2019 12 17 HA Special MeetingHOUSING AUTHORITY 1 DECEMBER 17, 2019
SPECIAL MEETING
NOTICE AND CALL OF SPECIAL MEETING
OF THE LA QUINTA HOUSING AUTHORITY
TO THE MEMBERS OF THE HOUSING AUTHORITY OF THE CITY OF LA QUINTA
AND TO THE CITY CLERK/AUTHORITY SECRETARY:
NOTICE IS HEREBY GIVEN that a special meeting of the Housing Authority of
the City of La Quinta is hereby called to be held on December 17, 2019 commencing at
4:00 p.m. at La Quinta City Hall, 78495 Calle Tampico, La Quinta, California.
CONSENT CALENDAR
1. APPROVE SPECIAL MEETING MINUTES OF NOVEMBER 5, 2019
BUSINESS SESSION
1. RECEIVE AND FILE FISCAL YEAR 2018/19 HOUSING AUTHORITY YEAR-
END BUDGET REPORT AND APPROVE AMENDED BUDGET CARRYOVERS
2. RECEIVE AND FILE FISCAL YEAR 2019/20 FIRST QUARTER HOUSING
AUTHORITY BUDGET REPORT AND APPROVE THE RECOMMENDED BUDGET
ADJUSTMENTS
Dated: December 13, 2019 John Peña
JOHN PEÑA, Chairperson
Attest:
MONIKA RADEVA
Housing Authority Secretary
DECLARATION OF POSTING
I, Monika Radeva, Authority Secretary, do hereby declare that the foregoing notice for
the Special La Quinta Housing Authority meeting of December 17, 2019 was posted on
the outside entry to the Council Chamber at 78495 Calle Tampico and on the bulletin
boards at 51321 Avenida Bermudas and 78630 Highway 111 on December 13, 2019.
DATED: December 13, 2019
Monika Radeva, Authority Secretary
La Quinta Housing Authority
HOUSING AUTHORITY AGENDA 1 DECEMBER 17, 2019
SPECIAL MEETING
HOUSING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBER
78495 Calle Tampico La Quinta
SPECIAL MEETING
TUESDAY, DECEMBER 17, 2019 AT 4:00 P.M.
CALL TO ORDER
ROLL CALL: Authority Members: Evans, Fitzpatrick, Radi, Sanchez,
Chairperson Peña
VERBAL ANNOUNCEMENT – AB 23 [AUTHORITY SECRETARY]
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).
CONFIRMATION OF AGENDA
CONSENT CALENDAR
PAGE
1. APPROVE SPECIAL MEETING MINUTES OF NOVEMBER 5, 2019 3
BUSINESS SESSION
PAGE
1. RECEIVE AND FILE FISCAL YEAR 2018/19 HOUSING AUTHORITY
YEAR-END BUDGET REPORT AND APPROVE AMENDED BUDGET
CARRYOVERS
5
Housing Authority agendas and staff
reports are available on the City’s
web site: www.laquintaca.gov
HOUSING AUTHORITY AGENDA 2 DECEMBER 17, 2019
SPECIAL MEETING
2. RECEIVE AND FILE FISCAL YEAR 2019/20 FIRST QUARTER
HOUSING AUTHORITY BUDGET REPORT AND APPROVE THE
RECOMMENDED BUDGET ADJUSTMENTS
15
CHAIR AND BOARD MEMBERS' ITEMS
REPORTS AND INFORMATIONAL ITEMS – NONE
ADJOURNMENT
***************************************
The next regular quarterly meeting of the Housing Authority will be held on
January 21, 2020 at 4:00 p.m. in the City 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
was posted near the entrance to the Council Chambers at 78495 Calle Tampico
and on the bulletin boards at 51321 Avenida Bermudas and 78630 Highway 111,
on December 13, 2019.
DATED: December 13, 2019
MONIKA RADEVA, 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 (760) 777-7092,
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 (760) 777-
7092. 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 78495 Calle Tampico, La Quinta, California, 92253, during normal
business hours.
HOUSING AUTHORITY
SPECIAL MEETING MINUTES Page 1 of 2 NOVEMBER 5, 2019
HOUSING AUTHORITY
SPECIAL MEETING MINUTES
TUESDAY, NOVEMBER 5, 2019
CALL TO ORDER
A special quarterly meeting of the La Quinta Housing Authority (Authority)
was called to order at 6:24 p.m. by Chairperson Peña.
