,228.50 0.00 0.00 0.00 0.00241-0000-43504 2nd Trust Deed Repayme 241 - HOUSING AUTHORITY Totals:367,678.52 889,600.00 889,600.00 919,000.00 919,000.00 242 - HOUSING AUTHORITY PA2 17,007.93 0.00 0.00 0.00 0.00242-0000-41900 Allocated Interest 1,714.28 0.00 0.00 0.00 0.00242-0000-41916 Non-Allocated Interest/W 201,130.00 0.00 0.00 0.00 0.00242-0000-42112 Rent Revenue/Tenant/W (3,493.00)0.00 0.00 0.00 0.00242-0000-42113 Rent Variances/WSA 2.00 0.00 0.00 0.00 0.00242-0000-42301 Miscellaneous Revenue 5,148.23 0.00 0.00 0.00 0.00242-0000-42302 Miscellaneous Revenue/W 5,000,000.00 0.00 0.00 0.00 0.00242-0000-42706 Loan Repayments 426,134.00 0.00 0.00 0.00 0.00242-0000-43520 Federal Government Ass 242 - HOUSING AUTHORITY PA2 Totals:5,647,643.44 0.00 0.00 0.00 0.00 NON-GENERAL FUND REVENUE 6,015,321.96 889,600.00 889,600.00 919,000.00 919,000.00 28,785.08 12,000.00 12,000.00 20,000.00 20,000.00 18,491.10 400.00 400.00 0.00 0.00 0.00 614,800.00 614,800.00 614,800.00 614,800.00 0.00 2,400.00 2,400.00 4,200.00 4,200.00 287,173.84 260,000.00 260,000.00 280,000.00 280,000.00 33,228.50 0.00 0.00 0.00 0.00 367,678.52 889,600.00 889,600.00 919,000.00 919,000.00 17,007.93 0.00 0.00 0.00 0.00 1,714.28 0.00 0.00 0.00 0.00 201,130.00 0.00 0.00 0.00 0.00 (3,493.00)0.00 0.00 0.00 0.00 2.00 0.00 0.00 0.00 0.00 5,148.23 0.00 0.00 0.00 0.00 5,000,000.00 0.00 0.00 0.00 0.00 426,134.00 0.00 0.00 0.00 0.00 5,647,643.44 0.00 0.00 0.00 0.00 6,015,321.96 889,600.00 889,600.00 919,000.00 919,000.00 CITY OF LA QUINTA HOUSING AUTHORITY REVENUE 2017/18 ADOPTED BUDGET 1 8 2015/16 Actual Expenses 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget 241 - HOUSING AUTHORITY 9101 - Housing Authority - Admin Salaries and Benefits 63,549.98 37,400.00 52,100.00 63,400.00 63,400.00241-9101-50101 Permanent Full Time 0.00 0.00 0.00 3,000.00 3,000.00241-9101-50110 Commissions & Boards 4.00 300.00 300.00 600.00 600.00241-9101-50150 Other Compensation 3,930.20 2,900.00 2,900.00 11,900.00 11,900.00241-9101-50200 PERS-City Portion 0.00 100.00 100.00 100.00 100.00241-9101-50210 PERS-Survivor Benefits 14,252.37 8,300.00 8,800.00 18,200.00 18,200.00241-9101-50221 Medical Insurance 358.22 0.00 0.00 0.00 0.00241-9101-50222 Vision Insurance 1,650.33 0.00 0.00 0.00 0.00241-9101-50223 Dental Insurance 76.41 0.00 0.00 0.00 0.00241-9101-50224 Life Insurance 542.49 400.00 400.00 700.00 700.00241-9101-50225 Long Term Disability 1,899.96 1,200.00 1,200.00 3,000.00 3,000.00241-9101-50230 Workers Comp Insurance 909.48 600.00 600.00 1,100.00 1,100.00241-9101-50240 Social Security-Medicare 50 - Salaries and Benefits Totals:87,173.44 51,200.00 66,400.00 102,000.00 102,000.00 Contract Services 59,118.34 70,000.00 70,000.00 0.00 0.00241-9101-60103 Professional Services 3,500.00 6,000.00 6,000.00 0.00 0.00241-9101-60106 Auditors 4,516.29 10,000.00 10,000.00 25,000.00 25,000.00241-9101-60153 Attorney 60 - Contract Services Totals:67,134.63 86,000.00 86,000.00 25,000.00 25,000.00 Maintenance & Operations 1,215.90 0.00 0.00 1,000.00 1,000.00241-9101-60320 Travel & Training 0.00 2,000.00 2,000.00 2,000.00 2,000.00241-9101-60420 Operating Supplies 62 - Maintenance & Operations Totals:1,215.90 2,000.00 2,000.00 3,000.00 3,000.00 Internal Service Charges 12,999.96 13,000.00 13,000.00 20,000.00 20,000.00241-9101-91844 Earthquake Insurance 0.00 0.00 0.00 8,400.00 