PRESENTER: Presenter
Jennifer Gates, Grants Coordinator
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SUBJECT: Title
Approval of a budget amendment to the FY 2024 Budget - CDBG Fund.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: Citywide
BACKGROUND INFORMATION:
The City of New Braunfels has received annual grants from the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) Entitlement Program since 1994. The annual funding amount varies each year as it is determined on a formula basis and then provided to entitled cities, counties, and states to help develop viable urban communities. Funds are distributed by the City throughout the community to provide eligible subrecipients with grant funding that can be used to revitalize neighborhoods, support affordable housing, provide economic opportunities, and improve community facilities and services intended for low- and moderate-income (LMI) residents.
CDBG Program Year 2022 (PY 2022) aligned to the City’s Fiscal Year 2023 (FY 2023) and included an allocation of funding to a City-managed minor home repair program. Due to unforeseen challenges, an approved repair project was unable to commence prior to the end of FY 2023. The repairs will be completed in FY 2024, utilizing the allocated CDBG PY 2022 funding.
As such, the following budget amendment to the City’s FY 2024 Budget is recommended for City Council consideration.
Budget Amendment - CDBG Fund
Increase Expenditures: $10,000
• CoNB - Minor Home Repairs
ISSUE:
The proposed budget amendment supports the City’s Strategic Priorities as follows:
Maintain fiscal stability of City operations.
FISCAL IMPACT:
There is no direct fiscal impact to the City for the budget amendment described above as the City-managed minor home repair program is fully funded by an allocation of federal funding.
Recommendation
RECOMMENDATION:
Staff recommends approval of a budget amendment to the FY 2024 Budget - CDBG Fund.