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oo,Y 0' Q\ EL CERRITO AGENDA BILL Agenda Item No. 5(C) Date: May 20,2014 To: El Cerrito City Council From: Hilde Myall, Housing Program Manager Lisa Malek-Zadeh, Finance Director/City Treasurer Subject: Budget Appropriation for the City Housing Trust Fund ACTION REQUESTED Adopt a resolution appropriating spending authority for the Fiscal Year (FY) 2013-14 budget for the newly created City Housing Trust Fund. BACKGROUND & ANALYSIS The requested action is to appropriate spending authority of $2,860,000 in State Proposition 1 C Infill Grant funds to the City Housing Trust Fund for construction of the Ohlone Gardens housing project. Appropriation of the grants funds was previously approved by City Council action on March 18, 2014 per Resolution 2014-05 in the Low and Moderate Income Housing Asset Fund. Since that time, staff was been advised that the housing grant funds should be administered through a separate fund and the City has created the City Housing Trust Fund for this purpose. FINANCIAL CONSIDERATIONS Appropriation of $2,860,000 of spending authority will facilitate City administration of the grant funds and is consistent with State Infill Grant program requirements. This action does not impact the City's General Fund or other City funds. LEGAL CONSIDERATIONS The Counsel to the City as housing successor has reviewed this report and the attachments. Reviewed by: Attachments: 1. Resolution ---PAGE BREAK--- Agenda Item No. 5(C) Attachment RESOLUTION NO. 2014-XX A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL CERRITO APPROPRIATING SPENDING AUTHORITY FOR THE CITY HOUSING TRUST FUND FOR THE CITY OF EL CERRITO FOR FISCAL YEAR 2013-14 WHEREAS, on June 27, 2013 the City Council of the City of El Cerrito adopted the Fiscal Year 2013-14 Budget with spending limits across funds; and WHEREAS, on March 18, 2014 the City Council adopted Resolution No. 2014-05, which included an increase in spending authority of $2,860,000 for State Proposition 1C Infill grant funds in the Low and Moderate Income Housing Asset Fund; and WHEREAS, staff has been informed that a separate fund is required to administer the grant funds; and WHEREAS, the City created the City Housing Trust Fund for this purpose. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of El Cerrito as follows: 1. The City Council of the City of El Cerrito hereby appropriates $2,860,000 in spending authority for the Housing Trust Fund for Fiscal Year 2013-14. 2. This Resolution shall become effective immediately upon its adoption. I CERTIFY that at the regular meeting on May 20, 2014, the City Council of the City of El Cerrito passed this resolution by the following vote: AYES: COUNCIL MEMBERS: NOES: COUNCIL MEMBERS: ABSTAIN: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: IN WITNESS of this action, I have hereunto set my hand and affixed the official Seal of the City of El Cerrito on May 2014. Cheryl Morse, City Clerk Approved: Janet Abelson, Mayor