8,400.00241-9101-98110 Information Tech Charges 69 - Internal Service Charges Totals:12,999.96 13,000.00 13,000.00 28,400.00 28,400.00 9101 - Housing Authority - Admin Totals:168,523.93 152,200.00 167,400.00 158,400.00 158,400.00 9102 - Housing Authority - Wash St Apts Contract Services 0.00 0.00 0.00 70,000.00 70,000.00241-9102-60103 Professional Services 0.00 0.00 0.00 2,500.00 2,500.00241-9102-60106 Auditors 60 - Contract Services Totals:0.00 0.00 0.00 72,500.00 72,500.00 Maintenance & Operations 208,673.44 615,200.00 615,200.00 466,100.00 466,100.00241-9102-60157 Rental Expenses 62 - Maintenance & Operations Totals:208,673.44 615,200.00 615,200.00 466,100.00 466,100.00 Debt Service 0.00 109,400.00 109,400.00 109,100.00 109,100.00241-9102-61609 Interest Expense - Provident 0.00 17,100.00 17,100.00 17,000.00 17,000.00241-9102-61610 Interest Expense - USDA 0.00 45,100.00 45,100.00 45,300.00 45,300.00241-9102-61680 Principal Payment - Provident 0.00 21,200.00 21,200.00 21,200.00 21,200.00241-9102-61681 Principal Payment - USDA 67 - Debt Service Totals:0.00 192,800.00 192,800.00 192,600.00 192,600.00 Capital Expenses 0.00 0.00 0.00 50,000.00 50,000.00241-9102-72100 Building Improvements 68 - Capital Expenses Totals:0.00 0.00 0.00 50,000.00 50,000.00 9102 - Housing Authority - Wash St Apts Totals:208,673.44 808,000.00 808,000.00 781,200.00 781,200.00 9103 - Housing Authority - LQRP Contract Services 0.00 0.00 0.00 2,500.00 2,500.00241-9103-60106 Auditors 6,174.96 0.00 0.00 0.00 0.00241-9103-60155 Uncollected Rent 6,699.70 0.00 0.00 0.00 0.00241-9103-60156 Prop Damage/Other 60 - Contract Services Totals:12,874.66 0.00 0.00 2,500.00 2,500.00 63,549.98 37,400.00 52,100.00 63,400.00 63,400.00 0.00 0.00 0.00 3,000.00 3,000.00 4.00 300.00 300.00 600.00 600.00 3,930.20 2,900.00 2,900.00 11,900.00 11,900.00 0.00 100.00 100.00 100.00 100.00 14,252.37 8,300.00 8,800.00 18,200.00 18,200.00 358.22 0.00 0.00 0.00 0.00 1,650.33 0.00 0.00 0.00 0.00 76.41 0.00 0.00 0.00 0.00 542.49 400.00 400.00 700.00 700.00 1,899.96 1,200.00 1,200.00 3,000.00 3,000.00 909.48 600.00 600.00 1,100.00 1,100.00 87,173.44 51,200.00 66,400.00 102,000.00 102,000.00 59,118.34 70,000.00 70,000.00 0.00 0.00 3,500.00 6,000.00 6,000.00 0.00 0.00 4,516.29 10,000.00 10,000.00 25,000.00 25,000.00 67,134.63 86,000.00 86,000.00 25,000.00 25,000.00 1,215.90 0.00 0.00 1,000.00 1,000.00 0.00 2,000.00 2,000.00 2,000.00 2,000.00 1,215.90 2,000.00 2,000.00 3,000.00 3,000.00 12,999.96 13,000.00 13,000.00 20,000.00 20,000.00 0.00 0.00 0.00 8,400.00 8,400.00 12,999.96 13,000.00 13,000.00 28,400.00 28,400.00 168,523.93 152,200.00 167,400.00 158,400.00 158,400.00 0.00 0.00 0.00 70,000.00 70,000.00 0.00 0.00 0.00 2,500.00 2,500.00 0.00 0.00 0.00 72,500.00 72,500.00 208,673.44 615,200.00 615,200.00 466,100.00 466,100.00 208,673.44 615,200.00 615,200.00 466,100.00 466,100.00 0.00 109,400.00 109,400.00 109,100.00 109,100.00 0.00 17,100.00 17,100.00 17,000.00 17,000.00 0.00 45,100.00 45,100.00 45,300.00 45,300.00 0.00 21,200.00 21,200.00 21,200.00 21,200.00 0.00 192,800.00 192,800.00 192,600.00 192,600.00 0.00 0.00 0.00 50,000.00 50,000.00 0.00 0.00 0.00 50,000.00 50,000.00 208,673.44 808,000.00 808,000.00 781,200.00 781,200.00 0.00 0.00 0.00 2,500.00 2,500.00 6,174.96 0.00 0.00 0.00 0.00 6,699.70 0.00 0.00 0.00 0.00 12,874.66 0.00 0.00 2,500.00 2,500.00 