2022 04 19 HA Quarterly MeetingHOUSING AUTHORITY AGENDA Page 1 of 4 APRIL 19, 2022
REGULAR QUARTERLY MEETING
HOUSING AUTHORITY
AGENDA
CITY HALL COUNCIL CHAMBER
78495 Calle Tampico La Quinta
REGULAR QUARTERLY MEETING
ON TUESDAY, APRIL 19, 2022 AT 4:00 P.M.
******************************
SPECIAL NOTICE
Teleconferencing and Telephonic Accessibility In Effect
Pursuant to Executive Orders N-60-20 and N-08-21 executed by the Governor of
California, and subsequently Assembly Bill 361 (AB 361, 2021), enacted in
response to the state of emergency relating to novel coronavirus disease 2019
(COVID-19) and enabling teleconferencing accommodations by suspending or
waiving specified provisions in the Ralph M. Brown Act (Government Code
§ 54950 et seq.), members of the public, the Housing Authority, the Executive
Director, Authority Counsel, City Staff, and City Consultants may participate in
this regular meeting by teleconference.
Members of the public wanting to listen to this meeting may do so by tuning-
in live via http://laquinta.12milesout.com/video/live.
Members of the public wanting to address the Housing Authority, either for a
specific agenda item or matters not on the agenda are requested to follow the
instructions listed below:
Written public comments – can be provided in-person during the meeting or
emailed to the City Clerk’s Office at CityClerkMail@LaQuintaCA.gov preferably
by 2:00 p.m. on the day of the meeting, and will be distributed to the Housing
Authority, incorporated into the agenda packet and public record of the meeting,
and will not be read during the meeting unless, upon the request of the
Housing Authority agendas and staff
reports are available on the City’s
web site: www.laquintaca.gov
HOUSING AUTHORITY AGENDA Page 2 of 4 APRIL 19, 2022
REGULAR QUARTERLY MEETING
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.
The email “subject line” must clearly state “Written Comments” and list the
following:
1) Full Name 4) Public Comment or Agenda Item Number
2) City of Residence 5) Subject
3) Phone Number 6) Written Comments
*** TELECONFERENCE PROCEDURES ***
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
Chairperson; 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/they 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 Chairperson.
ZOOM LINK: https://us06web.zoom.us/j/82540879912
Meeting ID: 825 4087 9912
Or join by phone: (253) 215 – 8782
It would be appreciated that any email communications for public comments
related to the items on the agenda, or for general public comment, are provided
to the City Clerk’s Office at the email address listed above prior to the
commencement of the meeting. If that is not possible, and to accommodate
public comments on items that may be added to the agenda after its initial
posting or items that are on the agenda, every effort will be made to attempt to
review emails received by the City Clerk’s Office during the course of the meeting.
The Chairperson will endeavor to take a brief pause before action is taken on any
agenda item to allow the City Clerk to review emails and share any public
comments received during the meeting. All emails received by the City Clerk, at
the email address above, until the adjournment of the meeting, will be included
within the public record relating to the meeting.
******************************
CALL TO ORDER
ROLL CALL: Authority Members: Evans, Fitzpatrick, Peña, Radi, Chairperson
Sanchez
HOUSING AUTHORITY AGENDA Page 3 of 4 APRIL 19, 2022
REGULAR QUARTERLY MEETING
VERBAL ANNOUNCEMENT – AB 23 [AUTHORITY SECRETARY]
PLEDGE OF ALLEGIANCE
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 by emailing written public comments or
requests to provide verbal public comments via teleconference as indicated
above. Members of the public attending the meeting in-person are requested to
complete a "Request to Speak" form. Please limit your comments to three (3)
minutes (or approximately 350 words). 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 Government Code § 54954.2(b).
CONFIRMATION OF AGENDA
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one
motion.
