Explanation
BACKGROUND: This legislation authorizes the transfer of $264,569.71 and expenditure of $229,769.49 of Neighborhood Stabilization Program (NSP1) funds from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This modification to the City's NSP1 budget does not result in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund).
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's close out period 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 of $264,569.71 and expenditure of $229,769.49 of NSP1 funds within the General Government Grant Fund. The $229,769.49 of NSP1 Funds must be expended in Neighborhood Stabilization Program eligible projects and activities. The funds are transferred from other activities.
Title
To authorize and direct the City Auditor to cancel $57,743.33 from Auditor’s Certificates; to authorize the transfer of $264,569.71 within the General Government Grant Fund; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expenditure of $229,769.49 from General Government Grant Fund, Neighborhood Stabilization Program1 grant; and to declare an emergency. ($264,569.71)
Body
WHEREAS, this legislation authorizes the transfer of $264,569.71 and the expenditure of $237,177.76 of NSP1 funds from the General Government Grant Fund to provide funding for the Department of Development obligations and expenses relating to the Neighborhood Stabilization Program; and
WHEREAS, this modification to the City's NSP1 budget does not result in a greater than 2...
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