CITY OF LA QUINTA HOUSING AUTHORITY FUND EXPENSES 2017/18 ADOPTED BUDGET 2 9 2015/16 Actual Expenses 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget Maintenance & Operations 0.00 0.00 0.00 250,000.00 250,000.00241-9103-60157 Rental Expenses 62 - Maintenance & Operations Totals:0.00 0.00 0.00 250,000.00 250,000.00 9103 - Housing Authority - LQRP Totals:12,874.66 0.00 0.00 252,500.00 252,500.00 241 - HOUSING AUTHORITY Totals:390,072.03 960,200.00 975,400.00 1,192,100.00 1,192,100.00 0.00 0.00 0.00 250,000.00 250,000.00 0.00 0.00 0.00 250,000.00 250,000.00 12,874.66 0.00 0.00 252,500.00 252,500.00 390,072.03 960,200.00 975,400.00 1,192,100.00 1,192,100.00 CITY OF LA QUINTA HOUSING AUTHORITY FUND EXPENSES 2017/18 ADOPTED BUDGET Commencing in fiscal year 2017/18 Fund 241 will have three departments: 9101 - Housing Authority Administration 9102 - Washington Street Apartments 9103 - La Quinta Rental Properties 3 10 Fund: 241 - HOUSING AUTHORITY Permanent Full Time 63,400.00241-9101-50101 50% - Management Assistant 50% - Management Specialist City Council Member SƟpends (5) Housing Commissioner SƟpends Increase in FY 2017/18 due to the addiƟon of 50% of a Management Assistant posiƟon which is shared with the City Clerk department. Travel & Training 1,000.00241-9101-60320 Operating Supplies 2,000.00241-9101-60420 Tenant luncheon and mailings Professional Services 70,000.00241-9102-60103 Expenses were relocated from 241-9101-60103 in FY 2017/18. Expenses are used for: Riverside County Recording Fees Tenant Veri ficaƟons Government ReporƟng and Document PreparaƟon Rental Expenses 466,100.00241-9102-60157 In FY 2016/17 the budget included expenses for the La Quinta Rental ProperƟes. These expenses have been moved to account number 241-9103-60 Building Improvements 50,000.00241-9102-72100 Mechanical/HVAC Repairs Exterior LighƟng Improvements Rental Expenses 250,000.00241-9103-60157 In FY 2016/17 these expenses were previously budgeted in account number 241-9102-60157. 4 11 2015/16 Actual Expenses 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget 242 - HOUSING AUTHORITY PA2 9201 - Housing Authority PA2 Salaries and Benefits 825.00 0.00 0.00 0.00 0.00242-9201-50101 Permanent Full Time 50 - Salaries and Benefits Totals:825.00 0.00 0.00 0.00 0.00 Maintenance & Operations 336,534.16 0.00 0.00 0.00 0.00242-9201-60157 Rental Expenses/LQPR 62 - Maintenance & Operations Totals:336,534.16 0.00 0.00 0.00 0.00 Debt Service 112,726.46 0.00 0.00 0.00 0.00242-9201-61609 Interest Expense - Provident 19,135.12 0.00 0.00 0.00 0.00242-9201-61610 Interest Expense - USDA/WSA 41,747.98 0.00 0.00 0.00 0.00242-9201-61680 Principal Payment - Provident 19,235.12 0.00 0.00 0.00 0.00242-9201-61681 Principal Payment - USDA 67 - Debt Service Totals:192,844.68 0.00 0.00 0.00 0.00 9201 - Housing Authority PA2 Totals:530,203.84 0.00 0.00 0.00 0.00 242 - HOUSING AUTHORITY PA2 Totals:530,203.84 0.00 0.00 0.00 0.00 825.00 0.00 0.00 0.00 0.00 825.00 0.00 0.00 0.00 0.00 336,534.16 0.00 0.00 0.00 0.00 336,534.16 0.00 0.00 0.00 0.00 112,726.46 0.00 0.00 0.00 0.00 19,135.12 0.00 0.00 0.00 0.00 41,747.98 0.00 0.00 0.00 0.00 19,235.12 0.00 0.00 0.00 0.00 192,844.68 0.00 0.00 0.00 0.00 530,203.84 0.00 0.00 0.00 0.00 530,203.84 0.00 0.00 0.00 0.00 CITY OF LA QUINTA HOUSING AUTHORITY FUND EXPENSES 2017/18 ADOPTED BUDGET Fund 242 was combined with Fund 241 in fiscal year 2016/17. 