SPECIAL MEETING PLEASANTON HOUSING AUTHORITY

THE CITY OF HOUSING AUTHORITY BOARD OF DIRECTORS PL'EASANTONC AGENDA REPORT August 6, 2013 Assistant City Manager TITLE: APPROVAL OF FISCAL YEAR 2013/14 KOTTINGER PLACE OPERATING BUDGET SUMMARY The Housing Authority of the City of Pleasanton (Housing Authority) operates as a separate entity with the primary mission of owning and operating Kottinger Place, a 50- unit senior housing development located at 240 Kottinger Drive. The City Council, acting as the Housing Authority Board of Directors, governs the Housing Authority and Kottinger Place, which while owned by the Housing Authority, is subject to requirements as set forth by the U.S. Department of Housing and Urban Development (HUD). One of HUD's regulations is that the Housing Authority's Board of Directors adopt an annual operating budget for Kottinger Place and that it be submitted to HUD in its predetermined format. In response to this requirement, the Housing Commission, at its June 20 meeting, approved a staff recommended budget and it's being presented this evening for approval by the Housing Authority Board of Directors. The recommend budget is balanced with $281,689 in revenue and $276,227 expenses. HOUSING AUTHORITY BOARD OF COMMISSIONERS RECOMMENDATION: The Housing Commission acting as the Housing Authority Board of Commissioners recommended budget approval. An excerpt from its June 20, 2013 meeting minutes are included as Attachment 3. STAFF RECOMMENDATION Adopt the attached resolution approving the FY 2013/14 Operating Budget (July 1, 2013, to June 30, 2014) and authorizing its submittal to HUD. FINANCIAL STATEMENT All revenue required to operate Kottinger Place is derived from tenant rents and HUD funding and therefore, there is no financial impacts to the City of Pleasanton as a result of budget approval. Housing Authority revenues and expenditures are recorded and maintained separately from those of the City of Pleasanton.