Title:
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Approve and authorize the Chairman to execute a Resolution implementing the Budget Amendment Request (BAR) #25-042 in Community Services grant funds to recognize revenues in the amount of $1,002,843 for new program income and accrued interest which has not yet been appropriated. Countywide (Timothy Jecks, Management & Budget Director) Requesting Department - Community Services
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Division:
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Management and Budget
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Authorized By:
Timothy Jecks, Management & Budget Director
Contact/Phone Number:
Amirah Evanovich/407-665-7163
Background:
Community Services administers State and Federal programs, such as SHIP and HOME, which generate program income through non-interest bearing, deferred loans for housing-related activities. SHIP funds, provided by the Florida Housing Finance Corporation, support rehabilitation and construction efforts. If a loan defaults, funds are repaid to the County and recorded as program income and allocated appropriately to eligible grants.
HOME funds from HUD follow a similar model, providing deferred loans for affordable homeownership. Upon default, funds are returned and re-budgeted. Additional program income may arise from other grants involving property liens.
All program income must be reported to HUD and FHFC, used within specific timeframes, and properly documented to ensure compliance and audit readiness.
To ensure all available resources are reflected for program expenditures, we are allocating the additional revenue received in FY24 that has not yet been appropriated, allowing these funds to be properly applied to their respective grants.
See the attached cost table for more information.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Resolution implementing the Budget Amendment Request (BAR) #25-042 in Community Services grant funds to recognize revenues in the amount of $1,002,843 for new program income and accrued interest which has not yet been appropriated.