5 12 2015/16 Actual Expenses 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget 248 - SA 2004 LO/MOD BOND FUND (Refinanced in 2014) 9102 - Housing Authority - Wash St Apts Contract Services 0.00 0.00 0.00 145,000.00 145,000.00248-9102-60103 Professional Services 0.00 0.00 0.00 229,700.00 229,700.00248-9102-60159 Relocation Benefits 359,718.86 0.00 0.00 330,200.00 330,200.00248-9102-60185 Design/Construction 0.00 0.00 0.00 1,000,000.00 1,000,000.00248-9102-60198 Planning & Development 60 - Contract Services Totals:359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 9102 - Housing Authority - Wash St Apts Totals:359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 SA 2004 LO/MOD BOND FUND (Refinanced in 2014) Totals:359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 0.00 0.00 0.00 145,000.00 145,000.00 0.00 0.00 0.00 229,700.00 229,700.00 359,718.86 0.00 0.00 330,200.00 330,200.00 0.00 0.00 0.00 1,000,000.00 1,000,000.00 359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 359,718.86 0.00 0.00 1,704,900.00 1,704,900.00 CITY OF LA QUINTA HOUSING AUTHORITY BOND EXPENSES 2017/18 ADOPTED BUDGET 6 13 Fund: 248 - SA 2004 LO/MOD BOND FUND (Refinanced in 2014) Professional Services 145,000.00248-9102-60103 Relocation Benefits 229,700.00248-9102-60159 RelocaƟon funds are projected to be distributed in January 2019. These funds are being designated as set aside via budget resoluƟon for this future purpose and will be carried over from FY 2017/18 to 2018/19. A formal recogniƟon of this future expenditure is required for final approval of the relocaƟon plan. Planning & Development 1,000,000.00248-9102-60198 Funds will be disbursed through draws to the developer. These funds are being designated as set aside via budget resoluƟon for this future purpose and will be carried over from FY 2017/18 to 2018/19. A formal recogniƟon of this future expenditure is required for final approval of the Affordable Housing and Property DisposiƟon Agreement. 7 14 2015/16 Actual Expenses 2016/17 Original Budget 2016/17 Current Budget 2017/18 Proposed Budget 2017/18 Adopted Budget 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016) 9102 - Housing Authority - Wash St Apts Contract Services 0.00 0.00 0.00 9,400,000.00 9,400,000.00249-9102-60188 Construction 60 - Contract Services Totals:0.00 0.00 0.00 9,400,000.00 9,400,000.00 9102 - Housing Authority - Wash St Apts Totals:0.00 0.00 0.00 9,400,000.00 9,400,000.00 A 2011 LOW/MOD BOND FUND (Refinanced in 2016) Totals:0.00 0.00 0.00 9,400,000.00 9,400,000.00 0.00 0.00 0.00 9,400,000.00 9,400,000.00 0.00 0.00 0.00 9,400,000.00 9,400,000.00 0.00 0.00 0.00 9,400,000.00 9,400,000.00 0.00 0.00 0.00 9,400,000.00 9,400,000.00 CITY OF LA QUINTA HOUSING AUTHORITY BOND EXPENSES 2017/18 ADOPTED BUDGET 8 15 Fund: 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016) Construction 9,400,000.00249-9102-60188 ConstrucƟon funds will be disbursed through draws to the developer. These funds are being designated as set aside via budget resoluƟon for this future purpose and will be carried over from FY 2017/18 to 2018/19. A formal recogniƟon of this future expenditure is required for final approval of the Affordable Housing and Property DisposiƟon Agreement. 