Explanation
BACKGROUND: This ordinance authorizes the Finance and Management Director to reimburse $1,337,021.40 in grant proceeds to the U.S. Department of Housing and Urban Development (HUD). These funds are comprised of $151,945.99 to the Housing Opportunities for Persons with Aids (HOPWA) program and $1,185,075.41 to the Community Development Block Grant (CDBG) program. In both cases, these funds were drawn down by the City of Columbus for the 2019 grant award period, however these proceeds are related to the 2017 and 2018 award periods, thus necessitating a grant correction. This ordinance also authorizes the City Auditor to process $56,648.09 in expenditure corrections and $1,337,021.40 in revenue corrections. These expenditure corrections represent grant eligible personnel costs that were applied to the 2019 fiscal year, however these actually apply to the 2018 fiscal year, thus necessitating an expenditure correction. The revenue corrections represent $1,337,021.40 in eventual grant proceeds that will need to be repaid to the General Fund.
Emergency action is requested in order to properly classify the U.S. Department of Housing and Urban Development (HUD) reimbursements for eligible expenses, and to ensure that these correcting transactions can be processed as soon as possible.
FISCAL IMPACT: This ordinance authorizes the reimbursement of $1,337,021.40 in grant proceeds to the U.S. Department of Housing and Urban Development. The reimbursement is an accounting correction. There is no fiscal impact. These corrections will reclassify revenues and expenses that were incorrectly drawn from prior year grant funds. In addition, funds will be returned to HUD, then the City of Columbus will draw the funds using the appropriate grant years to comply with HUD guidance.
Title
To authorize the Finance and Management Director to reimburse $1,337,021.40 in grant proceeds to the U.S. Department of Housing and Urban Development (HUD); to authorize the appro...
Click here for full text