Title
Amending the financing and spending plans in the Planning and Economic Development department in the amount of $1,100,000 to revise the 2013 Community Development Block Grant (CDBG) budget.
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WHEREAS, the FY2013 CDBG Budget was adopted in December of 2012; and
WHEREAS, due to the federal sequestration, the City did not receive its FY 2013 funding allocation until August of FY 2013; and
WHEREAS, the City received a higher amount of CDBG funds and program income than anticipated in the 2013 budget; and
WHEREAS, a future budget action will disburse the above-budget revenue to specific CDBG-eligible programs as indicated in Attachment A; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are available for appropriation, funds of $1,100,000 in excess of those estimated in the 2013 CDBG Budget; now, therefore be it
RESOLVED, that upon recommendation of the Mayor, the Council of the City of Saint Paul does hereby revise the FY 2013 Community Development Block Grant Budget from $6,500,000 to $7,600,000, as identified in Attachment B.
Financial Analysis
See Attachment B.