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 2025 beginning July 1, 2024 and ending June 30, 2025
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 2025.
Discussion:
This ordinance adopts a budget and appropriates monies for the expenditures of the CDBG and HOME Fund for Fiscal Year 2025. 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 14, 2024 and April 21, 2024. A summary of the budget was published in the Daily Press on April 14, 2024.
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, 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 2025 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 fifth (5th) year presented in the five-year CDBG and HOME Consolidate...
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