TITLE
Recommendation to approve the Fiscal Year 2008 second 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 April 9, 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 May 6, 2008 to enable the timely processing of payments.
FISCAL IMPACT
Community Development
The State Department of Housing and Community Development (HCD) awarded $1,000,000 in CalHome Mortgage Assistance funds to the Long Beach Housing Development Company (LBHDC). No City matching funds are required. An agreement between the State HCD and the LBHDC was executed on October 25, 2007 to use the funds to provide mortgage assistance loans to low-income first-time homebuyers. An appropriation increase is requested to enable LBHDC to provide the mortgage assistance funds.
. Increase appropriations in the Housing Development Fund (SR 135) in the
Department of Community Development (CD) by $1,000,0...
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