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CITY OF RIVERSIDE <br /> CITY COUNCIL MEMORANDUM <br /> <br />Honorable Mayor & City Council <br /> <br />Subject: <br /> <br /> Date: December 1, 1998 <br /> <br /> Item No.: 6 <br /> <br />REQUEST APPROVAL FOR BUDGET ADJUSTMENT TO THE 1998-99 COMMUNITY <br />DEVELOPMENT BLOCK GRANT (CDBG) BUDGET - ADDITIONAL ESTIMATED <br /> <br />Background: <br /> <br />The City of Riverside has several revolving loan programs within the CDBG program: Economic Development <br />Loans; Home Improvement Loans for Arlanza, Casa Blanca, Downtown, Eastside, Northside, Magnolia Center, <br />Arlington, and Citywide neighborhoods; Emergency Loans; Deferred Loans; and Micro Loans. In prior budget <br />years, estimated program income from some of these revolving loans was included as miscellaneous revenues in <br />the annual budget. As program income was received, the budget for estimated revenue and the corresponding <br />appropriation was increased by the amount received. This practice led to difficulty in balancing the City's <br />accounting system to the Housing and Urban Development Integrated Disbursement and Information System <br />(IDIS). <br /> <br />For the 1998°99 budget year, no miscellaneous revenues were included in the Annual Budget. Staff will return to <br />Council at the end of the year to budget estimated revenues and appropriations based on actual receipts. <br /> <br />Current Issues: <br /> <br />The final budget for CDBG for the 1998-99 fiscal year contains expenditures of $3,557,442 and revenues of <br />$3,510,000, creating a budgeted deficit fund balance of $47,442 in the CDBG fund 220. Staff is requesting an <br />increase of estimated revenue at this time to balance the budget for this fund. During June 1999 staff will return <br />to Council to budget remaining program income received and the corresponding appropriations. <br /> <br />Fiscal Impact: <br /> <br />At the current time, over $100,000 has been received as program income in Principal - Economic Development <br />Loan account 220-0-374100, creating sufficient income to increase estimated revenue in this account by $47,442 <br />to balance the CDBG budget. <br /> <br />Recommendations: <br /> <br />That the City Council authorize $47,442 of additional estimated revenue to be budgeted in CDBG Principal - <br />Economic Development Loan account number 220-0-374100. <br /> <br />Prepared by: <br /> <br />Carol A. Britton <br />Administrative Services Manager <br /> <br />Approved by: <br />~nager <br /> <br /> <br />