Title
Approval of an Ordinance Amending the Fund 107 CDBG Loan Repayment Fund and Fund 108 HUD Fund
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the ordinance on second reading, and to direct the Administrative Services Director to close the existing HUD Fund (Fund 108) and transfer any remaining funds and budget to the new HUD Fund (Fund 107) after final passage.
Report
Issue:
Expand the use of Fund 107 to include the purpose of Fund 108, combining the two Funds and closing Fund 108.
Staff Contact:
Stacie Tellers, Senior Accountant, Administrative Services, 360.753.8599
Presenter(s):
None, consent calendar item.
Background and Analysis:
The background and analysis have not changed from first to second reading.
Fund 108 - Housing and Urban Development Fund
Fund 108 utilizes the HUD Community Development Block Grant (CDBG), HUD-related program income, income received from housing rehabilitation loan repayments, and other funds as appropriate or designated by the City Council for approved projects. This fund currently serves as the main project fund for the CDBG Annual Action Plan.
Fund 107 - CDBG Loan Repayment Fund
The Community Development Block Grant (CDBG) Loan Repayment Fund was established to account for the community development loans made from the "HUD Fund" and to receive deposits of loan repayments and interest for these loans. These funds may be used for any legal purpose as authorized by the City Council, subject to the authorization from the Federal Department of Housing and Urban Development and are considered program income related to the HUD CDBG program. This fund serves as the main program income fund for the CDBG Annual Action Plan and serves as the home fund of the CDBG related community development loans.
This amendment would expand the use of Fund 107, currently the CDBG Loan Repayment Fund, to include the use and purpose of the...
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