HomeMy WebLinkAboutRES CC 2016 3500 2016 0420 RESOLUTION NO. 2016-3500
A RESOLUTION OF CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING AN AGGREGATE
BUDGET LINE ITEM TRANSFER OF $1,162,500 AND
AMENDING THE FISCAL YEAR 2015/2016 BUDGET BY
APPROPRIATING $37,500 FROM THE CITY AFFORDABLE
HOUSING FUND (2201) FOR THE PURCHASE OF 776 W. LOS
ANGELES AVENUE
WHEREAS, on June 17, 2015, the City of Moorpark adopted the Operating and
Capital Improvement Projects budget for Fiscal Year (FY) 2015/16, which included
$338,716 appropriations in the City Affordable Housing Fund (2201) for operations; and
WHEREAS, on February 3, 2016, Resolution No. 2016-3476 appropriated
$1,550,000 for the purchase and maintenance of the remaining four (4) affordable
housing units located in the Brighton Development, for the First Time Home Buyer
program; and
WHEREAS, the City will only be purchasing one of the affordable housing units
located in the Brighton Development for the First Time Home Buyer program; and
WHEREAS, a staff report has been presented to the City Council requesting
authorization to purchase the property at 776 W. Los Angeles Avenue for a future
affordable housing site for $1,200,000; and
WHEREAS, staff is recommending transferring the remaining $1,162,500 from
the purchase of the affordable housing units in the Brighton Development to the
purchase of 776 W. Los Angeles Avenue; and
WHEREAS, a budget amendment of $37,500 is requested from the City
Affordable Housing Fund (2201) to fully fund the purchase of 776 W. Los Angeles
Avenue; and
WHEREAS, Exhibit "A", attached hereto and made a part hereof, describes said
budget amendment and the resultant impact to the budget line items.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The purchase of 776 W. Los Angeles Avenue is hereby approved.
SECTION 2. The aggregate budget line item transfer of $1,162,500 from the
First Time Home Buyer Unit to the purchase of 776 W. Los Angeles Avenue as more
particularly described in Exhibit "A", attached hereto, is hereby approved.
Resolution No. 2016-3500
Page 2
SECTION 3. An budget amendment of $37,500 from the City Affordable Housing
Fund (2201), as more particularly described in Exhibit "A", attached hereto, is hereby
approved.
SECTION 4. 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 20th day of April, 2016.
J nice S. Parvin, Mayor
ATTEST:
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Maureen Benson, City Clerk `� �The)
Exhibit A — Budget Amendment
Resolution No. 2016-3500
Page 3
EXHIBIT A
BUDGET AMENDMENT FOR
City Affordable Housing Fund(2201)for Purchase of 776 W. Los Angeles Avenue
FISCAL YEAR 2015/16
FUND ALLOCATION FROM:
Fund Account Number Amount
City Affordable Housing Fund 2201-5500 $ 37,500.00
Total $ 37,500.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number Current Budget Revision Amended Budget
2201.2430.5025.9102 $ 139,000.00 $ (22,500.00) $ 116,500.00
2201.2430.5025.9252 $ 20,000.00 $ (15,000.00) $ 5,000.00
2201.2430.5025.9610 $ 1,720,000.00 $ (1,125,000.00) $ 595,000.00
2201.7625.5097.9610 $ - $ 1,200,000.00 $ 1,200,000.00
Total $ 1,879,000.00 $ 37,500.00 $ 716,500.00
Resolution No. 2016-3500
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby
certify under penalty of perjury that the foregoing Resolution No. 2016-3500 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
20th day of April, 2016, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 27th day of April, 2016.
Maureen Benson, City Clerk
(seal)
Vic,
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