LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 18-29 - APPROPRIATING FUNDING IN CONNECTION WITH THE COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM
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RECOMMENDATION:
recommendation
That the City Council adopt Supplemental Budget Resolution No. 18-29.
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:
Due to the timing of the federal grant allocation for the Community Development Block Grant program and the City’s budget cycle, a best estimate is made at the time of the budget preparation of the funds that will be required to complete projects during the fiscal year. In accordance with grant requirements if the grantee does not meet spend out requirements of available funds each year, the funds are subject to recapture by the federal government. To ensure that funds were not recaptured by the federal government from the Community Development Block Grant program for fiscal year 2018, the Single Family Housing Rehabilitation Program was actively marketed in the community. This initiative has been successful and would have resulted in exceeding the current budgeted amount for this activity. The appropriation of additional funds will cover the anticipated expenses to the program this fiscal year which are available for drawdown from the federal grant.
PRIOR ACTION:
September 20, 2017 - City Council adopted the FY 2018 Budget on Resolution 17-63
FUNDING:
N/A
FINANCIAL IMPACT:
Approval of the supplemental budget resolution will allocate funding required to remain in compliance with the program.
CITY ATTORNEY REVIEW: Yes
7/25/2018
STAFF CONTACT:
Keith Wilkins, City Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 18-29
2) Supplemental Budget Explanation No. 18-29
PRESENTATION: No end