Title
Ordinance in the Amount of $37,989.06 Amending FY18-19 Housing Fund and Neighborhood Development Fund Budgets
Body
Department: Finance
Council District: All
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Marlene Druga, Deputy Finance Director, 373-2077
PURPOSE: The Neighborhood Development Revolving Loan Fund, which is no longer active, is being closed with the remaining cash balance of $37,989.06 to be transferred to the Housing Partnership Revolving Fund to be used for loans.
BACKGROUND: In FY17-18 it was determined that the Neighborhood Development Revolving Loan Fund should be merged with the Housing Partnership Revolving Fund, with $362,655 transferred in December 2017 to the Housing Partnership Revolving Fund for energy efficiency loans. The Neighborhood Development Revolving Loan Fund will be closed in FY18-19 after the remaining balance of $37,989.06 is transferred to the Housing Partnership Revolving Fund, which will also be used for loans.
BUDGET IMPACT: The fund balance of the Neighborhood Development Revolving Loan Fund of $37,989.06 will be transferred to the Housing Partnership Revolving Fund.
RECOMMENDATION / ACTION REQUESTED: It is recommended that City Council approve the attached ordinance amending the Housing Partnership Revolving and Neighborhood Development Revolving Loan Funds in the amount of $37,989.06.