PAGE
1. APPROVE HOUSING AUTHORITY SPECIAL MEETING MINUTES OF
MARCH 15, 2022
5
BUSINESS SESSION
PAGE
1. RECEIVE AND FILE FISCAL YEAR 2020/21 HOUSING AUTHORITY YEAR-
END BUDGET REPORT
7
2. RECEIVE AND FILE FISCAL YEAR 2021/22 MID-YEAR HOUSING
AUTHORITY BUDGET REPORT AND APPROVE THE RECOMMENDED
BUDGET ADJUSTMENTS
17
HOUSING AUTHORITY MEMBERS’ ITEMS
ADJOURNMENT
***************************************
The next regular quarterly meeting of the Housing Authority will be held on July
19, 2022 at 4:00 p.m. in the City Council Chambers, 78495 Calle Tampico,
La Quinta, CA 92253.
HOUSING AUTHORITY AGENDA Page 4 of 4 APRIL 19, 2022
REGULAR QUARTERLY MEETING
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 April 15, 2022.
DATED: April 15, 2022
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)
777-7123, 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) 777-7123. 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 MINUTES Page 1 of 2 MARCH 15, 2022
SPECIAL MEETING
LA QUINTA HOUSING AUTHORITY
SPECIAL MEETING
MINUTES
TUESDAY, MARCH 15, 2022
CALL TO ORDER
A special meeting of the La Quinta Housing Authority was called to order at
5:58 p.m. by Chairperson Sanchez.
This meeting provided teleconferencing accessibility pursuant to Executive
Orders N-60-20 and N-08-21 executed by the Governor of California, and
subsequently Assembly Bill 361 (AB 361, 2021), enacted in response to the
state of emergency relating to novel coronavirus disease 2019 (COVID-19) and
enabling teleconferencing accommodations by suspending or waiving specified
provisions in the Ralph M. Brown Act (Government Code § 54950 et seq.).
PRESENT: Authority Members Evans, Fitzpatrick, Peña, Radi, Chairperson
Sanchez
ABSENT: None
VERBAL ANNOUNCEMENT – AB 23 as made by Authority Secretary Radeva.
STAFF PRESENT: City Manager/Executive Director McMillen, City
Attorney/Authority Counsel Ihrke, City Clerk/Authority Secretary Radeva,
Director of Business Unit and Housing Development Villalpando, Housing
Analyst Kinley.
PLEDGE OF ALLEGIANCE
Authority Member Evans led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA
Executive Director McMillen requested to pull Business Session Item No. 1
from consideration on tonight’s agenda; and said the item will be tabled for
the Authority’s consideration on May 3, 2022. The Authority concurred.
CONSENT CALENDAR
CONSENT CALENDAR ITEM NO. 1
5
HOUSING AUTHORITY MINUTES Page 2 of 2 MARCH 15, 2022
SPECIAL MEETING
1. ADOPT RESOLUTION TO AUTHORIZE THE APPLICATION TO, AND
PARTICIPATION IN, THE STATE OF CALIFORNIA’S PROHOUSING
DESIGNATION PROGRAM [RESOLUTION NO. HA 2022-002]
MOTION – A motion was made and seconded by Authority Members
Radi/Evans to approve the Consent Calendar as submitted, with Item No. 1
adopting Resolution No. HA 2022-002. Motion passed unanimously.
BUSINESS SESSION
1. pulled from consideration by Staff >>> APPROVE FUNDING TO
PROVIDE ASSISTANCE TO AREA HOMELESS SERVICE
PROVIDERS AND HOMELESS PREVENTION PARTNERS FOR
FISCAL YEAR 2022/23
Business Session Item No. 1 was not considered at this meeting.
HOUSING AUTHORITY MEMBERS’ ITEMS – None
ADJOURNMENT
There being no further business, a motion was made and seconded by
Authority Members Evans/Fitzpatrick to adjourn the Housing Authority Special
Meeting at 6:01 p.m. Motion passed unanimously.
Respectfully submitted,
MONIKA RADEVA, City Clerk/Authority Secretary
City of La Quinta, California
6
City of La Quinta
HOUSING AUTHORITY MEETING: April 19, 2022
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2020/21 HOUSING
AUTHORITY YEAR-END BUDGET REPORT
RECOMMENDATION
Receive and file 2020/21 Housing Authority Year-End Budget Report.
