HOUSING AUTHORITY BOARD OF DIRECTORS

THE CITY OF 5 HOUSING AUTHORITY OF THE CITY gt OF PLEASANTON AGENDA REPORT pL E ASANTON. October 21, 2014 Executive Director TITLE: APPROVAL OF A RESOLUTION APPROVING THE 2014/15 ANNUAL OPERATING BUDGET FOR KOTTINGER PLACE SUMMARY The Housing Authority is required to adopt and submit to HUD an annual operating budget that serves as the overall financial plan for the Kottinger Place housing development during the coming fiscal year. The recommended budget was reviewed and approved by the Housing Commission at its meeting of June 19, 2014. Included at Attachment 2 is the Housing Commission agenda report that provides a budget summary and the recommended budget. While this item was scheduled to be reviewed by the Housing Authority Board of Directors in July of this year, it was continued by staff in anticipation of a Board meeting that also included the HUD Section 18 application requesting the disposition and demolition of Kottinger Place as the next step in the process of redeveloping that site. The budget anticipates expenses of $315,158 and revenue of $346,328. Revenue includes a HUD operating grant of 156,000. Overall the budget is status quo and includes a scheduled increase in the administrative fees paid to Barcelon Associates which serves as the project's property manager on behalf of the Authority. HOUSING COMMISSION RECOMMENDATION The Housing Commission approved the operating budget at its meeting of June 19, 2014. (Meeting Minutes Excerpt in included as Attachment 3) RECOMMENDATION Approve the Housing Authority Resolution (Attachment 1) approving the FY2014-15 Annual Operating Budget for Kottinger Place. FINANCIAL STATEMENT There is no direct impact to the City as a result of this budget as all costs a met with project based revenue.