AGENDA CAPTION:
Title
Consider approval of Ordinance 2018-07, on the second of two readings, amending the City’s 2017-2018 Fiscal Year Budget by budgeting and appropriating $442,000 from General Fund to be distributed to The Village to provide funding for the construction of Phase II of The Village Main Project; and providing an effective date.
Body
Meeting date: 3/6/2018 - 1st Reading
05/01/2018 - 2nd Reading
Department: Finance-Heather Hurlbert, Finance Director
Amount & Source of Funding
Funds Required: $442,000
Account Number: 10001280.54249
Funds Available: $442,000
Account Name: Outside Agency Funding
Fiscal Note:
Prior Council Action: City Council committed to funding this agency during the FY18 budget process with revenues generated by the Best Buy call center.
City Council Goal: [Please select goal from dropdown menu below]
Goal # 7 Maintain Fiscal Responsibility
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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Background Information:
During the FY18 budget process, representatives from The Village requested $442,000 towards their capital campaign to construct the $5M Phase II/Village Main building. The Village Main Project is a 22,000 square foot facility, which will combine several non-profit social services agencies into one location on the south side of town near Hunter Rd and Reimer Avenue. The organization has received funds through foundation grants and received $350,000 towards the project from the County. The City’s contribution will limit the amount funded through a bridge loan estimated to be between $1.7 to $2 million. The social service agencies that are proposed to occupy this building are Community Action, Early Childhood Intervention Homespun, Family Justice Center as well as the City’s Women, Infants and Children’s program.
City Council committed to funding the requested $442K with sales tax revenue generated by the Best Buy call center. The first quarter revenues have been received and there is sufficient amounts to fund the full requested amount in the first quarter. This budget amendment will appropriate the funds for the funding request.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
Approval of the budget amendment