PRESENT: Authority Members: Evans, Fitzpatrick, Radi, Sanchez, and
Chairperson Peña
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
CONSENT CALENDAR
1. APPROVE REGULAR QUARTERLY MEETING MINUTES OF
OCTOBER 15, 2019
MOTION – A motion was made and seconded by Authority Members
Fitzpatrick/Evans to approve the Consent Calendar as recommended. Motion
passed unanimously.
BUSINESS SESSION
1.AMEND THE 2019/20 HOUSING AUTHORITY BUDGET, APPROVE
LOT LINE ADJUSTMENT, ACCESS EASEMENT, AND AGREEMENT
FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS OF
PORTIONS OF REAL PROPERTY AT 46150 – 46176 DUNE PALMS
ROAD (APNs 600-030-022 AND -023) FROM THE LA QUINTA
HOUSING AUTHORITY TO THE CITY OF LA QUINTA FOR FUTURE
PARK AND DRAINAGE IMPROVEMENTS
The Authority waived presentation of the staff report, which is on file in the
Clerk’s Office.
CONSENT CALENDAR ITEM NO. 1
3
HOUSING AUTHORITY
SPECIAL MEETING MINUTES Page 2 of 2 NOVEMBER 5, 2019
MOTION – A motion was made and seconded by Authority Members
Radi/Fitzpatrick to amend fiscal year 2019/20 Authority budget, approve lot
line adjustment, access easement, and sale of portions of real property located
at 46150 – 46176 Dune Palms Road (APNs 600-030-022 and -023) from the
Authority to the City of La Quinta for $1,061,456 for future park and drainage
improvements; and authorize the Executive Director to execute the purchase
and sale agreement. Motion passed unanimously.
CHAIR AND BOARD MEMBERS' ITEMS – None
REPORTS AND INFORMATION ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Authority
Members Fitzpatrick/Sanchez to adjourn at 6:26 p.m. Motion passed
unanimously.
Respectfully submitted,
MONIKA RADEVA, Authority Secretary
La Quinta Housing Authority
4
City of La Quinta
HOUSING AUTHORITY MEETING: December 17, 2019
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2018/19 HOUSING
AUTHORITY YEAR-END BUDGET REPORT AND APPROVE AMENDED BUDGET
CARRYOVERS
RECOMMENDATION
Receive and file 2018/19 Housing Authority Year-End Budget Report and
approve amended budget carryovers.
EXECUTIVE SUMMARY
•After closing the prior fiscal year, Finance presents a year-end summary
that compares the final budget to actual transactions.
•Overall revenue was $696,457 higher than budgeted.
•Overall expenditures were $550,154 under budget and $531,500 would
be carried over to 2019/20.
BACKGROUND/ANALYSIS
Total revenues were over budget by $696,457; mostly due to interest earnings
and the sale of a vacant parcel.
Total expenditures were under budget by $550,154 with the majority to be
carried over to 2019/20 for the Washington Street Apartments rehabilitation
project, homelessness funding, and for future evaluation of affordable housing
projects.
Revenues, expenditures, carryovers, and fund balances are discussed in the
FY 2018/19 Housing Authority Year-End Budget Report (Attachment 1).
ALTERNTIVES
No alternatives are applicable.
Prepared by: Karla Romero, Finance Director
Approved by: Jon McMillen, Executive Director/City Manager
Attachment: 1. FY 2018/19 Housing Authority Year-End Budget Report
BUSINESS SESSION ITEM NO. 5
5
HOUSING AUTHORITY
FISCAL YEAR-END 2018/19 BUDGET REPORT
The La Quinta Housing Authority oversee four funds, which are restricted for
affordable housing programs. This report focuses on significant activities and
variances from the final budget during the fiscal year ending June 30, 2019.
REVENUES
Total revenues were over budget by $696,457 with the largest variances
deriving from interest earnings ($630,878) and the sale of a vacant Housing
Authority parcel ($58,814). Revenues are summarized by fund below and
detailed in Exhibit A.
EXPENSES
Housing Authority expenses by fund are summarized below and detailed in
Exhibit B.
