RES 00071A - Laserfiche WebLink

H. Community Development Block Grant (CDBG) and other Housinn Funds The 2000 -01 revised budget of $232,800 for Community Development Block Grant Funds reflects the allocations approved by Council at the public hearing on April 18, 2000. Details of the approved allocations are shown in Attachment B at the end of this section. Staff is also recommending that expenditures from the Lower Income Housing Fund and the HOME Program Fund be amended as shown in Attachment B. I. Other Several other Funds contain recommended minor amendments including: Other Replacement and Renovation Funds The recommended 2000 -01 budget reflects an increase of $66,000 in facility renovations, and $62,000 for equipment and heavy equipment replacements. Landscape and Geological Hazard Assessment Districts (GHADs) The midterm budget reflects an increase of $58,000 in the revenue estimate for the Laurel Creek Geologic Hazard District. Also reflected is the closeout of the Laguna Oaks Landscape District. The responsibility for maintenance has been turned over to the homeowners' association. J. Subsequent Event Subsequent to preparation of this Midterm update, Pleasanton was notified that its tentative share of a settlement with Bank of America regarding bond trustee services is estimated to be $600,000. When the funds are received, staff will be recommending that they be added to the General Fund Capital Reserve, for future appropriation when the CIP is prepared in the spring of 2001. IV. CONCLUSION In general, this budget update tries to balance a continued optimism in the current strong economy with some caution. City revenue sources may change in the coming years due to State revenue restructuring, legislative changes in Internet taxation, and competition from neighboring cities and the Internet. In all those cases, the City's sales tax revenue, which is the General Fund's second largest funding source, is particularly vulnerable. 17