HDC - Item 2 - Resolution 2002-12 Aopting 2002-03 Rosemead HDC budgetTO: HONORABLE PRESIDENT AND DIRECTORS
ROSEMEEA HOUSING DEVELOPMENT CORPORATION
FROM: BILL CF�p, 1 EXECUTIVE DIRECTOR
DATE: JUNE 18, 2002
RE: RESOLUTION NO. 2002 -12 ADOPTING 2002 -03 ROSEMEAD
HOUSING DEVELOPMENT CORPORATION BUDGET
Attached for your consideration is a copy of Resolution No. 2002 -12 adopting
the 2002 -03 Annual Budget.
RECOMMENDATION:
After any amendments, it would be appropriate for the Rosemead Housing
Development Corporation to adopt Resolution No. 2002 -03 Annual Budget.
HOUSING AGENDA
JUN 2 5 2002
ITEM No. .2
RESOLUTION NO. 2002 -12
A RESOLUTION OF THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION OF
THE CITY ROSEMEAD ADOPTING THE ANNUAL BUDGET FOR FISCAL YEAR
2002 -03 AND MAKING APPROPRIATIONS FOR THE AMOUNT BUDGETED
WHEREAS, an Annual Budget for the Rosemead Housing Development
Corporation for the fiscal year commencing July 1, 2002 and ending June 30, 2003
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,
2002 and ending June 30, 2003.
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 25th day of June, 2002.
President, Rosemead Housing
Development Corporation
ATTEST:
Corporation Secretary
ROSEMEAD HOUSING DEVELOPMENT CORPORATION .
SUMMARY OF EXPENDITURES BY CATEGORY
2001 -02
2002 -03
Projected
Budget
ADMINISTRATIVE (Cost Center 4270)
Legal Fees
$7,000
$4,000
Auditing Fees
8,600
8,600
Professional Services
0
300
- Department Supplies
200
500
Travel and Meeting Expenses
0
0
Membership /Subscription
50
500
City Services
90,000
219,600
TOTAL ADMINISTRATIVE
$105,850
$233,500
SPECIAL PROJECTS (Cost Center 4275):
Tree & Turf Maintenance
$22,300
$0
Home Threshold.
0
111,400
First Time Home Buyers Program
63,000
100,000
Management Contract
90,000
99;000
Special Insurance
4,000
4,000
Lease Payment - Angelus
60,000
60,000
Project Management - Garvey
60,000
. 83,200• -
Architectural Services - Garvey
63,000
15,800
Management Contract Expenses
0 .
83,000
Material Testing
54,000
2,000.
Technical Analysis
11,000
6,000
Special.lnsurance
0
5,000
Lease Payment- Garvey
0
86,400
Construction - .Garvey Senior Housing _
6,068,000
885,500
Property Acquisition
65,050
0
TOTAL SPECIAL PROJECTS
$6,560,350
$1,541,300
HOUSING REHABILITATION (Cost Center 4280):
Residential Rehabilitation
$0
$0
• TOTAL HOUSING REHABILITATION
$0 `
$0
RHDC FUND TOTAL
$6,666,200 $1,774,800