Housing Authority Revenues Final Budget Actual Variance
Housing Authority Fund 543,000 873,445 330,445
RDA Low-Mod Housing Fund 18,000 55,555 37,555
2004 Bond Fund 10,000 17,587 7,587
2011 Bond Fund 170,000 490,870 320,870
Total Revenues 741,000 1,437,457 696,457
Housing Authority Expenditures Final Budget Actual Variance
Housing Authority Fund
Administration 347,500 302,753 (44,747)
La Quinta Cove Properties 255,000 307,302 52,302
RDA Low-Mod Housing Fund 267,667 166,666 (101,001)
2004 Bond Fund 1,451,947 1,035,215 (416,732)
2011 Bond Fund 7,416,000 7,376,024 (39,976)
Total Expenditures 9,738,114 9,187,960 (550,154)
Capital Project Carryovers 390,500
Operational/Contractual Carryovers 141,000
Total Expenditures After Carryovers 9,738,114 9,719,460 (18,654)
ATTACHMENT 1
6
HOUSING AUTHORITY FUND (241)
This fund recognizes administrative expenses and housing activities for
several Authority owned properties in the La Quinta Cove. The greatest year-
over-year variance occurred as a result of the transfer of Washington Street
Apartments (WSA) to the Coachella Valley Housing Coalition (CVHC) who now
owns and operates the complex as of March 2018.
Combined administration savings of $44,747 for salaries and benefits,
professional program oversight, and legal services was offset by an overage
of $52,302 for rental maintenance expenses associated with properties in the
Cove. Additional expenses included air conditioning units, removal of grass,
installation of water efficient desert landscaping, and perimeter walls for
added safety. As of June 30, 2019, the available balance in this fund was
$10,675,204.
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, 2019 is $34,894,713; with
$6,978,943 or 20% recognized in this fund as a future receivable.
In 2018/19, a total of $166,666 was expensed for homelessness programs in
the greater Coachella Valley. Savings of $101,001 are being carried over to
2019/20. As of June 30, 2019, the available balance in this fund was
$1,980,411.
2004 BOND FUND (248) & 2011 BOND
FUND (249)
WSA’s rehabilitation and relocation plan
expenses were incorporated in the 2004
and 2011 Bond Fund budgets, these bonds
were refinanced in 2014 and 2016
respectively. These project expenses met
the original intended purpose of the bond proceeds and a portion of the
unexpended amount is being carried over to 2019/20. Carryovers will fully
7
deplete resources in the 2004 Bond Fund, as originally anticipated. The 2011
Bond Fund had an ending balance of $16,726,135 as of June 30, 2019.
AMENDED CARRYOVERS
Original carryovers from the 2018/19 to 2019/20 budget were estimated
based on projected invoices in the Spring of 2019. Upon completion of the
final audit in October, Finance verifies account balances and carryovers.
Amended carryovers are presented on the following page and if approved will
be added to the 2019/20 budget.
FUND BALANCES
Below is a summary of Housing Authority fund balances as of June 30, 2019.
These funds are restricted for housing programs.
Vendor/Program Account Number Original Amended Difference
HOUSING AUTHORITY FUNDS
Hoemlessness Assistance 243-0000-60532 - 101,000 101,000
Washington Street Apts. Rehabilitation 248-9102-60103 145,000 145,000 -
Washington Street Apts Rehabilitation 248-9102-60159 250,000 245,500 (4,500)
Affordable Housing Programs 249-0000-80050 40,000 40,000 -
435,000 531,500 96,500
Amended Continuing Appropriations/Carryovers from 2018/19 to 2019/20
HOUSING AUTHORITY CARRYOVERS
Housing Authority Fund (241)10,675,204
Low-Mod Housing Fund (243)1,980,411
2011 Bond Fund (249)16,726,135
TOTAL HOUSING FUNDS 29,381,750
Housing Fund
Available for
appropriation as
of 6/30/19
8
