CITY COMMISSION AGENDA ITEM

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Department:

Finance

Commission Meeting Date:  February 6, 2018

Staff Contact:

Bryan Kidney, Finance Director

Recommendations/Options/Action Requested:

 

Authorize publication of the 2018 amended budget summary for the Housing Trust Fund and establish February 20, 2018 as the public hearing date, if appropriate.

 

Executive Summary:

 

Under K.S.A 79-2929a, municipalities are authorized to amend one or more budgeted funds; the purpose of which is to increase the expenditure authority in the fund. Pursuant to state law, a public hearing must be held on the amendment and notice of the public hearing must be given at least 10 days prior to the hearing.

 

When the 2018 budget was adopted for the Housing Trust Fund, it assumed $300,000 in grant expenditures and an ending fund balance of $103,000. The Kansas State budget forms added the expenditures plus fund balance together for a legally adopted 2018 budget of $403,000.

 

As discussed at the City Commission meeting on January 16, 2018, the $300,000 in expenditures did not occur in 2017. In order to spend the 2017 funds in 2018, the 2018 budget must be amended. However, because the fund did not begin 2018 with a $100,000 fund balance, the legally adopted budget only needs to be increased by $200,000.  This brings the total amended 2018 budget for the Housing Trust Fund to $600,000 to reflect the total 2017 and 2018 grant amounts.

 

The attached notice sets the public hearing date of February 20, 2018 and establishes the proposed amended expenditures. The proposed amended expenditures are listed in the chart below.

 

 

2018

 

 

  Adopted Budget

2018

Actual

Amount of Tax

 

Proposed Amended

Fund

Tax Rate

 that was Levied

Expenditures

Expenditures

Housing Trust

0.000

                     -  

403,000

600,000

 

 

Strategic Goal Area:

Effective Governance/Professional Administration

Core Services

Sound Fiscal Stewardship

Fiscal Impact (Amount/Source):

The 2018 budget amendment will increase the 2018 expenditure authority in the Housing Trust Fund by $200,000 in order to spend the 2017 affordable housing grants in 2018. There are no tax or fee increases.

Attachments:

Notice of Public Hearing

 

 

Reviewed By:

(for CMO use only)

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☐DS

☒CT

☐BM