Explanation
BACKGROUND: This legislation authorizes the supplemental appropriation of $337,500 from the unappropriated balance of the Land Management Fund for the administration of the Land Reutilization Program (Land Bank). The Land Management Fund was created in September, 1998 to provide funds for various expenses associated with the management and maintenance of properties held in the Columbus Land Bank. The source of revenue is from the sale of Columbus Land Bank properties. The supplemental appropriation is necessary to service additional properties acquired since the beginning of the year and toalign budget authority with projected expenditures.
Emergency action is requested so that expenditures related to the administration of Land Redevelopment projects can be charged accordingly and that maintenance of City owned Land Bank properties can continue without interruption.
FISCAL IMPACT: This legislation authorizes the supplemental appropriation of $337,500 from the unappropriated balance of the Land Management Fund. The unencumbered cash balance of this fund is approximately $1,440,000.
Title
To authorize the supplemental appropriation of $337,500.00 in the Land Management Fund for the administration of Department of Development's Land Redevelopment Office and related projects; and to declare an emergency. ($337,500.00)
Body
WHEREAS, the Land Management Fund was created in September 1998 to provide funds for various expenses associated with the management and maintenance of properties held in the Land Bank; and
WHEREAS, this legislation authorizes the supplemental appropriation of $337,500 from the unappropriated balance of the Land Management Fund to the Department of Development for the administration of the Land Reutilization Program; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to provide an appropriation so that expenditures related to the a...
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