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final Budget241 - HOUSING AUTHORITY(426)0000241-0000-41900Allocated Interest78,18235,00075,000339,095264,095241-9101-41900Allocated Interest79500771771241-9101-41915Non-Allocated Interest1,0010011241-9101-42301Miscellaneous Revenue305,2770000241-9101-42706Loan Repayments00058,81458,814241-9101-43500Home Sale Proceeds122,7710188,000187,892(108)241-9101-435042nd Trust Deed Repayments93,8000000241-9101-45000Sale of Other Assets5,2810000241-9102-41916Non-Allocated Interest/WSA137,3080000241-9102-42112Rent Revenue/Tenant/WSA(1,501)0000241-9102-42113Rent Variance - WSA3,3080000241-9102-42302Miscellaneous Revenue/WSA304,4740000241-9102-43520Federal Government Assist. Prgm/293,991280,000280,000286,8726,872241-9103-43502Rent Revenue/LQRPTotal:1,344,262315,000 543,000 873,444330,444243 - RDA LOW-MOD HOUSING FUND17,8768,00018,00055,55537,555243-0000-41900Allocated InterestTotal:17,8768,00018,00055,55537,555248 - SA 2004 LO/MOD BOND FUND (Refinanced in 201(8,367)010,00017,5877,587248-0000-41900Allocated InterestTotal:(8,367)010,00017,5877,587249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2052,38530,00003,2893,289249-0000-41900Allocated Interest181,6490170,000487,581317,581249-0000-41915Non-Allocated InterestTotal:234,03430,000 170,000 490,870320,870HOUSING AUTHORITY REVENUE1,587,806353,000 741,000 1,437,457696,457(426)000078,18235,00075,000339,095264,095795007717711,0010011305,277000000058,81458,814122,7710188,000187,892(108)93,80000005,2810000137,3080000(1,501)00003,3080000304,4740000293,991280,000280,000286,8726,8721,344,262315,000 543,000 873,444330,44417,8768,00018,00055,55537,55517,8768,00018,00055,55537,555(8,367)010,00017,5877,587(8,367)010,00017,5877,58752,38530,00003,2893,289181,6490170,000487,581317,581234,03430,000 170,000 490,870320,8701,587,806353,000 741,000 1,437,457696,457CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAILSEXHIBIT A 2018/19 YEAR-END BUDGET REPORTUnaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.9
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final Budget241 - HOUSING AUTHORITY9101 - Housing Authority - AdminSalaries and Benefits18,755145,300142,600 130,085(12,515)241-9101-50101Permanent Full Time1,5503,0003,000750(2,250)241-9101-50110Commissions & Boards4300300196(104)241-9101-50150Other Compensation6,0329,2009,900 10,878978241-9101-50200PERS-City Portion01001000(100)241-9101-50210PERS-Survivor Benefits5002,2622,262241-9101-50215Other Fringe Benefits1,86831,10031,500 22,129(9,371)241-9101-50221Medical Insurance3200337337241-9101-50222Vision Insurance65001,4821,482241-9101-50223Dental Insurance18005858241-9101-50224Life Insurance1503,2003,200587(2,613)241-9101-50225Long Term Disability3,0002,6002,6002,6000241-9101-50230Workers Comp Insurance2662,1002,2001,936(264)241-9101-50240Social Security-Medicare102009292241-9101-50241Social Security-FICA50 - Salaries and Benefits Totals:31,845196,900 195,400 173,391(22,009)Contract Services63,76865,00070,000 59,667(10,333)241-9101-60103Professional Services6,0505,0005,0005,0000241-9101-60106Auditors7,1665,000000241-9101-60125Temporary Agency Services32,61825,00025,000 13,453(11,547)241-9101-60153Attorney60 - Contract Services Totals:109,603100,000 100,000 78,120(21,880)Maintenance & Operations1,0182,0002,0001,611(389)241-9101-60320Travel & Training000153153241-9101-60400Office Supplies2,2172,0002,0001,377(623)241-9101-60420Operating Supplies62 - Maintenance & Operations Totals:3,2354,0004,000 3,141(859)Insurance010,00010,000 10,0000241-9101-91843Property & Crime Insurance63 - Insurance Totals:010,00010,000 10,0000Internal Service Charges20,00020,00020,000 20,0000241-9101-91844Earthquake Insurance8,40018,10018,100 18,1000241-9101-98110Information Tech Charges69 - Internal Service Charges Totals:28,40038,10038,100 38,10009101 - Housing Authority - Admin Totals:173,083349,000 347,500 302,753(44,747)9102 - Housing Authority - Wash St AptsContract Services1,193,4280000241-9102-60160Financial Expenses60 - Contract Services Totals:1,193,428000018,755145,300142,600 130,085(12,515)1,5503,0003,000750(2,250)4300300196(104)6,0329,2009,900 10,87897801001000(100)5002,2622,2621,86831,10031,500 22,129(9,371)320033733765001,4821,482180058581503,2003,200587(2,613)3,0002,6002,6002,60002662,1002,2001,936(264)10200929231,845196,900 195,400 173,391(22,009)63,76865,00070,000 59,667(10,333)6,0505,0005,0005,00007,1665,00000032,61825,00025,000 13,453(11,547)109,603100,000 100,000 78,120(21,880)1,0182,0002,0001,611(389)0001531532,2172,0002,0001,377(623)3,2354,0004,000 3,141(859)010,00010,000 10,0000010,00010,000 10,000020,00020,00020,000 20,00008,40018,10018,100 18,100028,40038,10038,100 38,1000173,083349,000 347,500 302,753(44,747)1,193,42800001,193,4280000CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILSEXHIBIT B 2018/19 FISCAL YEAR-END REPORT Unaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.10
