Housing - Item 2C - 2006-07 Housing Development Corp. Budget0 0
ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: ANDREW C. LAZZARETTO, CITY MANAGER
DATE: JUNE 27, 2006
SUBJECT: 2006-07 HOUSING DEVELOPMENT CORPORATION BUDGET
SUMMARY
Attached for consideration is a copy of Resolution No. 2006-02 adopting the 2006-07
Rosemead Housing Development Corporation Budget.
Staff Recommendation
Staff recommends that the Directors of the Rosemead Housing Development
Corporation approve the 2006-07 Housing Development Corporation Budget by
adopting Resolution No. 2006-02.
ANALYSIS
The 2006-07 Annual Budget includes expenditures of $795,900, with total funds
available of $799,834, resulting with an ending fund balance of $3,934. The budget
document presented for adoption was presented at the Budget Study Session held on
June 6. 2006.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted
DirectorAT Finance & MIS
Attachment A: Resolution No. 2006-02
APPROVED FOR CITY COUNCIL AGENDA: 0;1r , ITEM NUMBER:
0 0 ATTACHMENT A
RESOLUTION NO. 2006-02
A RESOLUTION OF THE ROSEMEAD HOUSING DEVELOPMENT COROPORATION
OF THE CITY. OF ROSEMEAD ADOPTING THE ANNUAL BUDGET FOR FISCAL
YEAR 2006-07 AND MAKING APPROPRIATIONS FOR THE AMOUNT BUDGETED
WHEREAS, an Annual Budget for the Rosemead Housing Development
Corporation for the fiscal year commencing July 1, 2006 and ending June 30, 2007 was
submitted to the Housing Development Directors and is on file in the City Clerk's office.
NOW, THEREFORE, THE HOUSING DEVELOPMENT DIRECTORS OF THE
ROSEMEAD HOUSING DEVELOPMENT CORPORATION DO RESOLVE AS FOLLOWS:
Section 1. The Budget is adopted as the Annual Budget of the Rosemead Housing
Development Corporation for the fiscal year commencing July 1, 2006 and ending June 30,
2007.
Section 2. There is hereby appropriated to each account set forth in the
"Summary of Expenditures by Category" of said budget attached hereto, and made a part
hereof as though fully set forth and the Executive Director is authorized and empowered to
expend such sum for the purpose of such account, but with no expenditure by any office or
department for any item within an account shall exceed the amount budgeted therefore
without prior written approval of the Executive Director.
PASSED, APPROVED and ADOPTED this 27th day of June, 2006
President, Rosemead Housing
Development Corporation
ATTEST:
Corporation Secretary
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
SUMMARY OF FUND BALANCE
RESOURCES:
Funds Available at July 1
Transfers from. Redevelopment Agency
Housing Set-Aside Fund
Rental Income
Miscellaneous Revenue
Total Funds Available
EXPENDITURES:
Administrative Expenditures
Special Project Expenditures
Rehabilitation Expenditures
Total Expenditures
FUND BALANCE AT JUNE 30
2005-06 2006-07
Projected Budget
$430,334 $138,534
0
250,000
405,600
405,600
5,700
5,700
$841,634
$799,834
$233,100 $236,900
470,000 559,000
0 0
$703,100 $795,900
$138,534 $3,934