Subject:
Title
Resolution supplementing the FY 2017 Community Development Fund Budget for unanticipated revenues to the Planning Department, Community Development and Planning Division.
label
Recommended Action:
Recommended Action
Adopt a resolution to recognize unanticipated revenue and earmarked receipts for a particular purpose in the FY17 Community Development Fund budget for the Planning Department, Community Development and Planning Division.
Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.1 Provide planning, coordination, prevention, and protective services to ensure a safe and secure community
2.2 Be a facilitator, convener, and purchaser of services for those in need
2.3 Support programs that seed to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
This resolution recognizes and appropriates unanticipated revenue of $1,100,000.00 in the FY17 Community Development Fund budget for the Planning Department, Community Development and Planning Division. The revenue is earmarked from the US Department of Housing and Urban Development, HOME Investment Partnerships (HOME) Program.
Background Information:
The HOME Program is designed exclusively to create affordable housing for low-income households. HOME funds are awarded annually to the County as a participating jurisdiction. The program's flexibility allows HOME funds to be used for grants, direct loans, loan guarantees or other forms of credit enhancement, or rental assistance or security deposits to eligible residents.
Funds awarded in previous fiscal years were appropriated but not expended. This resolution identifies unexpended funds and appropriates them as unanticipated revenues in the FY17 budget, to be expended within the required time period imposed by the HOME program. This will enable the fulfillment of the obligations contained in the previously approved Action Plans (Resolution 14-54, Resolution 15-61, and Resolution 16-45).
Fiscal Impact:
Adoption of this resolution provides for the receipt of $1,100,000.00 in unanticipated grant revenue and increases the FY17 operating budget by $1,100,000.00. A match of 25% of the expended funds excluding administrative costs is required. Expended, eligible for match, funds from the State Housing Initiative Partnership (SHIP) Fund in prior fiscal years are allowable and available to meet the match requirement.
Staff Member Responsible:
Katherine Burbridge, Budget & Financial Management Analyst
Office of Management & Budget
Partners:
N/A
Attachments:
Resolution