Report Prepared by: Mark E. Hamilton, Housing Program Supervisor, Housing Division, Department of Economic Development
Title
SUBJECT: Consider a Supplemental Appropriation of Funds to the Housing Division Fund 070
REPORT IN BRIEF
Consider a supplemental appropriation from the unappropriated General Fund balance in an amount not to exceed $92,860 for Housing Administrative Activities.
RECOMMENDATION
City Council - Adopt a motion:
A. Authorizing a supplemental appropriation from the unappropriated General Fund balance in an amount not to exceed $92,860 and transfer to Fund 070 Housing Administration Fund; and,
B. Authorizing the City Manager and City Finance Officer to make budget adjustments as necessary.
Body
ALTERNATIVES
1. Approve, as recommended by staff; or,
2. Approve, subject to other than recommended by staff; or,
3. Deny; or,
4. Refer to City Manager or Housing Division for reconsideration; or
5. Continue to a future City Council meeting.
AUTHORITY
Charter of the City of Merced, Section 1105 - Appropriations. The city shall have the power to and may act pursuant to procedure established by any law of the state, unless a different procedure is established by ordinance; and pursuant to 24 Code of Federal Regulations Title 24 Housing and Urban Development section 91.505 (a) (1) and per the City of Merced Citizen Participation Plan.
CITY COUNCIL PRIORITIES
To ensure all administrative costs identified in the 2015-16 Adopted Budget are properly funded.
DISCUSSION
Staff is requesting Council to consider a supplemental appropriation in an amount not to exceed $92,860 from the unappropriated general fund balance. Of the estimated revenues of $386,596.34 for fiscal year 2015/16, staff is anticipating securing $293,736.34 leaving a shortfall of $92,860. The appropriation is necessary to secure the shortfall of revenues created by project delays and the forthcoming completion of a Cost Allocation Plan. The supple...
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