HomeMy WebLinkAbout073 - 06/05/2007 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND ORDINANCE NO. 073, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE
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 ofhousing-related activities which increase the supply
of decent, safe, and affordable housing; and
WHEREAS, on March 1, 1994, the City Council adopted Resolution 1994-092 authorizing
the Mayor to submit to the U.S. 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 2007-2008 is $640,931, constituting a new revenue
source; and
WHEREAS, the City will also receive unanticipated HOME Program income in the 2007-
2008 federal fiscal year in the amount of$35,000; 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 2007 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 HOME Program Fund the sum of SIX HUNDRED FORTY THOUSAND NINE HUNDRED
THIRTY-ONE DOLLARS ($640,931), upon receipt from federal fiscal year 2007-2008 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 THIRTY-FIVE
THOUSAND DOLLARS ($35,000) for approved HOME Program projects.
Introduced, considered favorably on first reading, and ordered published this 15th day of
May, A.D. 2007, and to be presented for final passage on t Sth day of June, A.D. 2 07.
Mayo
TTEST:
City Clerk
Passed and adopted on final reading this 5th day of e, A.D. 2007.
��W"Vool
Mayor
AA E_JAt1l1J
City Clerk