Explanation
BACKGROUND:
This legislation authorizes the transfer of $200,000 and expenditure of $375,132.05 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. Funding obligations and expenditures must be made prior to the end of the grant period of March 2013 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 transfer $200,000 and the expenditure of $375,132.05 within the General Government Grant Fund, NSP1 Grant. A portion of these funds are available due to canceled NSP1 projects and contracts. The $375,132.05 must be expended in NSP1 eligible projects.
Title
To authorize and direct the City Auditor to cancel $200,000 from an Auditor’s Certificate; to authorize and direct the City Auditor to transfer $200,000 within the General Government Grant Fund; to authorize the expenditure of $375,132.05 from the General Government Grant Fund, NSP1 Grant; and to declare an emergency. ($375,132.05)
Body
WHEREAS, this legislation authorizes the transfer $200,000 and the expenditure of $375,132.05 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, 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 March 2013 as mandated by the City’s NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development; and
WHEREAS, an eme...
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