9 16 GLOSSARY OF BUDGET TERMS, CONTINUED The following is a list of commonly used financial terms: ALLOCATE - To divide a lump-sum appropriation which is designated for expenditure by specific organization units and/or for specific purposes, activities, or objects. APPROPRIATION - An authorization made by the council which permits the City to incur obligations and to make expenditures of resources. ASSET - Anything having commercial or exchange value that is owned by a business, institution or individual. AUDIT - Conducted by an independent Certified Public Accounting (CPA) Firm, the primary objective of an audit is to determine if the City's Financial Statements present the City's financial position fairly and results of operations are in conformity with Generally Accepted Accounting Principles (GAAP). BALANCED BUDGET - A budget in which planned expenditures do not exceed projected funds available. BALANCE SHEET - A financial statement reporting the organization's assets, liabilities and equity activities. BUDGET - The document created by the staff and approved by the City Council which establishes the broad policy guidance on the projection of revenues and the allocation toward various types of expenditures. BUDGET CALENDAR – This is a schedule of the dates which is followed in the preparation, adoption, and administration of the budget. CONTINGENCY - An appropriation of funds to cover unforeseen events that occur during the fiscal year such as flood emergencies, Federal mandates, shortfalls in revenue, and similar eventualities. CONTINUING APPROPRIATION - Funds committed for a previous fiscal year expenditure which were not spent in the year of appropriation, but are intended to be used in the succeeding year. CONTRACTUAL SERVICES - Services rendered to City activities by private firms, individuals or other governmental agencies. Examples of these services include engineering, law enforcement, and city attorney services. 10 17 GLOSSARY OF BUDGET TERMS, CONTINUED DEPARTMENT - A major organizational unit of the City which has been assigned overall management responsibility for an operation or a group of related operations within a functional area. DESIGNATED FUND BALANCE - A portion of unreserved fund balance designated by City policy for specific future use. ENCUMBRANCE - The legal commitment of appropriated funds to purchase an item or service. To encumber funds means to set aside or commit funds for a future expenditure. EXPENDITURE - The outflow of funds paid for goods or services obtained. FEES FOR SERVICES - Charges paid to the City by users of a service to help support the costs of providing that service. FISCAL YEAR - The fiscal year is defined as the beginning and ending period for recording financial transactions. The City has specified July 1 to June 30 as its fiscal year. FIXED ASSETS – Fixed Assets are assets of a long-term nature such as land, buildings, machinery, furniture, and other equipment. The City has defined such assets as those with an expected life in excess of one year and an acquisition cost in excess of $5,000. FUND - An accounting entity that records all financial transactions for specific activities or government functions. The fund types used by the City are: General, Special Revenue, Capital Project, Debt Service, Enterprise, and Internal Service Funds. FUND BALANCE – Fund Balance is the excess of