Housing - Item 3A - Adoption of Housing Fiscal Year 2008-09 BudgetE M 6 •
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ROSEMEAD HOUSING
DEVELOPMENT CORPORATION
STAFF REPORT
TO: THE HONORABLE PRESIDENT AND BOARD OF DIRECTORS
FROM: OLIVER CHI, EXECUTIVE DIRECTOR (�..� -�-
DATE: JUNE 10, 2008
SUBJECT: ADOPTION OF THE ROSEMEAD HOUSING DEVELOPMENT
CORPORATION'S FISCAL YEAR 2008 -09 ANNUAL BUDGET
SUMMARY
The Rosemead Housing Development Corporation's fiscal year 2008 -09 Annual
Budget (Attachment A) is as follows:
Total Appropriations FY 2008 -09 $694,400
Staff Recommendation
Staff recommends that the Corporation adopt Resolution No. 2008 -01 approving the
fiscal year 2008 -09 Annual Budget in the amount of $694,400.
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. 2008 -01
APPROVED FOR CITY COUNCIL AGENDA: V . ITEM NUMBER:
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• RESOLUTION NO. 2008 -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, 2008 and
ending June 30, 2009 was submitted to the Housing Development Directors for
it's review and consideration and the proposed annual budget is on file in the City
Clerk's office; and
WHEREAS, on June 10, 2008 a budget study session and a public
hearing were held, and
NOW, THEREFORE, THE HOUSING DEVELOPMENT DIRECTORS OF
THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION DOES
RESOLVE AS FOLLOWS:
The 2008 -09 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 2008-
09 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 10th day of June, 2008
ATTEST:
Corporation Secretary
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PRESIDENT, ROSEMEAD HOUSING
DEVELOPMENT CORPORATION
• •
ROSEMEAD HOUSING DEVELOPMENT CORP
ANNUALBUDGET
FISCAL YEAR 2008 -09
JOHN NUNEZ
VICE - CHAIRPERSON
POLLY LOW
COMMISSIONER
ROSEMEAD
HOUSING DEVELOPMENT
CORPORATION
ANNUAL BUDGET
JULY 1, 2008 - JUNE 30, 2009
JOHN TRAN
CHAIRPERSON
OLIVER CHI
EXECUTIVE DIRECTOR
MARGARET CLARK
COMMISSIONER
GARY TAYLOR
COMMISSIONER
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
PRELIMINARY BUDGET
FISCAL YEAR 2008 -09
TABLE OF CONTENTS
PAGE
I. SUMMARY OF FUND BALANCE
RHDC Funds 1
II. SUMMARY OF EXPENDITURES BY CATEGORY
Administration ........................:............. ............................... 2
Special Projects ................................... ............................... 2
Housing Rehabilitation ........................... ............................... 2
III. CHART OF ACCOUNTS
Revenues............................................ ............................... 3
Expenditures....................................... ............................... 3
COST
IV. EXPENDITURE DETAIL
CENTER
Administration ......................................
............................... 4870
Special Projects ...................................
............................... 4875
Housing Rehabilitation ...........................
............................... 4880
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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
-1-
2007 -08 2008 -09
Projected Budget
$ 358,155 $ 347,696
250,000
250,000
415,000
416,000
5,680
5,700
1,028, 835
1,019,396
225,350 226,200
455,789 468,200
681,139 694,400
$ 347,696 $ 324,996
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
SUMMARY OF EXPENDITURES BY CATEGORY
-2-
2007 -08
2008 -09
Projected
Budget
ADMINISTRATIVE (Cost Center 4270)
Legal Fees
$
-
$
500
Auditing Fees
4,500
4,500
Department Supplies
100
100
IlMiscellaneous Expenses
1,500
1,500
Travel and Meeting Expenses
-
-
Membership /Subscription
-
-
City Services
219,600
219,600
TOTAL ADMINISTRATIVE
$
225,700
$
226,200
SPECIAL PROJECTS (Cost Center.4275)
First Time Home Buyers Program
$
-
$
-
Management Contract - Angelus
154,000
160,000
Special Insurance - Angelus
5,140
5,500
Lease Payment - Angelus
60,000
60,000
Management Contract - Garvey
155,000
160,000
Special Insurance - Garvey
9,649
10,700
Lease Payment - Garvey
72,000
72,000
TOTAL SPECIAL PROJECTS
$
455,789
$
468,200
HOUSING REHABILITATION (Cost Center 4280)
Planning and Administration
$
$
Residential Rehabilitation
TOTAL HOUSING REHABILITATION
$
$
-
RHDC FUND TOTAL
$
681,489
$
694,400
-2-
REVENUE
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
CHART OF ACCOUNTS
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
19911
ROSEMEAD HOUSING DEVELOPMI
PRELIMINARY BUDGET
FISCAL YEAR 2008 -09
Housing Development ACTIVITY: Administration
ORGANIZATION:
FDIPROJ #
ACTIVITY
EXPENSE
IF—BUDGET I 007 ESTIMATED I
BUD ET
OPERATIONS
4340 Fund 52
Legal Fees
$ -
$ 3,000
$ 150
$ 500
4410 Fund52
Auditing Fees
4,000
3,000
4,000
4,500
5010 Fund52
Department Supplies
-
300
100
100
6410 P71552
Miscellaneous Expenses
-
-
750
750
6410 P72052
IMiscellaneous Expenses
-
-
750
750
6450 Fund52
Travel and Meeting Expense
-
500
-
-
6460 Fund52
Membership /Subscription
-
500
-
-
6500 Fund52
City Services
219,600
219,600
219,600
219,600
Total Operations
TOTAL $ 223,600 $ 226,900
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
ACCOUNT DESCRIPTIONS
ADMINISTRATION
Cost Center 4270
OPERATIONS
4340 LEGAL FEES — Provides funds to retain legal services as needed and or
requested by the Housing Development Corporation.
