Fiscal Note
The receipt of additional grant funds totaling $193,964 and recognition of commensurate expenditures requires an amendment to CDBG’s 2014 adopted operating budget, as follows:
SC01-54920-260000 Community agency contracts $ 24,826
SC01-51110-260000 Permanent salaries $ 57,977
SC01-57700-260000 Loans $111,161
SC01-73113-260000 HUD grant revenues ($193,964)
Aside from the required budget amendment specified above, there is no fiscal impact associated with the adoption of the City’s updated 2014 Action Plan. However, individual components of the plan will have fiscal impacts in the future, and will require Common Council approval at the time of their implementation, under separate Resolutions.
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Acknowledging a net increase of $193,964 in anticipated federal HUD grant revenue and commensurate expenditures for FY14, adopting an updated version of the Community Development Division’s HUD-required 2014 Action Plan that reflects these changes, and amending the 2014 CDBG Operating Budget as appropriate.
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In order to receive federal funding from HUD, the City of Madison is required each year to submit an Action Plan that describes how the City plans to utilize the funds it anticipates receiving for the following program year. The City’s plan, which is due to HUD annually by the end of November, covers the use of anticipated formula grant funds -- including Community Development Block Grant (CDBG), HOME Investment Partnerships Program (HOME), and Emergency Solutions Grant (ESG) funds -- as well as any state or local funds the City expects to utilize during the following program year. The goals and objectives articulated in the City’s plan were based on HUD’s priorities to include housing, economic development and neighborhood revitalization, and further refined by feedback contributed by community and housing groups, stakeholders and service providers.
The City’s annual formula grant allocations described above are administered by the Com...
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