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HomeMy WebLinkAbout08419ORDINANCE NO. 8419 AN ORDINANCE BUDGETING AND APPROPRIATING AN INCREASE OF $118,800 TO CP1020 AND TRANSFERRING $118,800 TO CP1020 FROM HARP III - PWHP07 BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. An increase of $118,800 is hereby budgeted and appropriated for the Minnequa Lake Phase 2 Construction Project, CP1020 from U.S. Housing and Urban Development Economic Development Funds reallocated from the HARP III - PWHP07 project. SECTION 2. $118,800 is hereby transferred to the Minnequa Lake Phase 2 Construction Project, CP1020 from HARP III - PWHP07 related to the reallocation of U.S. Housing and Urban Development Economic Development Initiative Funds to the Minnequa Lake Phase 2 Construction Project, CP1020. SECTION 3. This Ordinance shall become effective upon final passage and approval. INTRODUCED November 28, 2011 BY: Judy Weaver COUNCILPERSON PASSED AND APPROVED: December 12, 2011 Background Paper for Proposed ORDINANCE DATE: NOVEMBER 28, 2011 AGENDA ITEM # R-4 DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT JERRY M. PACHECO, DIRECTOR TITLE AN ORDINANCE BUDGETING AND APPROPRIATING AN INCREASE OF $118,800 TO CP1020 AND TRANSFERRING $118,800 TO CP1020 FROM HARP III - PWHP07 ISSUE Should City Council approve an increase in the budget and appropriation of $118,800 for the Minnequa Lake Phase 2 Construction Project, CP1020 from reallocated U.S. Department of Housing and Urban Development Economic Development Initiative Funds (HUD-EDI) and transfer $118,800 of the reallocated HUD-EDI funds budgeted in the HARP III - PWHP07 project to the Minnequa Lake Phase 2 – CP1020 project? RECOMMENDATION Approval of the Ordinance. BACKGROUND The City has received permission from HUD to reprogram HUD-EDI funds in the amount of $237,600 (see attached Exhibit 1) to the Minnequa Lake Phase 2 – CP1020 project. These funds were originally identified to be used for the HARP III and Minnequa Lake Phase 1 projects. This Ordinance budgets and appropriates the $118,800 portion of the HUD-EDI funds that were not initially appropriated into a project and transfers the HUD-EDI funds in the amount of $118,800 that were not used with the HARP III project into the Minnequa Lake Phase 2 – CP1020 Project. FINANCIAL IMPACT The budget adjustments related to the reallocation of the HUD-EDI funds will result in a net zero impact to the Minnequa Lake Phase 2 – CP1020 Project. A spreadsheet showing the funding for the Minnequa Lake Phase 2 – CP1020 Project, subject to the approval of this Ordinance, is attached as Exhibit 2.