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 $366,684 higher than budgeted and overall
expenditures were $544,852 under budget.
•The Report was received and filed by the Housing Commission on March
9, 2022.
BACKGROUND/ANALYSIS
Total adjusted revenues were over budget by $366,684; mostly due to loan
repayments, second trust deed payments, and rent revenue.
Total expenditures were under budget by $544,852; mostly due to savings in
the Dune Palms land acquisition purchase.
Revenues, expenditures, and fund balances are discussed in the Fiscal Year-
End 2020/21 Housing Authority Budget Report (Attachment 1).
ALTERNTIVES
No alternatives are applicable.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, Executive Director
Attachment: 1.Fiscal Year-End 2020/21 Housing Authority Budget
Report
BUSINESS SESSION ITEM NO. 1
7
8
HOUSING AUTHORITY
FISCAL YEAR-END 2020/21 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,
2021.
REVENUES
Total revenues, after non-cash adjustments, were over budget by $366,684,
mostly due to loan repayments, second trust deed payments, and rent
revenue. Revenues are summarized by fund below and detailed in Exhibit A.
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 $230,857 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.
The Authority’s investments have a five-year horizon with laddered
maturities. The Authority has worked diligently to leverage highly
restricted investments under volatile market conditions. On June 30,
2020, the portfolio was earning a 1.82% rate of return and on June 30,
2021 the return was 0.95%. The fiscal year to date rate of return is
Housing Authority Revenues Final Budget Actual Variance
Housing Authority Fund 1,901,756 2,269,056 367,300
RDA Low-Mod Housing Fund 35,000 148,931 113,931
2011 Bond Fund 201,000 3,582 (197,418)
Total Revenues 2,137,756 2,421,570 283,814
Non-Cash Adjustments
Investments Fair Market Value Adjustment 230,857 230,857
RDA Loan Interest Earned, Extraordinary Gain (147,987) (147,987)
Total Adjusted Revenues 2,504,440 366,684
ATTACHMENT 1
9
0.77% as of December 2021, and while rates for longer dated securities
have risen over the past few months, LAIF remains low, which will
reduce interest earnings going forward.
• Extraordinary Gain revenue of $147,987 in the RDA Low-Mod Housing
Fund records the annual former Redevelopment Agency loan repayment
interest earned in FY 2020/21. 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 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.
There were no carryovers from FY 2020/21 to FY 2021/22 needed.
HOUSING AUTHORITY FUND (241)
This fund recognizes administrative expenses and housing activities for
several Authority owned properties in the La Quinta Cove and the recent
addition of Dune Palms Mobile Estates.
Combined administration savings of $106,100 were recognized for salaries
and benefits, professional program oversight, legal services, and rental
expenses. Additional savings of $92,455 were due to rental expenses for the
cove properties and an overage of $25,267 was due to professional services
associated with the starting costs for Dune Palms Mobile Estates.
Housing Authority Expenditures Final Budget Actual Variance
Housing Authority Fund
Administration 893,062 786,962 (106,100)
La Quinta Cove Properties 250,000 157,545 (92,455)
Dune Palms Mobile Estates 127,000 152,267 25,267
RDA Low-Mod Housing Fund 300,000 300,000 -
2011 Bond Fund 6,185,000 5,813,436 (371,564)
Total Expenditures 7,755,062 7,210,210 (544,852)
10
Funds not being carried over are recognized as Restricted Fund balance in the
Housing Fund. As of June 30, 2021, the available balance in this fund was
$12,059,978.
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, 2021 is $30,234,740; with
$6,046,948 or 20% recognized in this fund as a future receivable.
In FY 2020/21, a total of $300,000 was expensed for homelessness programs
in the greater Coachella Valley which helped address the additional need
brought on by the pandemic. As of June 30, 2021, the available balance in
this fund was $2,792,552.
