Agenda Item Title:
FY 2017 CDBG Annual Action Plan (AAP) Preliminary Funding Recommendations
Legal & Finance Committee
Origination Meeting Date:
City Council Hearing Date:
Agenda Item Summary:
Attached are the Investment Committee’s recommendations for funding, based on estimates for HUD funding and program income for 2017. 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 one ready to go project to the FY2016 Reallocation of funds to help with the spend-down ratio (Pennington County Health & Human Services). That leaves a contingency fund of $233,722 to apply to other ready-to-go projects next year.
Funding Source & Fiscal Impact (if applicable):
|CDBG funds - estimated|
Origination Recommendation Action:
Origination Recommendation Notes:
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 the adjustments necessary total less than 25% of the total estimated Entitlement, no further public comment period is required. If actual Entitlement amount exceeds the estimate used here, recommendations will be brought back to Council for final approval.