HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: Q `
Date: 5/16/2007 Requesting Department: Community Development
Commission Meeting Date: 6/12/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: TRANSFERRING CDBG CLOSED OUT FUNDS TO SECTION 108 DEBT SERVICE
Purpose of Item:
AUTHORIZING THE TRANSFER OF FUNDS, IN THE AMOUNT $100,000, FROM THE
COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") CLOSED OUT FUNDS; ALLOCATING
SAID FUNDS TO SECTION 108 DEBT SERVICE, TO ADJUST ACTUAL EXPENDITURES FOR
THE YEAR AS A RESULT OF INCREASED INTEREST PAYMENT ON VARIABLE INTEREST
RATE LOANS.
Background Information:
The Administration is recommending the transfer of funds, in the amount of $100,000, from the
Community Development Block Grant ("CDBG") Closed Out funds to Section 108 debt service to
adjust actual expenditures for the year as a result of increased interest payment on variable interest
rate loans.
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
C/P Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
City Manager
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