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Housing - Item 3A - Adopting of the Rosemead Housing Development Corporation Fiscal Year 2009-10 - Annual BudgetROSEMEAD HOUSING DEVELOPMENT CORPORATION STAFF REPORT TO: THE HONORABLE PRESIDENT AND BOARD OF DIRECTORS FROM: JEFF ALLRED, EXECUTIVE DIRECTOR DATE: JUNE 23, 2009 SUBJECT: ADOPTION OF THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION'S FISCAL YEAR 2009-10 ANNUAL BUDGET SUMMARY The Rosemead Housing Development Corporation's fiscal year 2009-10 Annual Budget (Attachment A) is as follows: Total Appropriations: $2,056,132 Staff Recommendation Staff recommends that the Corporation Board of Directors adopt Resolution No. 2009- 01 approving the fiscal year 2009-10 Annual Budget in the amount of $761,200. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process. Submitted by: Steven Brisco Finance Director Attachment A: Annual Budget Attachment B: Resolution No. 2009-01 APPROVED FOR CORPORATION AGENDA: ITEMNUMBER: 3 A ATTACHMENT B RESOLUTION 2009-01 A RESOLUTION OF THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION ADOPTING THE ANNUAL BUDGET FOR THE 2008-09 FISCAL YEAR WHEREAS, a proposed annual budget for the Rosemead Housing Development Corporation for the Fiscal Year commencing July 1, 2009 and ending' June 30, 2010 was submitted to the Housing Development Board of Directors for their review and consideration and the proposed annual budget is on file in the City Clerk's office; and WHEREAS, on June 23, 2009 a budget study session and a public hearing were held; and NOW, THEREFORE, THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION BOARD OF DIRECTORS DOES RESOLVE AS FOLLOWS: 1. The 2009-10 Annual Budget is hereby adopted. 2. There is hereby appropriated to each account group set forth in the Annual Budget attached hereto, and made a part hereof as though fully set forth herein, the sum shown for such account groups in the 2009- 10 Adopted Column. 3. The President shall sign and the City Clerk shall certify to the passage and adoption of this Resolution and thereupon the same shall take effect and be in force. PASSED, APPROVED and ADOPTED the 23rd day of June, 2009. PRESIDENT, ROSEMEAD HOUSING DEVELOPMENT CORPORATION ATTEST: Corporation Secretary ATTACHMENT A ROSEMEAD HOUSING DEVELOPMENT CORP. ANNUAL BUDGET FISCAL YEAR 2009-10 ROSEMEAD HOUSING DEVELOPMENT CORPORATION ANNUAL BUDGET JULY 1, 2009 - JUNE 30, 2010 MARGARET CLARK CHAIRPERSON GARY TAYLOR VICE-CHAIRPERSON POLLY LOW COMMISSIONER STEVEN LY COMMISSIONER SANDRA ARMENTA COMMISSIONER JEFF ALLRED EXECUTIVE DIRECTOR ROSEMEAD HOUSING DEVELOPMENT CORPORATION PRELIMINARY BUDGET FISCAL YEAR 2009-10 TABLE OF CONTENTS 1. SUMMARY OF FUND BALANCE RHDC Funds II. SUMMARY OF EXPENDITURES BY CATEGORY Administration Special Projects Housing Rehabilitation III. CHART OF ACCOUNTS Revenues Expenditures IV. EXPENDITURE DETAIL Administration Special Projects Housing Rehabilitation PAGE 1 2 2 2 3 3 COST CENTER 4870 4875 4880 ROSEMEAD HOUSING DEVELOPMENT CORPORATION SUMMARY OF FUND BALANCE RESOURCES: Funds Available at July 1 Transfers from Redevelopment Agency Housing Set-Aside Fund Transfers from HOME Fund Rental Income Miscellaneous Revenue Total Funds Available EXPENDITURES: Administrative Expenditures Special Project Expenditures Rehabilitation Expenditures Due to Other Funds Total Disbursements FUND BALANCE AT JUNE 30 2008-09 2009-10 Projected Budget $ 938,241 $ 169,117 250,000 250,000 - 1,294,932 410,500 411,700 6,300 10,600 