ACTION REQUESTED:
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Communication from the City Manager and the Finance Director/Comptroller with a request to ADOPT an ORDINANCE Amending the City of Peoria BUDGET for Fiscal Year 2015 Relating to the Receipt of a BLOOMBERG PHILANTHROPIES INNOVATION GRANT and the Corresponding Expenditures in the Amount of $500,000.
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BACKGROUND: At the February 24, 2015 Council meeting, the Council approved the grant agreement with Bloomberg Philanthropies creating an Innovation Team. The purpose of the grant is to pay for the creation of an "i-team" who will be charged with working with City administration, elected leaders and community stakeholders to create innovative strategies and solutions to Peoria's most pressing and complex issues.
The Peoria i-team will consist of three employees. A Chief Innovation Officer and two Program Managers. The Bloomberg grant is for three years at $500,000 per year (for a total of $1,500,000). The funds cover the entire cost of the program salaries, benefits, travel, training, equipment, materials, consultants, etc. The attached ordinance amends the City of Peoria Budget for Fiscal Year 2015 to recognize the grant funds received and the corresponding expenditures in the amount of $500,000.
FINANCIAL IMPACT: The City has established a new Special Revenue Fund titled "Innovation Grant Fund". The budget for this fund will be amended to recognize revenues and expenditures in the amount of $500,000.
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 increased/decreased 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 Neigh...
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