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CONCLUSION <br /> The proposed Operating Budget represents the realistic costs and revenues expected <br /> during the coming year. In addition, it also includes the anticipated annual allocation of <br /> CFP funds for FY 2015/16 for extraordinary maintenance items as well as the <br /> anticipated operating subsidy (OFND). The budget presented includes a projected <br /> surplus of $25,678 which is modest and comparable to last year. Because of limited <br /> income and generally fixed expenditures, the Operating Budget for Kottinger Place is <br /> generally always "tight," with either a small surplus (ideally) or occasionally a modest <br /> deficit that must potentially be covered through a transfer from project reserves (the <br /> Housing Authority currently has a reserve balance of approximately $272,000). Should <br /> it become necessary to cover a budget deficit through project reserves (which is not <br /> anticipated), staff would bring the matter back to the Board for consideration. <br /> As the Board is aware, the City continues to move forward with the Kottinger Gardens <br /> project which involves the eventual replacement of Kottinger Place. At the present time, <br /> construction of the first phase of the new development is not forecast to begin before <br /> mid-2016. Therefore, it is likely that the proposed budget for FY 2015/16 should not be <br /> affected by progress on the redevelopment project. <br /> STAFF RECOMMENDATION <br /> In accordance with Section 2.36.032 of the Municipal Code, the Housing Authority of the <br /> City of Pleasanton Board of Directors is required to formally adopt the annual Operating <br /> Budget. Therefore, staff is recommending that the Housing Authority Board of <br /> Commissioners adopt the attached draft resolution approving the annual Operating <br /> Budget for Kottinger Place for fiscal year 2015/16 as presented with this report. <br /> Submitted by: Fisc eview: Approved y: <br /> V. • (A\- <br /> Steven Bocian Tina Olson Nelson Fialho <br /> Executive Director Finance Director City Manager <br /> Attachments: <br /> 1. Draft Resolution <br /> 2. Annual Operating Budget for Kottinger Place for FY 2015/16 <br /> 3. Housing Commission Agenda Report, May 21, 2015 <br /> Page 3 of 4 <br />