Explanation
BACKGROUND: The City of Columbus maintains a cash balance for program income received through activities related to the Neighborhood Stabilization Program 2 (NSP2) grant program. The City intends to close out the NSP2 grant with the U.S. Department of Housing and Urban Development (HUD) and transfer the remaining program income balance to the Community Development Block Grant (CDBG) program to fund CDBG eligible activities. This ordinance authorizes the appropriation of funds from the NSP2 grant and transfer $1,744,169.25 of cash assets from the NSP2 grant to the CDBG program.
The Department of Finance and Management, Division of Grants Management, is responsible for performing the required transactions in the Disaster Recovery Grant Reporting (DRGR) system and the Integrated Disbursement and Information System (IDIS) to properly account for the transfer of program income between the NSP and CDBG grant programs. The available CDBG program income funds will be available for immediate use in IDIS upon HUD approval. The Division of Grants Management will report the transferred program income within the available resources in the 2021 Annual Action Plan.
EMERGENCY DESIGNATION: This ordinance is submitted as an emergency so as to allow these financial transactions to be posted in the City’s accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
FISCAL IMPACT: This ordinance authorizes the appropriation and transfer of existing cash assets from the NSP2 grant to the CDBG program. ($1,744,169.25)
Title
To authorize the appropriation and transfer of $1,744,169.25 of cash assets from the Neighborhood Stabilization Program 2 to the Community Development Block Grant; and to declare an emergency. ($1,744,169.25)
Body
WHEREAS, the City of Columbus is a recipient of Neighborhood Stabilization Program 2 (NSP2) grant funds from the U.S. Department of Housing and Urban Development (HUD);...
Click here for full text