Explanation
BACKGROUND: This legislation authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, Neighborhood Stabilization Program 2. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant.
This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Funding obligations and expenditures must be made prior to the end of the grant period of February 2013 as mandated by the City's NSP2 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, NSP2 Grant. Funding is available through the cancellation of Auditor's Certificate AC 031459-004. The $500,000 must be expended in NSP2 eligible projects.
Title
To authorize the City Auditor to cancel $500,000 from an Auditor's Certificate; to authorize and direct the transfer and expenditure of $500,000.00 within the General Government Grant Fund for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant; and to declare an emergency. ($500.000.00)
Body
WHEREAS, this legislation authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, NSP2 Grant, to provide funding for the Department of Development obligations and expenses relating to the NSP2 Grant; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer said funds so expenditures can be made by the end of the grant period, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Auditor's Office is hereby authorized to cancel $500,000 from Auditor's Certificate No. AC 031459-004.
Section 2. That the City Auditor be and is hereby authorized and directed to transfer $500,000 within the General Government Grant Fund, Fund No.220, Grant 451036 as follows:
FROM:
Division 44-01, Object Level One 06, Object Level Three 6601, OCA Code 441049, Amount $500,000.00
TO:
Division 44-10, Object Level One 05, Object Level Three 5528, OCA Code 441043, Amount $500,000.00
Section 3. That the Director of the Department of Development is hereby authorized to expend $500,000 of NSP2 funds within the General Government Grant Fund for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant.
Section 4. That for the purpose as stated in Section 3, the expenditure of $500,000 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 220, Grant 451036, Object Level One 05, Object Level Three 5528, OCA Code 441043.
Section 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.