FY 2023/2024 Budget - Housing AuthorityHousing Authority
Adopted Budget
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CITY OF LA QUINTA
HOUSING AUTHORITY 2023/24 BUDGET SUMMARY
FY 2023/24 ADOPTED BUDGET
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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.