Title
Human Services Department, Community Services Division, recommending Budget Transfer incorporating new revenues and corresponding expenditures in the amount of $500,000 within the Special Revenue Fund 11-107-017 (Index Code 531282) to establish a FY 2007/2008 budget for a new Department of Housing and Community Development Economic Development Block Grant 06-EDBG-2767 for microenterprise assistance and business loan activities during the term September 21, 2007 through February 28, 2010. (4/5 vote required)
RECOMMENDED ACTION: Approve.
FUNDING: State grant funds.
Body
BUDGET SUMMARY:
Total Estimated Cost $500,000.00
Funding
Budgeted $
New Funding $500,000.00
Savings $
Other $
Total Funding Available $500,000.00
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost: No change.
Background:
On January 23, 2007 the Board adopted Resolution No. 012-2007 authorizing submittal of the $500,000 EDBG Microenterprise application to HCD and approving a General Fund contribution of $3,500 to meet match requirements. The $3,500 required match will be met with a portion of the FY 2007/08 Community Services General Fund Contribution budgeted for this purpose.
Reason for Recommendation:
On January 23, 2007 the Board adopted Resolution No. 012-2007 authorizing submittal of an application to the California Department of Housing and Community Development (HCD) for an Economic Development Block Grant (EDBG) in the amount of $500,000 to continue to provide the activities of Microenterprise Assistance and Business Loans and further authorized the Director of Human Services to execute the Standard Agreement contingent upon approval by County Counsel and Risk Management. HCD subsequently awarded the grant to El Dorado County on May 21, 2007. County Counsel and Risk Management approved execution of Standard Agreement #06-EDBG-2767 on August 30, 2007. A budget must be estab...
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