Title
Amending the HOME general ledger budget to reflect the total 2015 grant award of $1,427,984.00 and amend the HOME activity budget to reflect the HUD undesignated balance and the 2015 grant award for administration and undesignated.
Body
WHEREAS, the City Council of the City of Saint Paul did approve, upon the recommendation of the Mayor, the fiscal year 2015 Community Development Block Grant, HOME, and Emergency Solutions Grant Programs ("2015 Programs") as part of the 2015 Special Funds Budget; and
WHEREAS, by Resolution 15-584, the City Council of the City of Saint Paul authorized the proper City officials to execute grant agreements and contracts between the U.S. Department of Housing and Urban Development ("HUD") and the City of Saint Paul ("City") for the 2015 Programs; and
WHEREAS, during the 2015 Budget Process, the Council of the City of Saint Paul approved the estimated financing for the 2015 HOME Program in the amount of $1,400,000; and
WHEREAS, the grant agreement between the U.S. Department of Housing and Urban Development and the City will be in the amount of $1,427,984 for the 2015 HOME grant program; and
WHEREAS, the HOME grant general ledger fiscal year 2015 budget needs to be increased by $27,984 to reflect the actual grant amount per the 2015 HOME grant agreement; and
WHEREAS, the HOME grant activity budget needs to be amended to reflect the HUD undesignated balance, the 2015 grant award for administration in the amount of $142,798.40, and the 2015 grant award for the undesignated budget in the amount of $1,285,185.60.
NOW, THEREFORE, BE IT RESOLVED that that upon the recommendations of the Mayor, the City Council adopts these changes to the HOME grant program budget as noted in the attached Financial Analysis Form.
(Please see the attached financial analysis form.)