2011 BOND FUND (249)
This fund is restricted to future housing projects. In FY 20/21, the City
acquired the Dune Palms Mobile Estates Park located on Dune Palms Road
utilizing these funds. As of June 30, 2021, the available balance in this fund
was $11,484,043.
FUND BALANCES
Below is a summary of Housing Authority fund balances as of June 30, 2021.
These funds are restricted for housing programs.
Housing Funds Fund Balance
as of 6/30/21
Housing Authority Fund (241)12,059,978
Low-Mod Housing Fund (243)2,792,552
2011 Bond Fund (249)11,484,043
T OT AL HOUSING FUNDS 26,336,573
11
2019/20
Actuals
2020/21
Original Budget
2020/21
Final Budget
2020/21
Actuals
241 - HOUSING AUTHORITY
190,627 200,000 170,000 130,011241-9101-41900 Allocated Interest
239,559 0 0 (122,128)241-9101-41910 GASB 31 Interest
131,261 300 300 366241-9101-41915 Non-Allocated Interest
1 0 0 1241-9101-42301 Miscellaneous Revenue
107,695 0 0 0241-9101-42706 Loan Repayments
58,789 0 0 0241-9101-43500 Home Sale Proceeds
60,000 25,000 196,000 385,447241-9101-43504 2nd Trust Deed Repayments
0 0 1,061,456 1,219,485241-9101-45000 Sale of Other Assets
386,692 0 0 0241-9101-49500 Transfers In
0 0 0 1,820241-9102-42305 Miscellaneous Reimbursements
299,692 288,000 288,000 290,939241-9103-43502 Rent Revenue/LQRP
0 0 186,000 363,115241-9104-42112 Rent Revenue/Tenant/Dune Palms
Total:1,474,316 513,300 1,901,756 2,269,056
243 - RDA LOW-MOD HOUSING FUND
40,939 35,000 35,000 28,268243-0000-41900 Allocated Interest
54,515 0 0 (27,323)243-0000-41910 GASB 31 Interest
173,558 0 0 147,987243-0000-48500 Extraordinary Gain
Total:269,013 35,000 35,000 148,931
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
8,054 0 1,000 5,696249-0000-41900 Allocated Interest
82,284 0 0 (81,406)249-0000-41910 GASB 31 Interest
313,604 200,000 200,000 79,292249-0000-41915 Non-Allocated Interest
Total:403,942 200,000 201,000 3,582
HOUSING AUTHORITY REVENUE 2,147,270 748,300 2,137,756 2,421,570
190,627 200,000 170,000 130,011
239,559 0 0 (122,128)
131,261 300 300 366
1 0 0 1
107,695 0 0 0
58,789 0 0 0
60,000 25,000 196,000 385,447
0 0 1,061,456 1,219,485
386,692 0 0 0
0 0 0 1,820
299,692 288,000 288,000 290,939
0 0 186,000 363,115
1,474,316 513,300 1,901,756 2,269,056
40,939 35,000 35,000 28,268
54,515 0 0 (27,323)
173,558 0 0 147,987
269,013 35,000 35,000 148,931
8,054 0 1,000 5,696
82,284 0 0 (81,406)
313,604 200,000 200,000 79,292
403,942 200,000 201,000 3,582
2,147,270 748,300 2,137,756 2,421,570
CITY OF LA QUINTA
HOUSING AUTHORITY FUNDS REVENUE DETAILS
EXHIBIT A
2020/21 YEAR-END BUDGET REPORT
Unaudited, final numbers will be reported in the 2020/21 Financial Statements.12
2019/20
Actuals
2020/21
Original Budget
2020/21
Final Budget
2020/21
Actuals
241 - HOUSING AUTHORITY
9101 - Housing Authority - Admin
50 - Salaries and Benefits
136,322 246,900 246,900 253,048241-9101-50101 Permanent Full Time
578 0 0 385241-9101-50105 Salaries - Overtime
900 3,000 3,000 650241-9101-50110 Commissions & Boards
193 400 400 185241-9101-50150 Other Compensation
11,131 16,800 16,800 20,263241-9101-50200 PERS-City Portion
261 0 0 4,208241-9101-50215 Other Fringe Benefits
