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HomeMy WebLinkAbout071 - 06/19/2018 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME INVESTMENT PARTNERSHIPS FUND ORDINANCE NO. 071, 2018 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE INTHE 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 that 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 reauthorizes and continues to fund the program; and WHEREAS, the City estimates it will receive in federal fiscal year 2018-2019 unanticipated revenue in the form of HOME Program funds from HUD totaling is $846,700; and WHEREAS, the City received unanticipated HOME Program income in the amount of $515,534; 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, the City, Manager 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 2018 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; and WHEREAS,this appropriation benefits the public health,safety and welfare of Fort Collins residents and serves the public purpose of providing safe, affordable housing for low-income residents. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: 4- l S 1 Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That there is hereby appropriated for expenditure from .unanticipated revenue in the federal fiscal year 2018-2019 in the HOME Program Fund the sum of EIGHT HUNDRED FORTY-SIX THOUSAND SEVEN HUNDRED DOLLARS ($846,700), upon receipt from federal fiscal year 2018-2019 HOME Participating Jurisdiction Grant Funds. Section 3. That there is hereby appropriated for expenditure from unanticipated program income revenue, upon receipt thereof, in the HOME Program Fund the sum of FIVE HUNDRED FIFTEEN THOUSAND FIVE HUNDRED THIRTY-FOUR DOLLARS ($515,534), for approved HOME Program projects. Introduced, considered favorably on first reading, and ordered published this 5th day of June, A.D. 2018, and to be presented for final passage on the 19th day of June, A.D. 2018. Mayor Wo Tern ATTEST: OF FORrc ity C199 '�••.... O�OR O Passed and adopted on final reading on the 19th day of June, A.D. 2018. r (:: ;vor ATTEST: E FORT C0! C% Z ity c k — SEAL COLO00 R— -2-