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<br />05/19/2008 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. 14865 <br /> <br />RESOLUTION APPROVING THE AMENDMENT OF THE FISCAL YEAR <br />2007/2008 COMMUNITY DEVELOPMENT BLOCK GRANT AND HOME <br />BUDGET AND ANNUAL ACTION <br /> <br />WHEREAS, the City is required to submit a Federal Cash Transaction Report <br /> <br />(SF-272) to the U.S. Department of Housing & Urban Development each quarter in <br /> <br />order to disclose the amount of CDBG related cash the City has on hand every 90 days <br /> <br />of the fiscal year; and <br /> <br />WHEREAS, On April 28, 2008, Council approved the Housing and Human <br /> <br />Concern Committee's recommendations for reprogramming approximately $911,029 in <br /> <br />prior year funding, which included program income allocated to projects that had no <br /> <br />proceeded in order to meet timely expenditure requirements; and <br /> <br />WHEREAS, during a meeting with HUD Financial Management Staff it was <br /> <br />suggested that the City modify proposed funds to be reprogrammed to require the City <br /> <br />to be reimbursed for expenditures incurred for the period of January through March from <br /> <br />the case account in order to reduce cash on hand; and <br /> <br />WHEREAS, the City has revised the Summary of Funds Available for <br /> <br />Reprogramming with the express intent to allocate Program Income funds to activities <br /> <br />that can expend the funds by June 30 or soon thereafter; and <br /> <br />WHEREAS, the focus of the Reprogramming is to reduce cash, allocate grant <br /> <br />funds to activities previously funded with program income funds to activities that can <br /> <br />expend funds in a timely manner; and <br /> <br />WHEREAS, the requested budget changes result in an amendment to the 2007- <br /> <br />Atty/Reso/Reso.1814 <br />051208 <br /> <br />14865 <br />MUFF #304 <br />