24,158 57,500 57,500 40,720241-9101-50221 Medical Insurance
330 0 0 542241-9101-50222 Vision Insurance
1,259 0 0 2,118241-9101-50223 Dental Insurance
67 0 0 113241-9101-50224 Life Insurance
578 1,500 1,500 975241-9101-50225 Long Term Disability
3,400 5,700 5,700 5,700241-9101-50230 Workers Comp Insurance
2,002 3,600 3,600 3,716241-9101-50240 Social Security-Medicare
105 0 0 82241-9101-50241 Social Security-FICA
50 - Salaries and Benefits Totals:181,285 335,400 335,400 332,705
60 - Contract Services
78,218 100,000 142,700 82,963241-9101-60103 Professional Services
5,000 5,000 5,000 5,000241-9101-60106 Auditors
3,849 35,000 35,000 12,109241-9101-60153 Attorney
60 - Contract Services Totals:87,067 140,000 182,700 100,073
62 - Maintenance & Operations
1,211 500 500 209241-9101-60320 Travel & Training
2,470 2,000 2,000 1,513241-9101-60420 Operating Supplies
62 - Maintenance & Operations Totals:3,681 2,500 2,500 1,722
64 - Other Expenses
0 20,000 20,000 0241-9101-60480 Contributions
64 - Other Expenses Totals:0 20,000 20,000 0
69 - Internal Service Charges
6,000 8,000 8,000 8,000241-9101-91843 Property & Crime Insurance
14,000 14,000 14,000 14,000241-9101-91844 Earthquake Insurance
24,800 52,400 52,400 52,400241-9101-98110 Information Tech Charges
69 - Internal Service Charges Totals:44,800 74,400 74,400 74,400
99 - Transfers Out
0 0 278,062 278,062241-9101-99900 Transfers Out
99 - Transfers Out Totals:0 0 278,062 278,062
9101 - Housing Authority - Admin Totals:316,833 572,300 893,062 786,962
9103 - Housing Authority - LQRP
62 - Maintenance & Operations
298,218 250,000 250,000 157,545241-9103-60157 Rental Expenses
62 - Maintenance & Operations Totals:298,218 250,000 250,000 157,545
9103 - Housing Authority - LQRP Totals:298,218 250,000 250,000 157,545
9104 - Dune Palms Mobile Estates
60 - Contract Services
0 0 22,000 56,960241-9104-60103 Professional Services
0 0 105,000 95,307241-9104-60157 Rental Expense
60 - Contract Services Totals:0 0 127,000 152,267
9104 - Dune Palms Mobile Estates Totals:0 0 127,000 152,267
241 - HOUSING AUTHORITY Totals:615,051 822,300 1,270,062 1,096,775
136,322 246,900 246,900 253,048
578 0 0 385
900 3,000 3,000 650
193 400 400 185
11,131 16,800 16,800 20,263
261 0 0 4,208
24,158 57,500 57,500 40,720
330 0 0 542
1,259 0 0 2,118
67 0 0 113
578 1,500 1,500 975
3,400 5,700 5,700 5,700
2,002 3,600 3,600 3,716
105 0 0 82
181,285 335,400 335,400 332,705
78,218 100,000 142,700 82,963
5,000 5,000 5,000 5,000
3,849 35,000 35,000 12,109
87,067 140,000 182,700 100,073
1,211 500 500 209
2,470 2,000 2,000 1,513
3,681 2,500 2,500 1,722
0 20,000 20,000 0
0 20,000 20,000 0
6,000 8,000 8,000 8,000
14,000 14,000 14,000 14,000
24,800 52,400 52,400 52,400
44,800 74,400 74,400 74,400
0 0 278,062 278,062
0 0 278,062 278,062
316,833 572,300 893,062 786,962
298,218 250,000 250,000 157,545
298,218 250,000 250,000 157,545
298,218 250,000 250,000 157,545
0 0 22,000 56,960
0 0 105,000 95,307
0 0 127,000 152,267
0 0 127,000 152,267
615,051 822,300 1,270,062 1,096,775
CITY OF LA QUINTA
HOUSING AUTHORITY FUNDS EXPENSE DETAILS BY FUND
EXHIBIT B
2020/21 YEAR-END BUDGET REPORT
