Explanation
BACKGROUND
This ordinance authorizes the City Auditor to transfer funding from the Department of Development’s General Fund to the HUD Section 108 Loans Grants Fund.
The Department of Development entered into an agreement PO007105 with Neighborhood Design Center utilizing older CDBG (HUD Sect 105 Loan) funding. The overall contract was for $143,161.00 and all but $16,004.14 was drawn, the project has been completed since 2016. Accounting reconciliations showed that the $16,004.14 was not drawn during the close out period for this project and thus the need to transfer funding from the General Fund to the HUD Section 108 Loans Grants Fund to account for the cash deficit within the fund.
FISCAL IMPACT
Funds in the amount of $16,004.14 are available within the General Fund to be transferred to Fund 2204, the HUD Section 108 Loans Grants Fund, G449002 (Hud Sect 108 Loans).
Title
To authorize the City Auditor to transfer funds from the Department of Development’s General Fund to the HUD Section 108 Loans Grants Fund in connection with the HUD Sect 108 Loans Grants. ($16,004.14)
Body
WHEREAS, the City of Columbus Department of Development entered into an agreement with the Neighborhood Design Center that utilized HUD Sect 108 Loans; and
WHEREAS, HUD Section 108 Loan Grant Funds were used to pay this project; and
WHEREAS, there is a remaining cash deficit in the General Government Grants Fund; and
WHEREAS, a reconciliation determined funds in the amount of $16,004.14 must be transferred from the Department of Developments General Fund, Fund 1000 to the HUD Section 108 Loans Grants Fund, Fund 2204; NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the transfer of $16,004.14 or so much thereof as may be needed, is hereby authorized from Fund 1000 (General Fund), from Dept-Div 4402 (Economic Development), Object Class 01 (Personnel) to Dept-Div 4402 (Economic Development), Object Class 10 (Transfer Out), per the account codes in the attachment to this ordinance.
SECTION 2. That the transfer of $16,004.14 or so much thereof as may be needed, is hereby authorized from Fund 1000(General Fund), from Dept-Div 4402 (Economic Development), Object Class 10 (Transfer Out) to Fund 2204 (HUD Section 108 Loans Grants Fund), Dept-Div 4402 (Economic Development), Project G449002 (Hud Section 108 Loans), Object Class 80 (Transfer In) per the account codes in the attachment to this ordinance.
SECTION 3. That Funds are hereby deemed appropriated and expenditures and transfers authorized to carry out the purposes of this ordinance and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 5. That this ordinance shall take effect and be in force from and after the earliest period by law.