HDC - Item 1 - Resolution No. 2004-01 Adopting 2004-05 Rosemead HDC BudgetTO: HONORABLE PRESIDENT AND DIRECTORS
ROSEMEAFUSING DEVELOPMENT CORPORATION
FROM: BILL CROWE, EXECUTIVE DIRECTOR
DATE: JUNE 2, 2004
RE: RESOLUTION NO. 2004 -01 ADOPTING 2004 -05 ROSEMEAD
HOUSING DEVELOPMENT CORPORATION BUDGET
Attached for your consideration is a copy of Resolution No. 2004 -01 adopting the
2004 -05 Annual Budget.
RECOMMENDATION:
After any amendments, it would be appropriate for the Rosemead Housing
Development Corporation to adopt Resolution No. 2004 -01 Annual Budget.
HOUSING AGENDA
JUN 0 8 20Q4
ITEM No. �•
RESOLUTION NO. 2004 -01
A RESOLUTION OF THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION
OF THE CITY OF ROSEMEAD ADOPTING THE ANNUAL BUDGET FOR FISCAL
YEAR 2004 -05 AND MAKING APPROPRIATIONS FOR THE AMOUNT BUDGETED
WHEREAS, an Annual Budget for the Rosemead Housing Development
Corporation for the fiscal year commencing July 1, 2004 and ending June 30, 2005 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, 2004 and ending
June 30, 2005.
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 8th day of June, 2004.
President, Rosemead Housing
Development Corporation
ATTEST:
Corporation Secretary
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
SUMMARY OF EXPENDITURES BY CATEGORY
TOTAL SPECIAL PROJECTS
$494,940
$586,240
$0
$0
$820,140
HOUSING REHABILITATION (Cost Center 4280):
Residential Rehabilitation $0
TOTAL HOUSING REHABILITATION $0
RHDC FUND TOTAL $728,540
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2003 -04
2004 -05
Projected
Budget
ADMINISTRATIVE (Cost Center 4270)
Legal Fees
$4,000
$3,000
Auditing Fees
10,000
10,000
Department Supplies
0
300
Travel and Meeting Expenses
0
500
Membership /Subscription
0
500
City Services
219,600
219,600
TOTAL ADMINISTRATIVE
$233,600
$233,900
SPECIAL PROJECTS (Cost Center 4275):
First Time Home Buyers Program
$0
$100,000
Management Contract - Angelus
172,340
172,340
Special Insurance'- Angelus
4,500
5,000
Lease Payment - Angelus
60,000
60,000
Management Contract Expenses
152,500
152,500
Special Insurance
9,200
10,000
Lease Payment - Garvey
86,400
86,400
Construction - Garvey Senior Housing
10,000
TOTAL SPECIAL PROJECTS
$494,940
$586,240
$0
$0
$820,140
HOUSING REHABILITATION (Cost Center 4280):
Residential Rehabilitation $0
TOTAL HOUSING REHABILITATION $0
RHDC FUND TOTAL $728,540
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