HomeMy WebLinkAbout062 - 07/01/2008 - APPROPRIATING UNANTICIPATED REVENUE AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN PROGRAM Y ORDINANCE NO. 062, 2008
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 in the form of
Participating Jurisdiction Grants for a variety of housing-related activities which would increase the
supply of decent, safe, and affordable housing; and
WHEREAS, on March 1, 1994, the City Council adopted Resolution 1994-92 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 2008-2009 is $618,429, constituting a new revenue
source; and
WHEREAS, the City will also receive unanticipated HOME Program income in the 2008-
2009 federal fiscal year in the amount of$50,000; 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, 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 2008 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.
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 2008-2009 into the HOME Program Fund the sum of SIX HUNDRED
EIGHTEEN THOUSAND FOUR HUNDRED TWENTY-NINE DOLLARS ($618,429), upon
receipt from federal fiscal year 2008-2009 HOME Participating Jurisdiction Grant Funds.
Section 2. That there is hereby appropriated for expenditure from unanticipated program
income revenue,upon receipt thereof into the HOME Program Fund the sum of FIFTY THOUSAND
DOLLARS ($50,000) for approved HOME Program projects.
Section 3. That the unexpended and unencumbered amount of THREE HUNDRED FIFTY-
EIGHT THOUSAND TWO HUNDRED NINETY-THREE DOLLARS ($358,293) 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 3rd day of June,
A.D. 2008, and to be presented for final passage on the 1 st da uly, A.D. 2008.
ay r '
ATTEST:
City Clerk
Passed and adopted on final reading on the 1 st day of Ju , A . 2008.
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Mayor
ATTEST:
IXUL
City Clerk