LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 18-03 - RESIDENTIAL PROPERTY IMPROVEMENT PROGRAM - HOUSING INITIATIVES FUND
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 18-03.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
The Community Redevelopment Agency has approved a Residential Property Improvement Program administered through an agreement with the West Florida Regional Planning Council (WFRPC). The WFRPC will lead an outreach campaign, in coordination with CRA staff, to attract interest from residents within targeted districts of the City’s designated community redevelopment areas.
Funding for this program will come from the Community Redevelopment Agency (CRA) Fund, the Eastside TIF Fund, and the Inner City Housing Initiatives Fund in the General Fund. Funds within the CRA Fund were appropriated in the Fiscal Year 2018 Budget and funds within the Eastside TIF Fund were appropriated in November on the Non-Encumbered Carryover Budget Resolution No. 17-76.
In Fiscal Year 2017 City Council adopted Supplemental Budget Resolution No. 17-44 designating the funds to the Housing Initiatives Fund specifically for use in the Pensacola Inner City Community Redevelopment Area in order to fund affordable housing rehabilitation projects. However, those funds were not carried forward to Fiscal Year 2018.
PRIOR ACTION:
August 10, 2017 - City Council adopted Supplemental Budget Resolution No. 17-44 appropriating $440,000 in the Housing Initiatives Fund.
FUNDING:
Budget: $ 300,000 Eastside TIF Fund
440,000 Inner City Housing Initiatives Fund
70,000 Urban Core Community Redevelopment Agency Fund
$ 810,000
Actual: $ 300,000 Eastside TIF Fund
440,000 Inner City Housing Initiatives Fund
70,000 Urban Core Community Redevelopment Agency Fund
$ 810,000
FINANCIAL IMPACT:
Adoption of the Supplemental Budget Resolution will appropriate the funds in the Inner City Housing Initiatives Fund
CITY ATTORNEY REVIEW: Yes
12/28/2017
STAFF CONTACT:
Eric W. Olson, City Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 18-03
2) Supplemental Budget Explanation No. 18-03
PRESENTATION: No end