HomeMy WebLinkAboutAGENDA REPORT 1990 0905 CC REG ITEM 08QMOORPARK ITEM Rr GL a
BERNARDO M. PEREZ 'MOORPARK, CAUFORNIA PO PpK c�
Mayor qty
SCOTT MONTGOMERY ,
Mayor Pro Tem Of 199
ELOISE BROWN o
Councilmember A e
CLINT HARPER, Ph.D. AMA
J
Councilmember o
PAUL W. LAWRASON, Jr. BY
Councilmember
LILLIAN KELLERMAN
City Clerk
M E M O R A N D U M
STEVEN KUENY
City Manager
CHERYL J. KANE
City Attorney
PATRICK RICHARDS, A.I.C.P.
Director of
Community Development
R. DENNIS DELZEIT
City Engineer
JOHN V. GILLESPIE
Chief of Police
RICHARD T. HARE
City Treasurer
TO: The Honorable City Council
FROM: Wayne Boyer, Finance Officer
DATE: August 29, 1990 (City Council Meeting 9 -5 -90)
SUBJECT: Establish 1989 -90 and 1990 -91 Fiscal Year
Appropriations - Affordable Housing Fund
(Fund 22)
BACKGROUND
On November 15, 1989, the City Council created the Affordable
Housing Fund and approved an initial deposit of $50,000.00
from Griffin Homes as part of an Allocation Agreement between
the City and Griffin Homes (Tract 3963 - RPD 1041). These
monies were earmarked to assist five first time home buyers
selected by lottery.
In addition, the Council directed that the remaining $201,000
payment from the Allocation Agreement be placed in the
Capital Improvement Fund (Fund 6).
Both amounts were received by ,Tune 30, 1990.
DISCUSSION
The 1989 -90 and 1990 -91 operating budgets do not include
expenditure appropriations for Fund 22. Staff estimates the
following amounts will be necessary to fund activity for the
five home buyers:
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
The Honorable City Council
August 29, 1990
Page 2
Fund 22: Affordable Housing
1989 -90 Fiscal Year
Department 117: Administrative Services
Account 642: Contractual Services $10,000
(including legal services)
1990 -91 Fiscal Year
Department 117: Administrative Services
Account 642: Contractual Services 56,000
(including loan processing
and legal services)
TOTAL $66,000
These projected expenses will create a deficit fund balance
of $16,000 in FY 1990 -91 which. could be transferred from the
Capital Improvement Fund.
STAFF RECOMMENDATION
1.
Approve
appropriations of $66,000
for Fund 22.
2.
Approve
a transfer of :16,000 from
Fund 6 to Fund 22.
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