This facility is disabled accessible.  Auxiliary aids and services are available for individuals with speech, vision or hearing impairments (48 hour notice is required).  Please contact the ADA Coordinator at (818) 238-5021 voice or (818) 238-5035 TDD with questions or concerns.

6:30 P.M.

INVOCATION:          

The Courts have concluded that sectarian prayer as part of City Council meetings is not permitted under the Constitution.

FLAG SALUTE:

ROLL CALL:

JOINT PUBLIC HEARING WITH THE CITY COUNCIL:

1.         PUBLIC HOUSING AGENCY FIVE YEAR PLAN 2005-2009 AND ANNUAL PLAN FOR FISCAL YEAR 2005-06:

The purpose of this report is to provide the information necessary for the Housing Authority Board to consider: 1) the Five-Year Public Housing Agency Plan for 2005 � 2009; 2) the Public Housing Agency Plan for Fiscal Year (FY) 2005-06 (which includes an amendment to the Section 8 Program payment standard); and, 3) authorizing the Board Chairperson and the Executive Director to execute the certifications that are required by the United States Department of Housing and Urban Development. The Five-Year Plan describes the mission of the Housing Authority and the goals for achieving its mission over the next five years.

The mission of the Burbank Housing Authority is to provide affordable housing that is decent, safe and sanitary to very-low income tenants in Burbank. By implementing the federally-funded Section 8 Program, the Housing Authority is able to take existing units in the private market and make them affordable. The primary goal of the Housing Authority is to assist the greatest number of families or households within the Housing and Urban Development (HUD)-allocated budget, utilizing all 1,014 housing assistance vouchers available to Burbank. For the most part, Federal regulations dictate the way the Section 8 Program will be implemented. However, there are some areas where local discretion is allowed. Those local policy decisions are included in the revised Administrative Plan, including:

• Timing for opening and closing the Section 8 Waiting List;

• Establishing local preferences for the Waiting List;

• Obtaining credit reports for applicants and participants;

• Establishing local housing assistance payment standards;

• Obtaining information on criminal activity for household members; and,

• Establishing repayment options for fraudulent cases.

Since 1999, the Housing Authority established the policy of setting the Section 8 payment standards at 110 percent of the fair market rents. The Burbank Housing Authority has used this generous payment standard and has still been successful in achieving its primary goal. This has been possible because the Housing Authority had a sufficient amount of reserve funding available from which to draw.

The per-household subsidy is based on the fair market rents. As that component increases, the gap between what the tenants pay (Section 8 subsidy) also increases. With Burbank�s rental rates on the rise, the local standard of paying 110 percent above the HUD fair market rents has negatively impacted the Authority�s budget. As mentioned, the Authority has been fortunate to have had reserve funds available to bridge the gap between HUD funding and the 110 percent payment standard. However, these funds are finite and if conditions are left unchanged, the Housing Authority reserve funds will be exhausted within twelve months.

In an effort to avoid reducing rental vouchers or running out of funds, staff is recommending a program administration amendment that would adjust the payment standard from the fixed rate of 110 percent above the fair market rents to 90 percent of the fair market rents.  

Setting the payment standards at 90 percent of the fair market rent would ultimately result in a per-household subsidy decrease of roughly $104 per month for approximately 34 percent of the program participants (roughly 341 households). In accordance with HUD guidelines, a local Authority must provide a two-year notice period to the affected tenants. In the meantime, households new to the program and tenants that move would be assisted at the new payment standard of 90 percent.

With this reduction, the Housing Authority will be able to continue serving the maximum number of households (1,014) possible, thereby providing the highest level of service and assistance to the greatest number of people while staying within the annual budget (without reliance on the General Fund for assistance).

Recommendation:

Adoption of proposed Housing Authority resolution entitled:

A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF BURBANK APPROVING THE FIVE YEAR PUBLIC HOUSING AGENCY PLAN AND THE PUBLIC HOUSING AGENCY ANNUAL PLAN FOR FISCAL YEAR 2005-06 AND AUTHORIZING THE CHAIRPERSON AND EXECUTIVE DIRECTOR TO EXECUTE THE CERTIFICATIONS REQUIRED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.

ORAL COMMUNICATIONS

JOINT MEETING WITH THE CITY COUNCIL, REDEVELOPMENT AGENCY, PARKING AUTHORITY AND YOUTH ENDOWMENT SERVICES FUND BOARD:

2.         2005 INVESTMENT POLICY:

Staff is requesting that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2005 Investment Policy.

The 2005 Investment Policy for the Investment Pool is comprised of the City, Redevelopment Agency, Parking Authority, Youth Endowment Services Fund and separately the Housing Authority.

The recommended changes are:

1. Decreasing the liquidity requirement needed monthly from $67 million to $62 million which is 2 1/2 (roughly 60 days) of the annual appropriations (less purchased power).  This will be monitored and reviewed quarterly by the Treasurer�s investment advisory committees.

2. Adding Gavin Lee, Wachovia Securities, to the list of qualified brokers from which the City may purchase investments and deleting Ken Herman, First Tennessee Bank (retired), Kirk Walske, Bank of America Securities (never involved with the City�s portfolio) and Ron Gross, Vining Sparks (not active in servicing the City�s needs).

Recommendation:

Staff recommends that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2005 Investment Policy.

CONSENT CALENDAR: (Item 3)

The following item may be enacted by one motion.  There will be no separate discussion on this item unless a Council Member so requests, in which event the item will be removed from the consent calendar and considered in its normal sequence on the agenda. A roll call vote is required for the consent calendar.

3.         TREASURER�S REPORT:

The City Treasurer's report on investment and reinvestment of temporarily idle funds for the fourth quarter ending December 31, 2004.

Recommendation:

Note and file.

END OF CONSENT CALENDAR          

RECESS to continue the Parking Authority, Youth Endowment Services Fund Board and the City Council meetings.

ADJOURNMENT.