HomeMy WebLinkAbout10292RESOLUTION NO. 10292
A RESOLUTION AUTHORIZING THE TRANSFER OF $12,250 FROM THE
CONTINGENCIES ACCOUNT IN THE 2004 GENERAL FUND BUDGET TO THE OUT OF
CYCLE REQUESTS TO ASSIST THE PUEBLO HISPANIC EDUCATION FOUNDATON
IN PROVIDING SCHOLARSHIPS TO LOCAL STUDENTS
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The transfer of $12,250 from the Contingencies Account in the 2004 General Fund budget
to the Out of Cycle Requests Fund is hereby approved.
SECTION 2.
Said funds shall be dispersed from the Out of Cycle Requests Fund to the Pueblo Hispanic
Education Foundation to assist the Pueblo Hispanic Education Foundation in providing
scholarships to local students.
INTRODUCED December 27, 2004
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Michael Occhiato
Councilperson
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM 0
DATE: December 27, 2004
DEPARTMENT: CITY MANAGER'S OFFICE
DAVE GALL[, CITY MANAGER
TITLE
A RESOLUTION AUTHORIZING THE TRANSFER OF $12,250 FROM THE
CONTINGENCIES ACCOUNT IN THE 2004 GENERAL FUND BUDGET TO
THE OUT OF CYCLE REQUESTS TO ASSIST THE PUEBLO HISPANIC
EDUCATION FOUNDATION IN PROVIDING SCHOLARSHIPS TO LOCAL
STUDENTS
ISSUE
The Pueblo Hispanic Education Foundation is requesting funding in the amount
of $12,250 from the City to assist in providing scholarships to local students. The
City of Pueblo has previously provided scholarship dollars from CDBG funds to
PHEF for this purpose. The funds requested in this resolution are, in essence, to
reimburse PHEF for scholarships that have already been awarded for the fall
semester of 2004. PHEF awarded these scholarships and disbursed the funds to
the students working under the assumption that funds would be made available
by the City of Pueblo as have been in the past.
PHEF was not aware that the application process for CDBG funds for this
purpose would not take place in January of 2005. Under HUD regulations,
CDBG funds, if approved, cannot be used for previous years' expenditures.
PHEF does intend to request funding during the January CDBG process. Those
funds will then be used to fund spring scholarships in 2005 and potentially
scholarships for fall of 2005 and spring of 2006.
Approval.
FINANCIAL IMPACT
Funds in the amount of $12,250 will be transferred from the Contingencies
Account in the 2004 General Fund Budget (see attached spreadsheet for the
balance in the contingencies account).