Report Prepared by: Kim Nutt, Housing Program Supervisor and Venus Rodriguez, Finance Officer
Title
SUBJECT: Approval of a Fiscal Year 2024-25 Supplemental Appropriation from the Unencumbered, Unreserved Fund Balance of Fund 1020-Affordable Housing in the Amount of $218,000 and Transferring to Fund 2500-Housing Administration
REPORT IN BRIEF
Staff is requesting a Fiscal Year 2024-25 supplemental appropriation from the unencumbered, unreserved fund balance of Fund 1020-Affordable Housing Fund in the amount of $218,000 and transferring to Fund 2500-Housing Administration to cover the shortfall due to staff administration of several projects.
RECOMMENDATION
City Council - Adopt a motion approving a Fiscal Year 2024-25 supplemental appropriation from the unencumbered, unreserved fund balance of Fund 1020-Affordable Housing in the amount of $218,000 and transferring to Fund 2500-Housing Administration.
Body
ALTERNATIVES
1. Adopt the motion as recommended by staff; or
2. Modify the action (specify in motion); or
3. Deny the action.
AUTHORITY
Charter of the City of Merced, Section 200.
Affordable Housing Policy.
CITY COUNCIL PRIORITIES
As provided for in the 2024/2025 Adopted Budget.
DISCUSSION
Fund 2500-Housing Administration is the operating fund for staff, materials, supplies, etc. of the Housing Division. Depending on the project type, revenue can typically be received from activity delivery cost (ADC) reimbursement of projects funded by CDBG, HOME, Low- and Moderate-Income Housing, CalHOME, Begin and other housing grants. Due to receiving less revenue than expected in FY 2024-25, the fund is short by $302,360. Staff is proposing to reduce the FY 2025-26 budget by $84,360, which leaves a shortfall of $218,000. Staff is requesting Council approval of a supplemental appropriation in the amount of $218,000 from Fund 1020-Affordable Housing for the shortfall in Fund 2500-Housing Administration.
Generally, there are two main factors that have contri...
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