Unaudited, final numbers will be reported in the 2020/21 Financial Statements.13
2019/20
Actuals
2020/21
Original Budget
2020/21
Final Budget
2020/21
Actuals
243 - RDA LOW-MOD HOUSING FUND
0000 - Undesignated
64 - Other Expenses
350,779 250,000 300,000 300,000243-0000-60532 Homelessness Assistance
64 - Other Expenses Totals:350,779 250,000 300,000 300,000
0000 - Undesignated Totals:350,779 250,000 300,000 300,000
243 - RDA LOW-MOD HOUSING FUND Totals:350,779 250,000 300,000 300,000
350,779 250,000 300,000 300,000
350,779 250,000 300,000 300,000
350,779 250,000 300,000 300,000
350,779 250,000 300,000 300,000
CITY OF LA QUINTA
HOUSING AUTHORITY FUNDS EXPENSE DETAILS BY FUND
EXHIBIT B
2020/21 YEAR-END BUDGET REPORT
Unaudited, final numbers will be reported in the 2020/21 Financial Statements.14
2019/20
Actuals
2020/21
Original Budget
2020/21
Final Budget
2020/21
Actuals
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016)
0000 - Undesignated
68 - Capital Expenses
0 6,125,000 6,125,000 5,813,436249-0000-74010 Land Acquisition
0 60,000 60,000 0249-0000-80050 Affordable Housing Project Development
68 - Capital Expenses Totals:0 6,185,000 6,185,000 5,813,436
0000 - Undesignated Totals:0 6,185,000 6,185,000 5,813,436
249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 2016) Totals:0 6,185,000 6,185,000 5,813,436
0 6,125,000 6,125,000 5,813,436
0 60,000 60,000 0
0 6,185,000 6,185,000 5,813,436
0 6,185,000 6,185,000 5,813,436
0 6,185,000 6,185,000 5,813,436
CITY OF LA QUINTA
HOUSING AUTHORITY FUNDS EXPENSE DETAILS BY FUND
EXHIBIT B
2020/21 YEAR-END BUDGET REPORT
Unaudited, final numbers will be reported in the 2020/21 Financial Statements.15
16
City of La Quinta
HOUSING AUTHORITY MEETING: April 19, 2022
STAFF REPORT
AGENDA TITLE: RECEIVE AND FILE FISCAL YEAR 2021/22 MID-YEAR
HOUSING AUTHORITY BUDGET REPORT AND APPROVE THE RECOMMENDED
BUDGET ADJUSTMENTS
RECOMMENDATION
Receive and file fiscal year 2021/22 Mid-Year Housing Authority Budget Report
and approve the recommended budget adjustments.
EXECUTIVE SUMMARY
•The Fiscal Year 2021/22 First Quarter Housing Authority Budget Report
(Attachment 1) provides an update of the Authority’s fiscal activities from
July to December 2021.
•A budget report is prepared quarterly to assess the adopted budget and
incorporate adjustments based on current economic conditions and
operational requirements.
•The Report was received and filed by the Housing Commission on March
9, 2022.
FISCAL IMPACT
Staff recommends expenditure adjustments for a total of $249,545 and a
revenue adjustment in the amount of $425,000.
BACKGROUND/ANALYSIS
Throughout the fiscal year staff monitors the budget and proposes adjustments
to reflect current conditions and ongoing operational needs. Requests are
reviewed and discussed before recommending approval in the budget report
(Attachment 1). Funds with no adjustments from the originally presented
2021/22 Budget have been excluded from the report.
BUSINESS SESSION ITEM NO. 2
17
ALTERNATIVES
The Housing Authority may request additional information, deny, or amend
the approval of budget adjustment recommendations.
