HomeMy WebLinkAboutSummary Form0
,,
Date: 06/12/08
AGENDA ITEM SUMMARY FORM
FILE ID: D 00%?'3
Requesting Department: Community Development
Commission Meeting Date: 07/10/08 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
n Other
Subject: Transfer of Previous Year CDBG Closed Out Funds
Purpose of Item:
AUTHORIZING THE TRANSFER, IN THE AMOUNT OF $874,483.43, FROM THE COMMUNITY
DEVELOPMENT BLOCK GRANT ("CDBG") PREVIOUS YEARS CLOSED OUT FUNDS;
ALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT HOUSING RESERVE, TO PROVIDE ADDITIONAL FUNDING FOR AFFORDABLE
HOUSING ACTIVITIES.
Background Information:
Previous year, Community Development Block Grant ("CDBG") funds allocated to various agencies
and for program administration retains unused balances, in the amount of $874,483.43, as specified
in Exhibit "A", attached and incorporated.
The presence of said balances prevents the Department of Community Development from closing
out the activities and reporting the accomplishments to the United States Department of Housing and
Urban Development.
The Administration recommends the transfer of funds, in the amount of $874,483.43, from the CDBG
previous year closed out funds; and the allocation of said funds to the City of Miami Department of
Community Development Housing Reserve, to provide additional funding for affordable housing
activities.
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:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Directo
Chief
Final Approvals
(SIGN AND DATE)
City Manager
Page 1 of 1