ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria CAPITAL FUND BUDGET for Fiscal Year 2014 Relating to a GRANT from the ILLINOIS HOUSING DEVELOPMENT AUTHORITY for the TRUST FUND EMERGENCY REPAIR PROGRAM, in the amount of $217,350.00
Body
BACKGROUND:
On February 25, 2014, City Council approve an incumbency certificate and resolution accepting a grant from the Illinois Housing Development Authority (IHDA) for the Trust Fund Emergency Repair Program, in the amount of $217,350 (Council Item # 14-069).
The Emergency Repair Program is designed to provide up to $20,000 as a 5 year forgivable loan at 0% interest for making health and safety repairs on homes owned and occupied by low income households, with a priority given to seniors and the disabled. The grant funds must be expended by March 2016.
City staff have begun taking applications from potential program applicants.
FINANCIAL IMPACT: Increase in Capital Fund revenues and expenditures in the amount of $217,350
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Compliance with the internal fiscal control system and legislative requisite to keep the approved budget in balance.
IMPACT IF DENIED: Failure to recognize increase in budgeted revenues and expenditures.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
2. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
2. Have an efficient government.
DEPARTMENT: Finance