225,675 228,700 507,049 1,827,432 703,200 - 1,435,924 2,056,132 $ 169,117 $ 80,217 -1- ROSEMEAD HOUSING DEVELOPMENT CORPORATION SUMMARY OF EXPENDITURES BY CATEGORY ADMINISTRATIVE (Cost Center 4270) Legal Fees Auditing Fees Department Supplies Miscellaneous Expenses Travel and Meeting Expenses Membership/Subscription City Services TOTAL ADMINISTRATIVE SPECIAL PROJECTS (Cost Center 4275) HOME Program Expense Management Contract - Angelus Special Insurance -Angelus Lease Payment - Angelus Management Contract - Garvey Special Insurance - Garvey Lease Payment - Garvey TOTAL SPECIAL PROJECTS HOUSING REHABILITATION (Cost Center 4280) Planning and Administration Residential Rehabilitation TOTAL HOUSING REHABILITATION RHDC FUNDS TOTAL 2008-09 2009-10 Projected Budget $ - S 500 6,000 6,000 75 100 - 1,500 500 500 219,600 219,600 $ 225,675 $ 228,700 $ - $ 1,294,932 163,800 183,000 5,981 6,500 60,000 60,000 193,700 199,000 11,568 12,000 72,000 72,000 $ 507,049 $ 1,827,432 $ 732,724 $ 2,056,132 2- J ROSEMEAD HOUSING DEVELOPMENT CORPORATION CHART OF ACCOUNTS REVENUE 3510 Rental Income 3985 Miscellaneous Revenue 3995 Transfers from RDA - Housing Set-Aside Fund EXPENDITURES Administration (4270): 4340 Legal Fees 4410 Auditing Fees 5010 Department Supplies 6450 Travel and Meeting Expense 6460 Membership/Subscription Special Projects (4275): 4221 Project Management 4461 Management Contract Expenses 6230 Special Insurance 6412 First Time Home Buyers Program 6415 Home Threshold (Matching Funds) 6475 Lease Payment Housing Rehabilitation (4280): 4293 Planning and Administration 4294 Residential Rehabilitation 3- ROSEMEAD HOUSING DEVELOPMENT CORP. PRELIMINARY BUDGET FISCAL YEAR 2009-10 FUNCTION: Housing Development ACTIVITY: Administration . ORGANIZATION: 4270 APPROPRIATION DETAIL, ACCOUNT 2007-08 NO. ACTUAL. -09 2009-10 008 10 ESTIMATED BUDGET FD/PROJ # ACTIVITY EXPENSE BUDGET OPERATIONS 4340 Fund 52 Legal Fees $ 113 $ 3,000 $ $ 500 4410 Fund52 Auditing Fees 2,900 10,000 6,000 6,000 5010 Fund52 Department Supplies 75 300 75 100 6410 P71552 Miscellaneous Expenses - - - 750 6410 P72052 Miscellaneous Expenses - - - 750 6450 Fund52 Travel and Meeting Expense - 500 - 500 6460 Fund52 Membership/Subscription - 500 - 500 6500 Fund52 City Services 219,600 I 219,600 219,600 219,600 __j Total Operations 222,688 233,900 225,675 228,700 DEPARTMENT TOTAL $ 222,688 $ 233,900 $ 225,675 $ 228,700 ROSEMEAD HOUSING DEVELOPMENT CORP. PRELIMINARY BUDGET FISCAL YEAR 2009-10 FUNCTION: Housing Development ACTIVITY: Special Projects ORGANIZATION: 4275 t..~ APPROPRIATION DETAIL ACCOUNT 2007-08 NO. ACTUAL 2008-09 2009-10 FDIPROJ # ACTIVITY EXPENSE ~ BUDGET ESTIMATED BUDGET OPERATIONS - GENERAL 7615 Fund53 HOME Program Expense $ $ $ $ 1,294,932 Sub-Total GENERAL 1,294,932 OPERATIONS - ANGELUS 4461 P71552 Management Contract Exp. 161,636 154,000 163,800 183,000 6230 P71552 Special Insurance 5,140 5,000 5,981 6,500 6475 P71552 Lease Payment 60,000 60,000 60,000 60,000 Sub-Total ANGELUS SR. HOUSING PROJECT 226,776 219,000 229,781 249,500 OPERATIONS - GARVEY 4461 P72052 Management Contract Exp. 183,750 173,850 193,700 199,000 6120 P72052 Utilities - Electric - - - - 6230 P72052 Special Insurance 9,649 10,700 11,568 .12,000 6475 P72052 Lease Payment 72,000 72,000 72,000 72,000 Sub-Total GARVEY SR. HOUSING PROJECT 265,399 256,550 277,268 283,000 Total Operations 492,175 475,550 507,049 1,827,432 CAPITAL OUTLAY Total Capital Outlay ~ ~ 0 0 DEPARTMENT TOTAL $ 492,175 $ 475,550 $ 507,049 $ 1,827,432