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Preliminary approval
of CDBG allocations was on December 1, 2014. Estimated funding was CDBG
$442,300 and Program Income $6,400 for a total of $448,700.
HUD Entitlement award
received is $433,859, $8,441 less than estimate used for preliminary
allocation awards. HUD has mandatory caps for program Administration and
Public Services which require reductions of ($1,689) from Administration and
($1,266) from Public Services. The remaining ($5,486) required reduction
could be taken from Housing, Public Facilities and/or Economic Development
projects.
Investment Committee
recommendations are:
Administration –
Reduce allocation by ($1,689) to $87,211;
Public Service – Deduct
the full ($1,689) from BMS, allocation to $42,842;
On December 15, 2014 City
Council approved reallocating $100,000 from FY 2014 CDBG remaining funds to
Cornerstone Women’s shelter, so Cornerstone withdrew their FY2015 funding
request of $100,000. Recommendation is the FY 2015 $100,000 be placed in the
Contingency fund and the remaining ($5,486) required deduction be taken in
full from the Contingency fund leaving an allocation of $220,052.
All other allocations
as previously approved.
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Community Development
Block Grant Funds and estimated $6,400 of Program Income earned in FY 2015.
Total CDBG $433,859 plus $6,400 Program Income = $440,259 available
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