Explanation
BACKGROUND:
This legislation authorizes the transfer of $2,980,528.00 within the General Government Grant Fund, Neighborhood Stabilization Program 1. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program 1 (NSP1) 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. These funding obligations must be made prior to the end of the grant's required obligation period of September 4, 2010 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT:
This ordinance authorizes the cancellation of $930,528.00 from an Auditor's Certificate and the transfer of $2,980,528.00 within the General Government Grant Fund, NSP1 Grant.
Title
To authorize the City Auditor to cancel $930,528.00 from an Auditor's Certificate; to authorize and direct the transfer of $2,980,528.00 within the General Government Grant Fund, NSP1 Grant, to provide funding for obligations and expenditures related to the NSP1 Grant; and to declare an emergency. ($2,980,528.00)
Body
WHEREAS, this legislation authorizes the cancellation of an Auditor's Certificate and the transfer of $2,980,528.00 within the General Government Grant Fund, NSP1 Grant, to provide funding for the Department of Development obligations and expenses relating to the NSP1 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 City Auditor is hereby authorized to partially cancel AC029669\003 by canceling $930,528.00 from its balance.
Section 2. That the City Auditor be and is hereby authorized and directed to transfer, within the General Government Grant Fund, Fund No.220, Grant Number 440500, $2,980,528.00 as follows:
FROM:
Division / OL One / OL Three / OCA / Amount
44-01 / 03 / ???? / 440512 / $1,500,000
44-10 / 05 / 5528 / 440511 / $930,528.00
44-10 / 03 / 3336 / 440509 / $550,000.00
Total: $2,980,528
TO:
Division / OL One / OL Three / OCA / Amount
44-10 / 05 / 5528 / 440506 / $2,730,528.00
44-10 / 05 / 5528 / 440510 / $250,000.00
Total: $2,980,528.00
Section 3. 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.