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for extraordinary maintenance items as well as the anticipated operating subsidy (OFND). The budget <br /> presented includes a projected surplus of $25,678 which is modest and comparable to last year. <br /> Because of limited income and generally fixed expenditures, the Operating Budget for Kottinger Place <br /> is generally always "tight," with either a small surplus (ideally) or occasionally a modest deficit that must <br /> potentially be covered through a transfer from project reserves (the Housing Authority currently has a <br /> reserve balance of approximately $272,000). Should it become necessary to cover a budget deficit <br /> through project reserves (which is not anticipated), staff would bring the matter back to the Commission <br /> for consideration. <br /> As the Commission is aware, the City continues to move forward with the Kottinger Gardens project <br /> which involves the eventual replacement of Kottinger Place. At the present time, construction of the <br /> first phase of the new development is not forecast to begin before mid-2016. Therefore, it is likely that <br /> the proposed budget for FY 2015/16 should not be 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 City of <br /> Pleasanton Board of Directors is required to formally adopt the annual Operating Budget. Therefore, <br /> staff is recommending that the Commission: <br /> 1) Adopt the attached draft resolution approving the annual Operating Budget for Kottinger Place <br /> for fiscal year 2015/16; and, <br /> 2) Recommend that the City Council, acting as the Housing Authority Board of Directors, approve <br /> the Operating Budget at its meeting of June 2, 2015. <br /> Page -4- <br />