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final BudgetMaintenance & Operations206,8280000241-9102-60157Rental Expenses62 - Maintenance & Operations Totals:206,8280000Debt Service79,2560000241-9102-61609Interest Expense - Provident10,1920000241-9102-61610Interest Expense - USDA36,6000000241-9102-61680Principal Payment - Provident15,3880000241-9102-61681Principal Payment - USDA67 - Debt Service Totals:141,43600009102 - Housing Authority - Wash St Apts Totals:1,541,69200009103 - Housing Authority - LQRPMaintenance & Operations153,309255,000255,000 307,30252,302241-9103-60157Rental Expenses62 - Maintenance & Operations Totals:153,309255,000 255,000 307,30252,3029103 - Housing Authority - LQRP Totals:153,309255,000 255,000 307,30252,302241 - HOUSING AUTHORITY Totals:1,868,084604,000 602,500 610,0557,555206,8280000206,828000079,256000010,192000036,600000015,3880000141,43600001,541,6920000153,309255,000255,000 307,30252,302153,309255,000 255,000 307,30252,302153,309255,000 255,000 307,30252,3021,868,084604,000 602,500 610,0557,555CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILSEXHIBIT B 2018/19 FISCAL YEAR-END REPORT Unaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.11
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final Budget243 - RDA LOW-MOD HOUSING FUND0000 - UndesignatedOther Expenses259,000250,000267,667 166,666(101,001)243-0000-60532Homelessness Assistance64 - Other Expenses Totals:259,000250,000 267,667 166,666(101,001)0000 - Undesignated Totals:259,000250,000 267,667 166,666(101,001)243 - RDA LOW-MOD HOUSING FUND Totals:259,000250,000 267,667 166,666(101,001)259,000250,000267,667 166,666(101,001)259,000250,000 267,667 166,666(101,001)259,000250,000 267,667 166,666(101,001)259,000250,000 267,667 166,666(101,001)CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILSEXHIBIT B 2018/19 FISCAL YEAR-END REPORT Unaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.12
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final Budget248 - SA 2004 LO/MOD BOND FUND (Refinanced in 2019102 - Housing Authority - Wash St AptsContract Services00145,0000(145,000)248-9102-60103Professional Services228,8700 1,200,000 954,480(245,520)248-9102-60159Relocation Benefits106,2900106,947 80,735(26,212)248-9102-60185Design/Construction12,8230000248-9102-60198Planning & Development60 - Contract Services Totals:347,9820 1,451,947 1,035,215(416,732)9102 - Housing Authority - Wash St Apts Totals:347,9820 1,451,947 1,035,215(416,732)2004 LO/MOD BOND FUND (Refinanced in 2014) Totals:347,9820 1,451,947 1,035,215(416,732)00145,0000(145,000)228,8700 1,200,000 954,480(245,520)106,2900106,947 80,735(26,212)12,8230000347,9820 1,451,947 1,035,215(416,732)347,9820 1,451,947 1,035,215(416,732)347,9820 1,451,947 1,035,215(416,732)CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILSEXHIBIT B 2018/19 FISCAL YEAR-END REPORT Unaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.13
2017/18Actuals2018/19Original Budget2018/19Final Budget2018/19ActualsVariance w/ Final Budget249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 200000 - UndesignatedContract Services2,023,9750 7,376,000 7,376,02424249-0000-60188Construction60 - Contract Services Totals:2,023,9750 7,376,000 7,376,02424Capital Expenses0040,0000(40,000)249-0000-80050Affordable Housing Project Develo68 - Capital Expenses Totals:0040,0000(40,000)0000 - Undesignated Totals:2,023,9750 7,416,000 7,376,024(39,976)11 LOW/MOD BOND FUND (Refinanced in 2016) Totals:2,023,9750 7,416,000 7,376,024(39,976)2,023,9750 7,376,000 7,376,024242,023,9750 7,376,000 7,376,024240040,0000(40,000)0040,0000(40,000)2,023,9750 7,416,000 7,376,024(39,976)2,023,9750 7,416,000 7,376,024(39,976)CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAILSEXHIBIT B 2018/19 FISCAL YEAR-END REPORT Unaudited, final numbers will be reported in the 2018/19 financial statements issued by December 30, 2019.14
City of La Quinta
HOUSING AUTHORITY MEETING: December 17, 2019
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2019/20 FIRST QUARTER
HOUSING AUTHORITY BUDGET REPORT AND APPROVE THE RECOMMENDED
BUDGET ADJUSTMENTS
RECOMMENDATION
Receive and file fiscal year 2019/20 First Quarter Housing Authority Budget
Report and approve the recommended budget adjustments.
