Explanation
BACKGROUND: This ordinance authorizes the transfer of cash and appropriation and authorizes the expenditure of $60,000.00 of the Community Development Block Grant Revolving Loan Fund (CDBG-RLF) from the Department of Development’s Division of Housing to the Division of Economic Development and authorizes the appropriation and expenditure of $12,000.00 from the Community Development Block Grant Revolving Loan fund for the Division of Economic Development.
Ordinance 3182-2019 appropriated some of the City’s 2020 CDBG budget and after the ordinance was approved by City Council, it was discovered that $72,000.00 of Revolving Loan Funds were inadvertently appropriated in the Division of Housing when the funds should have been appropriated in the Division of Economic Development. Revolving Loan Funds are dedicated to Economic Development activities and cannot be expended from the Division of Housing’s budget. Another $12,000.00 needs to be appropriated to account for a Division of Economic Development contract that was executed out of the funds appropriated in the Division of Housing. Once the $72,000.00 is appropriated and able to be expended, the purchase order for the contract in question (PO216884) will be cancelled, a new purchase order established under the correct division, and the cancelled funds will go back into the revolving loan fund.
Emergency action is requested to allow for continuation of services without interruption.
Fiscal Impact: The amount of $60,000.00 will be transferred from the Division of Housing to the Division of Economic Development in Fund 2249 Subfund 224907 and Fund 2249 Subfund 224907 has sufficient cash to cover the appropriation of the additional $12,000.00.
Title
To authorize the transfer of cash and appropriation and authorize the expenditure of $60,000.00 of the Community Development Block Grant Revolving Loan Fund from the Department of Development’s Division of Housing to the Division of Economic Development...
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