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HomeMy WebLinkAbout075 - 05/21/2002 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND ORDINANCE NO. 075, 2002 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND WHEREAS, the HOME Investment Partnership Program (fhe "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; 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 rtotified by HUD that the City's HOME Participating Jurisdiction Grant for the federal fiscal year 2002-2003 is $684,000, constituting a new revenue source; and WHEREAS, the City expects to receive HOME Program income in the 2002-2003 federal fiscal year in the amount of$200,000; 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,does 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 relevant funds to exceed the current estimate of actual and anticipated revenues to be received in that fund during any fiscal year; 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,by adoption of Resolution 2002-049,the City Council approved the 2002-2003 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 2002-2003 into the HOME Program Fund the sum of SIX HUNDRED EIGHTY FOUR THOUSAND DOLLARS($684,000),upon receipt thereof from federal fiscal year 2002-2003 HOME Participating Jurisdiction Grant Funds. Section 2. That there is hereby appropriated from unanticipated program income revenue for approved HOME Program projects,upon receipt thereof into the HOME Program Fund,the amount of TWO HUNDRED THOUSAND DOLLARS($200,000)for approved HOME Program projects. Introduced,considered favorably on first reading,and ordered published this 7th day of May, A.D.•2002, and to be presented for final passage on the 21 st day of May,A.D. 2002. Mayor A EST: City Clerk Passed and adopted on final reading this 21 st day of May, A.D. 2002. ATTEST: Mayor pro TeM -12b 'V" Ct City Clerk