HomeMy WebLinkAboutBudget FY 2005/06 - Country Village Apartments PALM DESERT HOUSING AUTHORITY
STAFF REPORT
REQUEST: APPROVE THE FISCAL YEAR 2005-2006 BUDGET FOR THE
COUNTRY VILLAGE APARTMENTS AND AUTHORIZE THE
DIRECTOR OF FINANCE TO APPROPRIATE FUNDS FROM THE
UNOBLIGATED HOUSING AUTHORITY FUND
SUBMITTED BY: JANET MOORE, HOUSING AUTHORITY ADMINISTRATOR
DATE: OCTOBER 13, 2005
CONTENTS: 2005-2006 COUNTRY VILLAGE APARTMENTS BUDGET
Recommendation:
That the Housing Authority Board, by minute motion:
1. Approve the Fiscal Year 2005-2006 operating budget for the 66 unit
apartment complex currently known as Country Village Apartments
and located at 42455 Washington Street attached hereto as Exhibit
"A", and
2. Authorize the Director of Finance to budget$128,884 in revenue and
appropriate $590,628 for expenditures to the 2005-2006 Fiscal Year
operating budget for Country Village Apartments from the Unobligated
Housing Authority Fund (871).
Executive Summary:
Approval of this request will establish and appropriate a budget for the operations of the
property located at 42455 Washington Street currently known as Country Village
Apartments. In order to operate the newly acquired property a budget has been
developed based on expected costs and revenue.
Discussion:
On September 30, 2005, the Palm Desert Redevelopment Agency closed escrow on a 66
unit apartment complex known as Country Village Apartments on Washington Street. The
Palm Desert Housing Authority has been duly authorized to operate the Agency's
properties and in order to maintain continuity in all our projects has asked the current
management company to submit a proposal to oversee the day-to-day operations.
Staff Report
2005-2006 Country Village Apartments
October 13, 2005
Page 2
In order to pay the necessary expenses related to the operations of this property, the
Authority has prepared a budget based on prior experience with similar properties. Once
the initial set-up is complete and the property's tenant base is established, the property
budget will stabilize. Due to the date escrow closed, this budget was not included in the
2005-2006 Financial Plan submitted by the Director of Finance.
A report will be provided to the Agency Board regarding the disposition of the property
once a full evaluation is complete. In the meantime, this property will be managed with the
same expected quality and standards as the other properties managed by the Authority.
Submitted by: Department Head:
J efl,;„..„.„„„
oore Dave Yrigo
Housing Authority Administrator Director edevelopment/Housing
Approval:
• 0a4-1//-7--
J ti McCarthy, AC elopment Paul G. Gibson, Finance Director
Carlos L Ortega, cutive Director
•
PALM DESERT REDEVELOPMENT AGENCY
BUDGET WORKSHEETS FY 2005-2006
HOUSING AUTHORITY-COUNTRY VILLAGE FUND# 871 8691
ACTUAL ADOPTECPROJECT'1st YEAR
Account Code Account Description FY 03-04 FY 04-05 FY 04-05 FY 05-06
Revenue:
871-8691-363.20-00 TOTAL RENTAL INCOME 128,884_
Expenditures -
871-8691-466.30-89 PROF-COUNTRY VILLAGE 88,283
871-8691-466.30-92 PROF-OTHER 64,644
871-8691-466.30-93 PROF-ADM EXP/APARTMENT BL 27,648
871-8691-466.32-23 ADVERTISING/PROMOTION 6,466
871-8691-466.33-10 RIM-BUILDING 50,360
871-8691-466.35-14 UTILITIES 44,400
871-8691-466.36-95 MISCELLANEOUS EXP 8,827
SUBTOTAL EXPENDITURES 290,628
NET OPERATING INCOME(NO1) (161 744)
871-8691-466.33-11 REPLACEMENT EXPENDITURES 250,000
871-8691-466.40-01 CAPITAL BUDGET 50,000
871-8691-466.40-50 CAPITAL IMPROVEMENTS -
NET INCOME (461 744)
HOUSING AUTHORITY - COUNTRY VILLAGE
FUND# 871
HOUSING AUTHORITY- COUNTRY VILLAGE DEPT. 8691
Program Narrative:
Country Village Apartment complex has 66 units which are all rented at affordable levels for very low,
low and moderate income families.
EXPENDITURE ACTUAL ADOPTED PROJECTED 1st YEAR PERCENTAGE
SUMMARY FY 03-04 FY 04-05 FY 04-05 FY 05-06 CHANGE
SALARY AND BENEFITS
SUPPLIES
OTHER SERVICES 290,628 -100.00%
CAPITAL OUTLAY 300,000 -100.00%
TOTALS: 590,628 -200.00%
SIGNIFICANT CHANGES: