HomeMy WebLinkAboutAGENDA REPORT 2004 0519 CC REG ITEM 10D- �9aooA
MOORPARK CITY COUNCIL
AGENDA REPORT Ljyj�
To: Honorable City Council
From: Hugh R. Riley, Assistant City Mana
Date: May 7, 2004 (CC Mtg. of May 19, 2004)
Subject: Consider Resolution Amending the Fiscal Year 2003/2004
Annual Operating Budget to Provide for the Costs of
Additional CalHome Loans and Administration of the
Program
DISCUSSION
On June 28, 2001, the City was awarded $420,000 by the State
Department of Housing and Community Development (HCD) for
mobilehome rehabilitation loans under the CalHome Mobile Home
Rehabilitation Program.
The City Housing Operating Budget for F.Y. 2003 -2004 for the
CalHome Program included an estimated expense appropriation of
$100,000. In May 2003 the City Council approved changes to the
City's program provisions for loans to be forgiven under certain
circumstances. In October 2003 the Council authorized an
increase in the maximum loan amounts. Together these actions
caused a dramatic increase in applications from Villa Del Arroyo
Mobile Home Park residents.
As of May 1, 2004, all of the City's original allocation of
$420,000 has been committed to eligible applicants. Twenty -five
loans have been funded to date, with an average loan amount of
$15,951. The City's share of the cost of each loan is
approximately thirteen hundred dollars ($1,300). The City is
reimbursed by the CalHome Program for the principal loan amount
as well as an additional 5% Activity Delivery Fee for each loan.
This 5% fee is used to offset the City's share of the loan
costs. The average net cost to the City for each loan is $502.
000185
Honorable City Council
Date 05/12/04
Page 2
A Mid -year Budget Adjustment increased the City Housing budget
to $264,147 to cover additional loans as a result of the
increase in activity. Since the mid -year adjustment, several
more loans have been funded. A budget amendment in the amount of
$58,100 is needed to cover these additional loans. Funds in the
amount of $30,000 are also needed to cover the costs of the
administration of the program.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2004 -
000186
RESOLUTION NO. 2004 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 2003/2004
BUDGET BY ALLOCATING $88,100 FROM THE CITY
HOUSING FUND FOR THE CALHOME LOAN PROGRAM AND
RELATED ADMINISTRATION COSTS
WHEREAS, on June 18, 2003, the City Council adopted the
budget for Fiscal Year 2003/2004; and
WHEREAS, On June 28, 2001, the City was awarded $420,000 by
the State Department of Housing and Community Development (HCD)
for mobile home rehabilitation loans under the CalHome Mobile
Home Rehabilitation Program; and
WHEREAS, a budget amendment is required to fully fund these
CalHome Program loans.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That a budget amendment in the amount of
$88,100 in City Housing funds, as described in Exhibit "A"
attached hereto, is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption
of this resolution and shall cause a certified resolution to be
filed in the book of original Resolutions.
PASSED AND ADOPTED this day of May, 2004.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
000187
EXHIBIT A
BUDGET AMENDMENT FOR
CITY HOUSING FUND
FY 2003 -04
FUND ALLOCATION FROM:
Fund
Account Number
Amount
City Housing Fund
2201 -5500
$ 88,100.00
$ 58,100.00
$ 322,247.00
2201.2430.2004.9283
Total
$ 30,000.00
$ 88,100.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
2201.2430.2004.9282
$ 264,147.00
$ 58,100.00
$ 322,247.00
2201.2430.2004.9283
$ -
$ 30,000.00
$ 30,000.00
Total
$ 264,147.00
1 $ 88,100.00
1 $ 352,247.00
Approved as to Form: U-
111 ;