4410 AUDITING FEES — Provides funds for an independent C.P.A. firm to
perform an annual audit, complete any ` necessary reports, and provide
requested professional information.
5010 DEPARTMENT SUPPLIES —Provides funds for departmental supplies.
6450 TRAVEL AND MEETINGS — Provides funds for any corporation related
traveling and/or meetings as provided by the Board of Directors.
6410 MISCELLANEOUS EXPENSES — All current expenditures have been
transferred to the Special Projects Budget, account 4461, Management
Contract Expenses.
6460 MEMBERSHIPS /SUBSCRIPTIONS — Provides funds for membership in
selected professional journals and periodicals, if needed.
6500 CITY SERVICES — Provides funds to reimburse the City of Rosemead for
services that the Housing Development Corporation requires.
) HOUSING DEVELOPMI
PRELIMINARY BUDGET
FISCAL YEAR 2008 -09
Housing Development ACTIVITY: Special Projects
ORGANIZATION:
ACCOUNT 2006 -07
NO. ACTUAL 2007 -08 2008 -09
FD /PROJ # ACTIVITY EXPENSE BUDGET ESTIMATED BUDGET
OPERATIONS - GENERAL
6412 P72152 First Time Home Buyers Prog. $ $ $ $
Sub -Total GENERAL -
OPERATIONS - ANGELUS
4461 P71552 Management Contract Exp. 148,165 154,000 154,000 160,000
6230 P71552 Special Insurance 5,265 5,000 5,140 5,500
6475 P71552 Lease Payment 60,000 60,000 60,000 60,000
Sub -Total ANGELUS SR.
HOUSING PROJECT 213,430 219,000 219,1401 225,500
OPERATIONS - GARVEY
4461
P72052
Management Contract Exp.
149,127
173,850
155,000
160,000
6120
P72052
Utilities - Electric
-
-
-
-
6230
P72052
Special Insurance
10,292
10,700
9,649
10,700
6475
P72052
Lease Payment
72,000
72,000
72,000
72,000
Sub -Total GARVEY SR.
HOUSING PROJECT
231 419
256 550
236 649
242.700
Total Operations 444,849 475,550 455,7;
CAPITAL OUTLAY
Total Capital Outlay 0O�
789
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
ACCOUNT DESCRIPTIONS
ADMINISTRATION
Cost Center 4275
OPERATIONS
6411 FHRST TIME HOME BUYERS PROGRAM (1`72152) — Provides funds
for financial assistance in the form of down payment subsidies through a
second trust deed program for the purchase of a home. The loan program
enables eligible households to purchase housing in Rosemead that they would
otherwise be unable to acquire, as well as' expanding the opportunities for
affordable home ownership in the City for households earning from 80% to
120% of median income.
P71552 ANGELUS SENIOR HOUSING PROJECT:
4461 MANAGEMENT CONTRACT EXPENSES — Provides funds for Ronald
H. Levine, Inc. to provide management services to operate the Angelus Senior
Housing complex. They provide an in -house manager, collect the rents,
supervise building maintenance and recreation activities. The firm also makes
the payments for electricity, gas, telephone alarm system and repairs to
building and janitorial services.
6230 SPECIAL INSURANCE — Provides funds for property insurance on the
Angelus Senior Housing complex and contents in case of theft or fire loss.
6475 LEASE PAYMENT — Provides funds for lease payments in the amount of
$60,000 per year as specified in the lease agreement between the City of
Rosemead and the RHDC.
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
ACCOUNT DESCRIPTIONS
ADMINISTRATION
Cost Center 4275 (continued)
OPERATIONS (continued)
P72052 GARVEY SENIOR HOUSING PROJECT:
4461 MANAGEMENT CONTRACT EXPENSE - Provides funds for Ronald H.
Levine, Inc. to provide management services to operate the Garvey Senior
Housing complex. They provide an in -house manager, collect the rents,
supervise building maintenance and recreation activities. The firm also makes
the payments for electricity, gas, telephone alarm system and repairs to
building and janitorial services.
6230 SPECIAL INSURANCE — Provides funds for property insurance on Garvey
Senior Housing complex and contents in case of theft or fire loss.
6475 LEASE PAYMENT — Provides funds for lease payments in the amount of
$72,000 per year as specified in the lease agreement between the City of
Rosemead and the RHDC.
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
ACCOUNT DESCRIPTIONS
ADMINISTRATION
Cost Center 4280
OPERATIONS
4293 PLANNING AND ADMINISTRATION — Provides funds for the staff time
and consultant time spent in the administration of this program which would
be identical to the City's CDBG program.
4294 RESIDENTIAL REHABILITATION —'Provides funds for a program
identical to the City's successful housing rehabilitation program operated
under the guidelines of the CDBG program. The program could include
components similar to the Handyman Grant, Rebate, Deferred Loan, Low
Interest programs.