current assets over current liabilities, and represents the cumulative effect of revenues and other financing sources over expenditures and other financing uses. GENERAL FUND - The General Fund is the primary operating fund of the City. All revenues that are not allocated by law or contractual agreement to a specific fund are accounted for in the General Fund. With the exception of subvention or grant revenues restricted for specific uses, General Fund resources can be utilized for any legitimate governmental purpose. GOAL - A goal is a statement of broad, direction, purpose, or intent. GRANT -Contributions of cash or other assets from another governmental agency to be used or expended for a specified purpose, activity, or facility. HOUSING AUTHORITY FUND - These funds are used to account for the housing activities of the Housing Authority which is to promote and provide quality affordable housing. 11 18 GLOSSARY OF BUDGET TERMS, CONTINUED INFRASTRUCTURE - Fund contributions of cash or other assets from development oriented applicants used for the City's basic system of its physical plant, (i.e., streets, water drainage, public buildings and parks). INVESTMENT REVENUE – Investment Revenue that is received as interest from the investment of funds not immediately required to meet cash disbursement obligations. LIABILITY - A claim on the assets of an entity. LINE-ITEM BUDGET - A budget that lists detailed expenditure categories (salary, materials, telephone service, travel, etc.) separately, along with the amount budgeted for each specified category. The City uses a program rather than line-item budget, although detail line-item accounts are maintained and recorded for financial reporting and control purposes. MUNICIPAL - In its broadest sense, municipal is an adjective which denotes the state and all subordinate units of government. In a more restricted sense, an adjective which denotes a city or village as opposed to other local governments. OPERATING BUDGET – This is the portion of the budget that pertains to daily operations providing governmental services. PERSONNEL SERVICES - Costs associated with providing the staff necessary to provide the desired levels of services. Included in personnel services are both salary and benefit costs. POLICY - A direction that must be followed to advance toward a goal. The direction can be a course of action or a guiding principal. PROGRAM - A grouping of activities organized to accomplish basic goals and objectives. PROGRAM BUDGET – This is a budget that focuses upon the goals and objectives of an agency or jurisdiction. RESERVE - An Account used to indicate that a portion of a fund's balance is legally restricted for a specific purpose and is, therefore, not available for general appropriation. REVENUE - Funds that the government receives as income. It includes such items as tax payments, fees from specific services, receipts from other governments, fines, forfeitures, grants, shared revenues, and interest income. 12 19 GLOSSARY OF BUDGET TERMS, CONTINUED RISK MANAGEMENT – This is an organized attempt to protect an organization's assets against accidental loss in the most cost-effective manner. SUPPLIES AND SERVICES - A general category used for clarifying expenditures for various supplies and services which are normally used within a fiscal year. 13 20