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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 12/02/2015 |
Commission, Board or Committee: |
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Staff Contact: Barbara Garcia |
PW Committee or L&F Committee: L&F |
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Petitioner: |
City Council 1st Reading: |
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Location: Community Development |
City Council 2nd Reading: |
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Agenda Title: |
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FY 2016 CDBG Annual Action Plan (AAP) Preliminary Funding Recommendations |
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Summary: |
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Attached are the Investment Committee’s recommendations for funding, based on estimates for HUD funding and program income for 2016. The City will not receive notice of actual funding until after the beginning of the year, and will likely need to make adjustments up or down, at that time. It was recommended to move two ready to go projects to the FY2015 Reallocation of funds to help with the spend-down ratio (Community Health and Cornerstone). That leaves a contingency fund of $171,395 to apply to other ready-to-go projects next year. |
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Funding Source & Fiscal Impact (if applicable): |
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CDBG funds - estimated |
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Recommendation: |
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Action: Approve preliminary funding recommendation with permission for the Investment Committee to make adjustments to the allocations upon HUD notification of actual Entitlement amount, not exceeding 25% of the total allocation (Minor Amendment to Plan). If actual Entitlement amount exceeds the estimate used here, recommendations will be brought back to Council for final approval. Notes: |
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