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HomeMy WebLinkAbout108 - 06/16/1998 - APPROPRIATING UNANTICIPATED REVENUE AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN PROGRAM Y ORDINANCE NO. 108, 1998 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN PROGRAM YEARS IN THE HOME INVESTMENT PARTNERSHIPS FUND WHEREAS, the HOME Investment Partnership Program (the "HOME Program") was authorized by the National Affordable Housing Act of 1990 to provide funds for a variety of housing-related activities which would increase the supply of decent, safe, sanitary and affordable housing, primarily rental 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 1998-1999 is $569,000, constituting a new revenue source; and WHEREAS,the City expects to receive HOME Program income in the 1998-1999 federal fiscal year in the amount of$50,000; and WHEREAS, unexpended funds are also available from the HOME Program for the federal 1997-1998 fiscal year in the amount of$59,900; and WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the"Charter") 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,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 fund or capital project to another fund or capital 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; and WHEREAS, City staff has determined that the appropriation of the unanticipated HOME Participating Jurisdiction Grant revenue from HUD and unanticipated Program Income in the amount of$50,000, will not result in total appropriations in excess of the current estimate of actual and anticipated revenues for fiscal year 1998; and WHEREAS, Resolution 98-92, approved by the City Council on June 2, 1998, adopted the 1998-1999 HOME Program. 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 1998-1999 in the HOME Program Fund the sum of FIVE HUNDRED SIXTY- NINE THOUSAND DOLLARS($569,000),upon receipt from federal fiscal year 1998-1999 HOME Participating Jurisdiction Grant Funds. Section 2. That there is hereby appropriated from unanticipated program income revenue for approved HOME Program projects,upon receipt in the HOME Program Fund the amount of FIFTY THOUSAND DOLLARS ($50,000) for approved HOME Program projects. Section 3. That the unexpended and unencumbered amount of FIFTY-NINE THOUSAND NINE HUNDRED DOLLARS ($59,900)is hereby authorized for transfer from 1997-1998 HOME Program projects to the 1998-1999 HOME Program. Introduced,considered favorably on first reading,and ordered published this 2nd d f June, A.D. 1998, and to be presented for final passage on the 16th day gf'J'u e A.D. 199 . Mayor ATTEST: . AaUL City Clerk Passed and adopted on final reading this 16th day of June, A.D. 1998. Mayor P;,' T411 ATTEST: City Clerk ,