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FY 2023/2024 Budget - Housing AuthorityHousing Authority Adopted Budget ta QUL&(V CITY OF LA QUINTA HOUSING AUTHORITY 2023/24 BUDGET SUMMARY FY 2023/24 ADOPTED BUDGET Fummuglup Fulln_ IN I 39219= ESTIMATED ESTIMATED AVAILABLE ENDING FUND FUND FUND BALANCE ESTIMATED ESTIMATED BALANCE # FUND NAME July 1, 2023 REVENUES EXPENDITURES d0une30,2024 241 HOUSING AUTHORITY FUND 12,000,000 1,401,500 1,596,340 11,805,160 243* RDA LOW -MOD HOUSING FUND 3,000,000 717,415 250,000 3,467,415 249 SA 2011 LOWIMOD BOND 800,000 36,000 250,000 586,000 GRAND TOTAL 15,800,000 2,154,915 2,096,340 15,858,575 * General Fund and RDA Low -Mod Housing Fund estimates are for unappropriated reserves and included annual Successor Agency loan repayments as approved with the last and final recognized obligation payment schedule. The repayment for FY 2023/24 is $687,415. CITY OF LA QUINTA HOUSING AUTHORITY REVENUE DETAIL FY 2023/24 ADOPTED BUDGET 2021/22 2022/23 2023/24 2023/24 30,000 243-0000-41910 GASB 31 Interest Actuals Current Proposed Adopted 241 - HOUSING AUTHORITY 121,903 0 0 0 Total: 241-9101-41900 Allocated Interest 99,822 100,000 150,000 150,000 241-9101-41910 GASB 31 Interest (385,817) 0 0 0 241-9101-41915 Non -Allocated Interest 430 500 500 500 241-9101-42301 Miscellaneous Revenue 226 0 0 0 241-9101-42706 Loan Repayments 96,215 0 0 0 241-9101-43504 2nd Trust Deed Repayments 130,179 100,000 100,000 100,000 241-9101-45000 Sale of Other Assets 367,078 200,000 0 0 241-9102-42305 Miscellaneous Reimbursements (1,820) 0 0 0 241-9103-43502 Rent Revenue/LQRP 306,372 300,000 350,000 350,000 241-9104-42112 Rent Revenue/Tenant/Dune Palms 791,261 750,000 800,000 800,000 241-9104-42302 Miscellaneous Revenue/Dune Palrr 0 1,000 1,000 1,000 Tota 1: 1,403,947 1,451,500 1,401,500 1,401,500 243 - RDA LOW -MOD HOUSING FUND 243-0000-41900 Allocated Interest 24,081 20,000 30,000 30,000 243-0000-41910 GASB 31 Interest (102,401) 0 0 0 243-0000-48500 Extraordinary Gain 121,903 0 0 0 Total: 43,583 20,000 30,000 30,000 249 - SA 2011 LOW/MOD BOND FUND (Refinances 249-0000-41900 Allocated Interest 5,494 5,000 6,000 6,000 249-0000-41910 GASB 31 Interest (26,759) 0 0 0 249-0000-41915 Non -Allocated Interest 29,442 20,000 30,000 30,000 249-0000-49500 Transfers In 0 1,387,009 0 0 Total: 8,177 1,412,009 36,000 36,000 HOUSING AUTHORITY REVENUE 1,455,707 2,883,509 1,467,500 1,467,500 The Housing Authority budget invests in programs and projects that preserve and increase the supply of affordable housing in the City. 241 Housing Authority Fund: Second Trust Deed Payments and Home Sale Proceeds vary from year-to-year. Additional repayment of silent second trust deeds are recognized upon receipt. 241-9101-45000, Sale of Other Assets revenues in FY 2021/2022 reflects the purchase and sale agreement between the City of La Quinta and the La Quinta Housing Authority for vacant parcels to be used for future low/moderate affordable housing. 243 RDA Low -Mod Housing Fund: The 2023/24 former Redevelopment Agency loan repayment of $687,415 will be recognized in reserves within this Fund. 249 Successor Agency (SA) 2011 Low/Mod Bond Fund was used for the acquisition of the vacant property located west of the Home Depot Center on Highway 111, on the northeast corner of Highway 111 and Dune Palms Road proposed to be developed as an affordable housing development with a connecting thoroughfare to CV Link. Remaining bond funds continue to earn interest and are available for future housing projects. CITY OF LA QUINTA 507,209 HOUSING AUTHORITY EXPENSE DETAIL 609,467 FY 2023/24 ADOPTED BUDGET 241-9101-60103 Professional Services 74,532 2021/22 2022/23 2023/24 2023/24 5,000 5,000 Actuals Current Proposed Adopted 241 - HOUSING AUTHORITY 20,000 20,000 60 - Contract Services Totals: 95,324 85,000 9101 - Housing Authority - Admin 251,793 250,000 300,000 300,000 50 - Salaries and Benefits 8,100 8,100 9,300 241-9101-91844 Earthquake Insurance 241-9101-50101 Permanent Full Time 252,219 278,970 305,327 312,700 241-9101-50105 Salaries - Overtime 172 0 0 0 241-9101-50110 Commissions & Boards 550 1,800 1,800 1,800 241-9101-50150 Other Compensation 103 200 200 200 241-9101-50200 PERS-City Portion 20,432 24,200 28,000 29,600 241-9101-50215 Other Fringe Benefits 2,000 0 3,640 3,640 241-9101-50221 Medical Insurance 44,830 69,300 67,000 67,000 241-9101-50222 Vision Insurance 415 0 0 0 241-9101-50223 Dental Insurance 2,337 0 0 0 241-9101-50224 Life Insurance 151 0 0 0 241-9101-50225 Long Term Disability 1,320 1,700 1,800 2,000 241-9101-50230 Workers Comp Insurance 5,900 5,900 5,900 13,400 241-9101-50240 Social Security -Medicare 3,697 4,000 4,200 4,600 241-9101-50241 Social Security -FICA 66 0 0 