Title
Ordinance to Adopt a Budget and Appropriate Monies for the Community Development Block Grant & HOME Investment Partnership Program Fund of the City of Hampton for Fiscal Year 2024 beginning July 1, 2023 and ending June 30, 2024
Purpose
PURPOSE/BACKGROUND:
This ordinance adopts a budget and appropriates monies for the Community Development Block Grant & HOME Fund of the City of Hampton as presented in the City Manager's Recommended Budget for Fiscal Year 2024.
Discussion:
This ordinance adopts a budget and appropriates monies for the Community Development Block Grant ("CDBG") & HOME Fund of the City of Hampton for Fiscal Year 2024. The budget includes revenues and expenditures as prescribed on the attached budget schedule. The public hearings necessary to adopt a budget and appropriate monies for the Community Development Block Grant & Home Grant Fund were duly advertised in the Daily Press on April 16, 2023, April 23, 2023 and April 30, 2023. The budget was advertised in the Daily Press on April 16, 2023.
The primary source of funds for this budget are federal grants from the U. S. Department of Housing and Urban Development ("HUD") which are generally approved in or near October as part of the federal budget process. This appropriation ordinance is subject to the receipt of those funds for the applicable fiscal year. Should the federal allocations for CDBG and HOME programs be substantially different than anticipated, additional actions may be required by the City that would likely amend what is currently being proposed.
The CDBG and HOME Fund budget is also included in the FY 2024 Community Development Block Grant and Home Investment Partnership Program Action Plan (the "Action Plan"), which requires approval independent of this budget action. The draft action plan includes an estimated budget based on the fourth (4th) year presented in the five-year CDBG and HOME Consolidated Plan as presented in the Action Plan for Fiscal Year 2024. Prior ...
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