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HomeMy WebLinkAbout073 - 07/21/2015 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND ORDINANCE NO. 073, 2015 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 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 1994-092 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 2015-2016 is $519,485; and WHEREAS, the City also received unanticipated HOME Program income in the amount of$261,570; and WHEREAS, on May 19, 2015, the City Council adopted Resolution 2015-056, approving the CDBG Commission's recommendation as to which programs and projects should receive HOME funds in the 2015 funding cycle;and WHEREAS, Article V, Section 9, of the City 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, 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 Program Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund during the 2015 fiscal year; and WHEREAS, Article V, Section 11, of the City Charter provides that federal grant appropriations shall not lapse if unexpended at the end of the fiscal year until the expiration of the federal grant. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: - 1 - Section 1. That there is hereby appropriated for expenditure from unanticipated revenue in the federal fiscal year 2015-2016 in the HOME Program Fund the sum of FIVE HUNDRED NINETEEN THOUSAND FOUR HUNDRED EIGHTY-FIVE DOLLARS ($519,485), upon receipt from federal fiscal year 2015-2016 HOME Participating Jurisdiction Grant Funds. Section 2. That there is hereby appropriated for expenditure from unanticipated program income revenue, upon receipt thereof, in the HOME Program Fund the sum of TWO HUNDRED SIXTY-ONE THOUSAND FIVE HUNDRED SEVENTY DOLLARS ($261,570), for approved HOME Program projects. Introduced, considered favorably on first reading, and ordered published this 7th day of July, A.D. 2015, and to be presented for final passage on the 21 st day of July, A.D. 2015. �O{tt C044�y / / mayor ATTEST: U• S .�O •••COLO�P City Clerk Passed and adopted on final reading on the 21 st day of July, A.D. 2015. ATTEST: �FORTCO orw City Clerk cOIORP�O - 2 -