HomeMy WebLinkAboutRes 2015-08 and HA-71 Y 14/15 Budget - Mid-year AdjustmentsCITY OF PALM DESERT/PALM DESERT
HOUSING AUTHORITY
FINANCE DEPARTMENT
Staff Report
Request: Approve amending the Fiscal Year 2014-2015 budget as a result of mid-
year adjustments.
Date: February 12, 2015
Contents: Resolution 2015- 08
Resolution HA- 71
Authority Budget.
Recommendation
Amending the Fiscal Year 2014-15 Budget
Amending the Fiscal Year 2014-15 Housing
By Minute Motion, that the City Council:
1. Approve Resolution 2015- 08 amending the fiscal year 2014-2015
budget as a result of mid -year adjustments; and
2. Approve HA- 71 amending the fiscal year 2014-2015 budget as
a result of mid -year adjustments.
Background
Staff has completed a mid -year analysis of the current budget and financial position of
the City. The estimated revenues for the General Fund are $49.622 million (same as
previously approved by City Council with the following changes: sales tax (150k),
Transient Occupancy Tax (800k — short-term rentals major portion of increase) versus
estimated expenditures of $48 million. Expenditures were higher than the original budget
due to staff -recommended budget changes outlined below.
General Fund
Original Budget
Revenues $ 48,672,500
Expenses $ 48,250,546
Mid -Year
Revised Budget
$ 49,622,500
$ 48,665,671
Staff Report
Approval of Resolution 2015- 08 Amending the Fiscal Year 2014/2015 Budget
February 12, 2015
Page 2 of 2
The following are increases made by staff due to mid -year budget review of expenses.
• Building $60,000: Contract plan check for next 6 months
• Marketing $270,000: Media buys for the purpose of increasing cooperative
marketing and incentive opportunities with hotel properties
• Brightside $10,125: Cost of printing on recycled paper which will be reimbursed
by Recycling fund
• Human Res. $20,000: City -Wide Training for reimbursement for college tuition
• Comm. Dev. $55,000: Affordable Housing and Millennium Housing Plan
Non -General Fund
• El Paseo BID Fund - $5,000 for advertising for district
Housinq Authority
• HA Prof — Other
• CLO Villas — Payroll
• CLO Villas — Misc Exp
• HAF Prof. Other Admin
• HAF — Acquisition, Rehab & Resale
Fiscal Impact
$ 10,000
$ 14,112
$ 4,574
$ 10,000
$1,000,000 Housing Resale
Approval of Resolution No. 2015- 08 will result in budget adjustments to the General
Fund in the amount of $589,875 (Revenue $950,000 - Expense $415,125 = $534,875)
for the fiscal year 2014-2015.
Approval of Resolution HA- 71 will result in budget adjustments to Housing Authority
in the amount of $1,019,786 for the fiscal year 2014-2015.
Submi d by:
Paul S. Gibson, Finance Director
Approval:
ohn M. GVohlmuth, City Manager
RESOLUTION NO. 2015- 08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, AMENDING THE FISCAL YEAR 2014-15
BUDGET AS A RESULT OF MID -YEAR ADJUSTMENTS
WHEREAS, as a result of a mid -year review of the budget, it is desirable to revise
the 2014-15 Budget;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Desert, California, that the 2014-15 Budget is hereby revised as follows:
1. The amounts shown in the column entitled "Proposed Budget Adjustment" in the
table entitled "City of Palm Desert, Mid -Year Budget Adjustments (Appropriations), Fiscal
Year 2014-2015", attached hereto as Exhibit "A", are hereby appropriated to the
departments, activities and projects identified therein as the Operating Budget for 2014-
15.
2. The amounts shown in the column entitled "Revised Estimated Revenue" in the
table entitled "City of Palm Desert, Mid -Year Budget Adjustments — Revenue, Fiscal Year
2014-2015", attached hereto as Exhibit "B", are hereby accepted as the Estimated
Revenues for the 2014-15 Fiscal Year for each fund and revenue source.
PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert City
Council held on this day of February, 2015, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
Susan Marie Weber, Mayor
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
Resolution No. 2015-08
City of Palm Desert
Exhibit A
Mid -Year Budget Adjustments (Appropriations)
Fiscal Year 2014-2015
Proposed Budget
Department Category
Adjustment
Building & Safety
Professional Services - Architectural/Eng
$
60,000
Total City Clerk
$
60,000
Marketing
Marketing -advertising Media Buys
$
270,000
Brightside Newsletter
$
10,125
Total Marketing
$
280,125
Human Resources
City -Wide Training
$
20,000
Total Human Resources
$
20,000
Community Development
Affordable Housing/Millenium Plan
$
55,000
Total Community Development
$
55,000
Total General Fund Appropriations
$ 415,125
Revised General Fund Approp.
$
48,665,671
Other Funds:
El Paseo BID: District Advertising $ 5,000
Resolution No. 2015-08
City of Palm Desert
Mid -Year Budget Adjustments - Revenue
Fiscal Year 2014-2015
GENERALFUND
Transient Occupancy Tax (Includes Short Term Rental)
Sales Tax
Exhibit B
Revised Estimated
Revenues
800,000
150,000
RESOLUTION NO. HA-71
A RESOLUTION OF THE PALM DESERT HOUSING AUTHORITY,
PALM DESERT, CALIFORNIA, AMENDING THE FISCAL YEAR 2014-
15 BUDGET AS A RESULT OF MID -YEAR ADJUSTMENTS
ADDENDUM
WHEREAS, as a result of Mid -Year review of the budget, it is desirable to revise
the 2014-15 Budget;
NOW, THEREFORE, BE IT RESOLVED by the Housing Authority, Palm Desert,
California, that the 2014-15 Budget is hereby revised as follows:
The amount shown in the column entitled "Revised Appropriations" in the
table entitled "Palm Desert Housing Authority, Mid -Year 2014-15 Budget
Addendum, Revised Appropriations Operating Budget', attached hereto as
Exhibit "A", are hereby appropriated to the departments, activities, and
projects identified therein as the Operating Budget for 2014-15.
2. The amounts shown in the column entitled "Revised Estimated Revenues"
in the tab entitled "Palm Desert Housing Authority, Mid -Year 2014-15
Budget Review, Revised Estimated Revenues", attached hereto as Exhibit
"B", are hereby accepted as the Estimated Revenues for the 2014-15
Fiscal Year for each fund and revenue source.
PASSED, APPROVED AND ADOPTED, at the regular meeting of the Palm
Desert Housing Authority held on this day of 2015, by the
following vote to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Rachelle D. Klassen, Secretary
Susan Marie Weber, Chairperson
G vdaWeronica Tapia\Word FdestStatl Reports\2014 15 HA Midyear Budget Resolution aoc
RESOLUTION NO. HA-71
HOUSING DEPARTMENT
MID -YEAR 2014-2015 BUDGET REVIEW
REVISED APPROPRIATIONS
OPERATING BUDGET
871-4195-466.30-90
PROF -OTHER
15,000
(10,000)
5,000
-6&67% Decrease to oHest inc to Fund 873
871-8691466 30-89
CLO VILLAS -PAYROLL
-
14,112
14,112
#DIV/0' Increase to accommodate Pre -Leasing
871-8691-466 32-23
CLO VILLAS-ADVIPROMO
1,100
1,100
#DIV/01 Increase to accommodate Pre -Leasing
871-8691466 36-95
CLO VILLAS-MISC EXP
4,574
4,574
#DIV/01 Increase to accommodate Pre -Leasing
873-4195-466 30-92
PROF -OTHER ADMIN
5,000
10,000
15.000
200.00% Increase to cover Inclusionary Housing Study Fee
873-4492464 40-01
ACON, REHAB 8 RESALE
1,000,000
1,000,000
2,000,000
100 00% Increase to exp related to sales from inventory
Total Changes to Expendkures
1,020,000
1,019,786
2,039,786
118/2015
2014.15 Midyear Budget Worksheets 12.22 14 11 08 AM
RESOLUTION NO. HA-71
HOUSING DEPARTMENT
MID -YEAR 2014-2015 BUDGET REVIEW
REVISED ESTIMATED REVENUES
OPERATING BUDGET
871-8691-363.20-00 CLO VILLAS REVENUE 240 240 #DIV/01 Inc related to CLO Villas leasing
Total Changes to Revenues 240 240
118/2015
2014.15 Mdyear Budget Worksheets 12 22.14 11 12 AM