Title
Ordinance to Adopt a Budget and Appropriate Monies for the Community Development Block Grant ("CDBG") and HOME Investment Partnership Program ("HOME") Fund of the City of Hampton for the Fiscal Year 2023 beginning July 1, 2022 and ending June 30, 2023
Purpose
PURPOSE/BACKGROUND:
This ordinance adopts a budget and appropriates monies for the Community Development Block Grant ("CDBG") and HOME Investment Partnership Program ("HOME") Fund (projects and activities) as presented in the City Manager's Recommended Budget for Fiscal Year 2023.
Discussion:
This ordinance adopts a budget and appropriates monies for the expenditures of the CDBG and HOME Fund for Fiscal Year 2023. The CDBG and HOME Fund is one (1) of three (3) Special Revenue Funds. The budget includes both revenues and expenditures as described on the attached budget schedule. The public hearings necessary to adopt a budget and appropriate monies for the CDBG and HOME Fund were duly advertised in the Daily Press on April 17, 2022, April 20, 2022 and April 24, 2022. This ordinance is being introduced on May 4, 2022. Final approval will be requested at City Council's meeting on May 11, 2022.
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 by 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, commensurate 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 2023 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 b...
Click here for full text