Fiscal Note
The additional funding of $168,300 to support these programs in 2013 will be offset by the receipt of $418,000 in unanticipated revenues. 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 $168,300 for Community Agency contracts. There is no impact on the levy in 2013. If this additional funding were to be included in future budgets, the funding will need to be considered among other CIty priorities and accommodated within the City's budgeted levy limits as required by the State, and subject to Common Council approval. The 2013 budget will be amended as follows:
($168,300) GN01-78890-000000 Increase General Fund Revenues - Miscellaneous
$168,300 GN01-54920-274000 Increase CDD Expenditures for Community Agency Contracts
Title
AMENDED Authorizing the City of Madison, through the Community Development Division, to amend various purchase of service contracts for the expansion of a youth employment initiatives to be implemented in June 2013 and amending the City operating budget as appropriate.
Body
WHEREAS, federal statistics indicate that the recession has affected youth more severely than any other demographic - recent U.S. Bureau of Labor Statistics figures put youth unemployment rates above 50%; and
WHEREAS, unemployment rates for minority youth and those from low income families are even higher and are likely to persist as more adults seek part-time low-skill jobs traditionally occupied by teens; and
WHEREAS, it serves the best interests of Madison’s youth and the C...
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