Title
Resolution amending the 2015 budget for the HRA Loan Enterprise Fund to carryover 2014 budget balances.
Body
WHEREAS, the City of Saint Paul, effective January 1, 2014, installed a new financial reporting system called “Infor” which does not permit the use of manual encumbrances against the budgets of the City or the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (“HRA”); and
WHEREAS, manual encumbrances were used prior to the installation of the Infor system to carryover budget balances to the next budget year, and the 2015 budget needs to be amended to carryover 2014 budget balances to 2015; and
WHEREAS, the HRA Loan Enterprise Fund provides loans and services for housing, mortgage foreclosure prevention, and economic development; and
WHEREAS, the 2014 budget balances for loans and services need to be carried over to 2015 to accommodate planned loans and services and anticipated new loans and services; and
WHEREAS, financing for the carryover of the 2014 budget balances would be use of fund balance which has accumulated from prior years and $200,000 from the Economic Development Pay Go Fund for Ford Site planning; and
NOW, THEREFORE BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota that the 2015 budget for the Loan Enterprise Fund be increased by $1,360,956 in the HRA Loan Enterprise Fund to allow carryover of 2014 budget balances, as shown in Attachment B; and
BE IT FURTHER RESOLVED that the Executive Director and staff of the HRA are authorized and directed to take all actions needed to implement this resolution.