EXECUTIVE SUMMARY
•The 2018/19 First Quarter Housing Authority Budget Report (Attachment
1)provides an update of the Authority’s fiscal activities from July to
September 2019.
•A budget report is prepared quarterly to assess the adopted budget and
incorporate adjustments based on current economic conditions and
operational requirements.
BACKGROUND/ANALYSIS
Throughout the fiscal year staff monitors its budget and proposes adjustments
to reflect current conditions and ongoing operational needs. Requests are
reviewed and discussed before recommending approval in the budget report .
Funds with no adjustments from the originally presented 2019/20 Budget have
been excluded from the report.
ALTERNATIVES
No alternatives are applicable.
Prepared by: Karla Romero, Finance Director
Approved by: Jon McMillen, Executive Director/City Manager
Attachment: 1. 2019/20 First Quarter Housing Authority Budget Report
BUSINESS SESSION ITEM NO. 2
15
16
HOUSING AUTHORITY
FISCAL YEAR 2019/20 FIRST QUARTER BUDGET REPORT
The following is a summary of budgetary adjustments requested for the first quarter
of fiscal year 2019/20. Account details are provided in Exhibit A and discussed in this
report.
REVENUES
Total revenue increases of $276,800 are proposed and derive from two sources,
interest and sales. Interest earnings in all Housing Funds require an increase. These
increases reflect updated interest earning projections based on current cash balances
for each fund and current investment portfolio interest rate returns. In addition, a
vacant Housing Authority parcel was sold during the first quarter for $58,800.
EXPENSES
During the first quarter, there are no proposed expenditure adjustments for any
Authority fund. Below are pictures from the 2019 Thanksgiving resident luncheon at
Washington Street Apartments.
Fund Revenues Expenses
Housing Authority Fund (241)178,800$ -$
Low-Mod Housing Fund (243)18,000 -
2011 Bond Fund (249)80,000 -
TOTAL FUND ADJUSTMENTS 276,800$ -$
PROPOSED HOUSING AUTHORITY ADJUSTMENTS
ATTACHMENT 1
17
City of La Quinta
Housing Authority
FY 2019/20 Recommended First Quarter Budget Adjustments
Exhibit A
Account No. Description Revenues Expenses
241-9101-41900 Allocated Interest 120,000
241-9101-43500 Land Sale Proceeds 58,800
Account No. Description Revenues Expenses
243-0000-41900 Allocated Interest 18,000
Account No. Description Revenues Expenses
249-0000-41915 Non-Allocated Interest 80,000
TOTAL ALL HOUSING FUNDS 276,800 -
Housing Authority (241)
RDA Low-Mod Housing (243)
2011 Bond (249)
18
POWER POINTS
HOUSING
AUTHORITY
SPECIAL
MEETING
DECEMBER 17, 2019
HOUSING AUTHORITY MEETING DECEMBER 17, 2019
1
Housing Authority Meeting
December 17, 2019
B1 – 2018/19 Housing Authority Year-
End Budget Report
Overall Revenues
•$696,457 received over budget
–Strong interest earnings
–Vacant parcel sale
•$622,613 RDA loan repayment in 2018/19
•Bond Fund revenue from interest only
HOUSING AUTHORITY MEETING DECEMBER 17, 2019
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Overall Expenses
•Housing Authority Fund overbudget by $7,555
–Savings in payroll, legal, consultant expenses
–Overage in Cove property maintenance
•Low‐Mod & Bond Fund savings being carried to
19/20
–Homelessness Assistance $101,000
–Washington Street Apartments $390,000
–Affordable Housing Programs $40,000
Fund Balances
Fund Fund Balance
Housing Authority $10,675,204
Low‐Mod Housing $1,980,411
2011 Bond $16,726,135
Total $29,381,750
Receivable in Low‐Mod Housing Fund
RDA Loan Balance $6,978,943
Principal $4,550,651
Interest $2,428,292
HOUSING AUTHORITY MEETING DECEMBER 17, 2019
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