Explanation
BACKGROUND: This ordinance appropriates monies within the Community Development Block Grant Fund (CDBG) to various departments and offices of the government of the City of Columbus for the twelve months ending December 31, 2009. The CDBG appropriation is $48,831 more than the 2009 Action Plan (Ord. 1604-2008) as a result of interest earnings in 2008 which must be remitted to HUD in 2009.
This ordinance also authorizes the transfer of $576,223 (cash only) from the CDBG revolving loan subfund to the CDBG entitlement subfund in order to properly align resources with approved programs. Cash on hand and anticipated revenues in the revolving loan subfund exceed planned expenditures in the subfund to the extent that $576,223 is available for transfer to support activities budgeted in the entitlement subfund.
FISCAL IMPACT: This legislation totals $7,980,472.00 for the 2009 CDBG programs. These amounts are supported by 2009 estimates of the HUD entitlement award, housing and economic development loan repayments, reprogramming of prior year projects, and other miscellaneous revenues.
This legislation is presented as an emergency for the effective implementation of 2009 CDBG programs and ongoing city operations.
Title
To authorize an appropriation of $7,980,472.00 in various divisions and object levels of the Community Development Block Grant Fund, to authorize the transfer of $576,223.00 (cash only) from the CDBG subfund known as the Revolving Loan Fund to the CDBG subfund known as the Entitlement fund, to provide funding for approved programs, and to declare an emergency ($7,980,472.00).
Body
WHEREAS, the city of Columbus expects to continue as a participating jurisdiction of the U.S. Department of Housing and Urban Development for 2009; and
WHEREAS, the city has approved the 2009 Action Plan budget (Ordinance 1604-2008) on November 10, 2008, as required by HUD; and
WHEREAS, in addition to the Action Plan budge...
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