Fiscal Note
The City recently received a payment of $418,000 as payback for a WHEDA- administered Housing Development Grant made to Cardinal Associates of Madison LLC in 1986. The scheduled loan repayment was 2016, but the loan has been paid back earlier. These revenues were not anticipated as part of the 2013 adopted budget. The budget will be amended to recognize additional revenues deposited in the City General Fund, and to increase the expenditure authority in the Community Development Division budget to provide an additional $200,000 for Community Agency contracts allocated through the Emerging Opportunities Process. (The Council previously approved expenditure of $183,300 of the loan payback monies via Legistar #29756, RES-13-00306, adopted 4/30/13.) There is no impact on the levy in 2013. The 2013 budget will be amended as follows:
($200,000) GN01-78890-000000 Increase General Fund Revenues - Miscellaneous
$200,000 GN01-54920-274000 Increase CDD Expenditures for Community Agency Contracts
Title
SUBSTITUTE - Establishing a 2013 Emerging Opportunities Fund Program process and directing the City Attorney to draft ordinance changes to create an ongoing annual Emerging Opportunities Fund Program process and amending the 2013 operating budget of the Community Development Division to provide an additional $200,000 in expenditure authority.
Body
WHEREAS, the Community Development Division, Community Services Committee and Community Development Block Grant Committees have an ongoing role and biennial process to address and fund social services and community needs through investment in programs that serve prioritized issues or populations;
WHEREAS, emerging needs or unanticipated opportunities routinely occur throughout the calendar year that cannot be addressed by the established process; and,
WHEREAS, the Common Council and Mayor’s office desire to address these issues in a timely manner;
THEREFORE, BE IT RESOLVED, that $200,000 will be allocated ...
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