HomeMy WebLinkAbout07. 18-04 REVISED
JANUARY 9, 2018 18-04 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
• PURPOSE: APPROVE BUDGET AMENDMENT FOR COMMUNITY
DEVELOPMENT BLOCK GRANT REVOLVING LOAN FUND
($800,000.00) & SENIOR CENTER BUILDING ACCOUNT
($5,000.00)
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the Common Council has adopted the 2018 Budget, which is on file in
the Office of the City Clerk and available for public inspection; and
WHEREAS, it is necessary to amend the 2018 Budget to add funding for project
expenditures involved with property rehabilitation and down payment assistance
through the Community Development Block Grant Funding and to add funding for a
room renovation for the Oshkosh Senior Center.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the 2018 Budget, on file in the City Clerk's Office, is hereby amended with
adjustments as listed in attached Amendment 1.
• Indicates Revision
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Trena Larson, Finance Director
DATE: January 4, 2018
RE: Amend 2018 Operation Budget
BACKGROUND
On November 29, 2017 the Common Council adopted the 2018 Operation Budget. This Annual
operation budget provides the necessary funding for a departments daily operational costs and
provides the legal authority for the City to enter into contracts and obligate funds.
ANALYSIS
The Senior Center would like to proceed with a renovation of the room recently vacated by
Fox Valley Technical College to expand the fitness area. It is believed this expansion will
provide an improved area for the fitness program and allow expansion of programming. It is
anticipated the renovation will not exceed $5,000 with city staff performing the work. As
discussed during budget deliberations, the renovation is expected to increase program
revenues related to fitness.
The Community Development Block Grant (CDBG) revolving loan fund program provides
deferred payment loans to assist low and moderate homeowners with down payments and
housing improvements. The Revolving loan fund must be fully disbursed prior to the release
of additional CDBG funding. It is anticipated that City will complete approximately$800,000
of housing rehabilitation in 2018. These payments can include assistance for down payments
and owner/rental rehabilitation.
FISCAL IMPACT
If approved this will draw $5,000 from year end fund balance of $135,227.88 from the Senior
Center Building Fund where previous donations were deposited. In addition, it is estimated
that $171,000 will be drawn from the Community Development Block Grant Revolving Loan
Fund balance. It is also estimated the City will receive proceeds from new awards and mortgage
satisfaction(s) of approximately $629,000.
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oslikosh.wi.us
iIY
Oshkosh
RECOMMENDATION
Staff recommends that Council pass this resolution.
Respectfully Submitted, Approved:
V (�j
Trena Larson Mark A. Rohloff
Finance Director City Manager
City Hall,215 Church Avenue P.O.Box 1 130 Oslikosli,WI 54903-1 130 920.236.5000 http://www.ci.oslikosh.wi.us
Amendment 1
2018 Budget Amendments
General Fund
Account Description(s):
TOTAL
PROPOSED AMENDMENT:
Add:
$
$
CDBG Revolving Loan Fund A
PROPOSED AMENDMENT: 01.09.18 Res 18-05 C.
Add: Project Expenditures involved in property acquisition, and
remediation $800,000.00
Revolving Loan Fund Balance $800,000 $
Senior Center Revolving Fund
PROPOSED AMENDMENT: 01.09.18 I
Add: Facility Renovation $5,000.00
Loan Fund $5,000 1 $
Description(s):
ual Services
800,000
Description(s):
Other Materials
350 $ 4,650
R n c e Asn
TOTAL
$ 800,000
TOTAL
$ 5,000
$ 805,000