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.