HomeMy WebLinkAbout060 - 06/07/2005 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND ORDINANCE NO. 060, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN
THE HOME INVESTMENT PARTNERSHIPS FUND
WHEREAS, the HOME Investment Partnership Program ("HOME Program") was
authorized by the National Affordable Housing Act of 1990 to provide funds in the form of
Participating Jurisdiction Grants for a variety of housing-related activities which would increase
the supply of decent, safe, sanitary and affordable housing; and
WHEREAS, on March 1, 1994,the City Council adopted Resolution 94-92 authorizing the
Mayor to submit to the Department of Housing and Urban Development("HUD") a notification of
intent to participate in the HOME Program; and
WHEREAS, on May 26, 1994, HUD designated the City as a Participating Jurisdiction in
the HOME Program,allowing the City to receive an allocation of HOME Program funds as long as
Congress re-authorizes and continues to fund the program; and
WHEREAS, the City has been notified by HUD that the City's HOME Participating
Jurisdiction Grant for the federal fiscal year 2005-2006 is $681,881, constituting a new revenue
source; and
WHEREAS, unexpended funds are also available from the HOME Program for the federal
2004-2005 fiscal year in the amount of$358,450; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations by ordinance at any time during the fiscal year,
provided that the total amount of such supplemental appropriations,in combination with all previous
appropriations for that fiscal year, do not exceed the then current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the HOME Program funds
as described herein will not cause the total amount appropriated in the HOME Fund to exceed the
current estimate of actual and anticipated revenues to be received in that fund during the 2005 fiscal
year; and
WHEREAS,Article V, Section 10,of the Charter authorizes the City Council to transfer by
ordinance any unexpended and unencumbered amount or portion thereof from one project to another
project,provided that the purpose for which the funds were initially appropriated no longer exists;
and
WHEREAS,Article V, Section 11,of the Charter provides that federal grant appropriations
shall not lapse if unexpended at the end of the budget year until the expiration of the federal grant.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from unanticipated revenue
in the federal fiscal year 2005-2006 into the HOME Program Fund the sum of SIX HUNDRED
EIGHTY-ONE THOUSAND EIGHT HUNDRED EIGHTY-ONE DOLLARS ($681,881), upon
receipt from federal fiscal year 2005-2006 HOME Participating Jurisdiction Grant Funds.
Section 2. That the unexpended and unencumbered amount of THREE HUNDRED
FIFTY-EIGHT THOUSAND FOUR HUNDRED FIFTY DOLLARS ($358,450) is hereby
authorized for transfer from 2004-2005 HOME Program projects to the 2005-2006 HOME Program.
Introduced, considered favorably on first reading, and ordered published this 17th day of
May, A.D. 2005, and to be presented for final passage on the 7th day of June, A.D. 2005.
L- i
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 7th day ne, A.D. 2005.
Mayor '
ATTEST:
City Clerk