TITLE
Recommendation to approve the Fiscal Year 2007 fourth quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 19, 2006, the City Council adopted the Appropriations Ordinance governing City expenditures for Fiscal Year 2007 (FY 07). From time to time, changes in revenue or operating conditions call for appropriation adjustments. For example, in some cases these adjustments enable departments to expend newly received grant revenue for which there is no existing appropriation. In addition, changes for multi-year grants/projects are necessary to bring appropriations in line with final grant/project award amounts. In accordance with the City's practice, these adjustments are presented quarterly to the City Council for consideration. Please see Attachment A for a Fund Balance Analysis of impacted City funds and Attachment B for a recap of FY 07 General Fund Budget Adjustments.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on September 4, 2007.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 07 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on September 11, 2007 to authorize the timely processing of payments.
FISCAL IMPACT
Community Development
The Long Beach Housing Development Company's (LBHDC) Board of Directors (Board) approved the funding of, and participation in, two residential rental projects with units affordable to low-income households. On May 16th, 2007, the Board approved a $10 million loan to Orange Housing and C&C Development for the acquisition and rehabilitation of two apartment buildings totaling 125 rental units located at 6889 and 6975 Long Beach Boulevard. On June 20th, 2007, the Board approved $5.6 million for the LBHDC's purchase of 55-year low-income affordability covenants on 26 units in the Lyon West Gateway 291 res...
Click here for full text