Prepared by: Claudia Martinez, Finance Director
Approved by: Jon McMillen, Executive Director
Attachment: 1. Fiscal Year 2021/22 Mid-Year Housing Authority Budget
Report
18
HOUSING AUTHORITY
FISCAL YEAR 2021/22 MID-YEAR BUDGET REPORT
The annual budget is a living document, which allows for flexibility and
adjustments to accommodate current business needs and updated
projections. All funds are continuously monitored. This report provides a recap
of fiscal year-to-date activity and recommended adjustments.
The following is a summary of budgetary adjustments requested for the
second quarter of fiscal year (FY) 2021/22. Account details are provided in
Exhibit A and discussed in this report.
REVENUES
Total revenue increase of $425,000 is requested for Fund 241:
•FY 20/21 was the first full year of Dune Palms Mobile Home Estates
operations and an additional $425,000 is needed to account for actual
rent revenues.
EXPENSES
The expense adjustments are recommended for a total of $249,545 and are
detailed below:
•An increase of $32,000 for professional services for the management of
Dune Palms Mobile Estates.
•An increase of $175,000 for operating expenses, repair, and
maintenance for the Dune Palms Mobile Estates to account for a full
fiscal year of expenses since acquiring the property.
•An increase of $12,000 for professional services to support affordable
housing compliance and monitoring.
•An increase of $30,545 to account for the acquisition of a unit at the
Dune Palms Mobile Home Park.
Fund Revenues Expenses
Housing Authority Fund (241)425,000$ 219,000$
Low-Mod Housing Fund (243)- -
2011 Bond Fund (249)- 30,545
TOTAL FUND ADJUSTMENTS 425,000$ 249,545$
2021/22 SECOND QUARTER
RECOMMENDED HOUSING AUTHORITY ADJUSTMENTS
ATTACHMENT 1
19
City of La Quinta
Housing Authority
Exhibit A
FY 2021/22 Recommended Second Quarter Budget Adjustments
Account No. Description Revenues Expenses
241-9104-42112 Rent Revenue/Tenant/Dune Palms 425,000
241-9104-60103 Professional Services 32,000
241-9104-60157 Rental Expense 175,000
241-9101-60103 Professional Services 12,000
Account No. Description Revenues Expenses
NO ADJUSTMENTS - -
Account No. Description Revenues Expenses
249-0000-74010 Land Acquisition - 30,545
TOTAL ALL HOUSING AUTHORITY FUNDS 425,000 249,545
Housing Authority (241)
Low-Mod Housing (243)
2011 Bond (249)
20
POWER POINTS
APRIL 19, 2022
HOUSING
AUTHORITY
MEETING
April 19, 2022
1
Housing Authority Meeting
April 19, 2022
B1 – Fiscal Year-End 2020/21
Housing Authority Budget Report
Overall Revenues
•$366,684 over budget due to:
–Trust deed repayments, actual rent revenue, vacant
parcel sale
•Two non‐cash adjustments
–($230,857) fair market value
–$147,987 RDA loan interest earnings
•$647,767 RDA loan repayment in 2020/21
13
14
April 19, 2022
2
Overall Expenses
•Housing Authority Fund under budget by $106,100
–Savings in payroll, legal, and consultant expenses
•2011 Bond Fund savings as a result of:
–Land acquisition for Dune Palms Mobile Estates
Available Fund Balances
Fund Fund Balance
Housing Authority $12,059,978
Low‐Mod Housing $2,792,552
2011 Bond $11,484,043
Total $26,336,473
Receivable in Low‐Mod Housing Fund
RDA Loan Balance $6,046,948
Principal $3,267,819
Interest $2,779,129
15
16
April 19, 2022
3
Housing Authority Meeting
April 19, 2022
B2 –Fiscal Year Q2 2021/22 Mid-Year
Housing Authority Budget Report
17
18
April 19, 2022
4
Overview
&
Adjustments
•Revenue Adjustment
–Actual rent revenues for Dune Palms
Mobile Home Estates
•Expenditure Adjustments
–Professional services and operating
expenses
–Acquisition of mobile home unit
19
20