TITLE
Recommendation to approve the Fiscal Year 2008 third quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 11, 2007, the City Council adopted the Appropriations Ordinance governing the City's Adopted Budget for Fiscal Year 2008 (FY 08). Periodically, changes in revenue or operating conditions require appropriation adjustments. For example, in certain cases these adjustments enable departments to expend recently awarded 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 08 General Fund Budget Adjustments.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on July 14, 2008.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 08 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on August 5, 2008 to enable the timely processing of payments.
FISCAL IMPACT
Community Development
On April 16, 2008, the Long Beach Housing Development Company Board of Directors approved a loan in an amount not to exceed $9,886,000 to Meta Housing Corporation to provide gap financing for the development of a 46-unit mixed-income rental project at 2355-2375 Long Beach Boulevard. An appropriation increase is requested to provide this financing. There is no impact to the General Fund.
· Increase appropriations in the Housing Development Fund (SR 135) in the Department of Community Development (CD) by $9,886,000.
The Redevelopment Agency Board has approved and/or authorized the Executive Director to:
·...
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