0 50 - Salaries and Benefits Totals 334,191 386,070 417,867 434,940 60 - Contract Services 507,209 562,670 609,467 646,340 241-9101-60103 Professional Services 74,532 60,000 75,000 75,000 241-9101-60106 Auditors 5,000 5,000 5,000 5,000 241-9101-60153 Attorney 15,792 20,000 20,000 20,000 60 - Contract Services Totals: 95,324 85,000 100,000 100,000 62 - Maintenance & Operations 507,209 562,670 609,467 646,340 241-9101-60320 Travel & Training 0 1,000 1,000 1,000 241-9101-60420 Operating Supplies 94 2,000 2,000 2,000 62 - Maintenance & Operations Totals: 94 3,000 3,000 3,000 251,793 250,000 300,000 300,000 69 - Internal Service Charges 251,793 250,000 300,000 300,000 241-9101-91843 Property & Crime Insurance 8,100 8,100 8,100 9,300 241-9101-91844 Earthquake Insurance 16,100 16,100 16,100 18,200 241-9101-98110 Information Tech Charges 53,400 64,400 64,400 80,900 69 - Internal Service Charges Totals: 77,600 88,600 88,600 108,400 9101 - Housing Authority - Admin Totals: 507,209 562,670 609,467 646,340 9103 - Housing Authority - LQRP 62 - Maintenance & Operations 241-9103-60157 Rental Expenses 251,793 250,000 300,000 300,000 62 - Maintenance & Operations Totals: 251,793 250,000 300,000 300,000 9103 - Housing Authority - LQRP Totals: 251,793 250,000 300,000 300,000 9104 - Dune Palms Mobile Estates 60 - Contract Services 241-9104-60103 Professional Services 101,257 100,000 100,000 100,000 241-9104-60157 Rental Expense 360,523 300,000 350,000 350,000 60 - Contract Services Totals: 461,780 400,000 450,000 450,000 68 - Capital Expenses 241-9104-72110 Building/Site Improvements 0 500,000 200,000 200,000 68 - Capital Expenses Totals: 0 500,000 200,000 200,000 9104 - Dune Palms Mobile Estates Totals: 461,780 900,000 650,000 650,000 241 - HOUSING AUTHORITY Totals: 1,220,781 1,712,670 1,559,467 1,596,340 241 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. CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE NOTES Fund: 241 - HOUSING AUTHORITY Permanent Full Time 312,700.00 FY 2023/24 ADOPTED BUDGET 20% - City Manager (80% City Manager) 10% - Finance Director (90% Finance) 10% - City Clerk (90% City Clerk) 40% - Director- Business Unit & Housing Development (60% City Manager) 60% - Management Analyst (40% Information Technology Fund) 60% - Management Specialist (40% City Manager) 80% - Management Assistant (20% City Manager) Housing Authority Member Stipends (5) Housing Commissioner Stipends 241-9101-60103 Professional Services 75,000.00 Housing compliance services 241-9101-60320 Travel & Training 1,000.00 For housing related training and staff development 241-9103-60157 Rental Expenses 300,000.00 Expenses associated with 28 homes owned by the Authority which are located in the La Quinta Cove 241-9104-60103 Professional Services 100,000.00 For residential property management services at Dune Palms Mobile Estates 241-9104-60157 Rental Expense 350,000.00 Expenses associated with 102 units owned by the Authority which are located in North La Quinta CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAIL FY 2023/24 ADOPTED BUDGET 2021/22 2022/23 2023/24 2023/24 Actuals Current Proposed Adopted 243 - RDA LOW -MOD HOUSING FUND 0000 - Undesignated 64 - Other Expenses 243-0000-60532 Homelessness Assistance 50,700 305,000 250,000 250,000 64 - Other Expenses Totals: 50,700 305,000 250,000 250,000 0000 - Undesignated Totals: 50,700 305,000 250,000 250,000 243 - RDA LOW -MOD HOUSING FUND Totals: 50,700 305,000 250,000 250,000 243 RDA Low -Mod Housing Fund: The 2023/24 former Redevelopment Agency loan repayment of $687,415 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. CITY OF LA QUINTA HOUSING AUTHORITY EXPENSE DETAIL FY 2023/24 ADOPTED BUDGET 2021/22 2022/23 2023/24 2023/24 Actuals Current Proposed Adopted 249 - SA 2011 LOW/MOD BOND FUND (Refinanced in 0000 - Undesignated 68 - Capital Expenses 249-0000-74010 Land Acquisition 8,631,040 3,624,192 0 0 249-0000-80050 Affordable Housing Project Developme 25,035 20,000 250,000 250,000 68 - Capital Expenses Totals: 8,656,075 3,644,192 250,000 250,000 0000 - Undesignated Totals: 8,656,075 3,644,192 250,000 250,000 L LOW/MOD BOND FUND (Refinanced in 2016) Totals: 8,656,075 3,644,192 250,000 250,000 249 Successor Agency Bond Fund: These funds are restricted per individual bond covenants and were used for the acquisition of the vacant property located west of the Home Depot Center on Highway 111, on the northeast corner of Highway 111 and Dune Palms Road. This property is proposed to be developed as an affordable housing development with a connecting thoroughfare to CV Link. Remaining funds are available for future housing projects. For FY 2023/24, budget will be used for investment in design and development of projects.