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THE CITY OF <br /> CITY COUNCIL AGENDA REPORT v{ <br /> pL E ASANTON® <br /> July 20, 2010 <br /> Assistant City Manager <br /> TITLE: AMEND THE FY 2009 -10 BUDGET RELATED TO $200,000 LOAN OF <br /> FEDERAL HOME FUNDS TO TRI- VALLEY REACH <br /> SUMMARY <br /> At the meeting of May 18, 2010, the City Council approved the allocation of funds <br /> through the City's new Housing and Human Services Grant (HHSG) program, including <br /> the approval of $200,000 in federal HOME funds to Tri- Valley REACH to acquire <br /> housing for developmentally disabled adults. REACH located an ideal property and <br /> closed escrow in late May shortly after the Council's approval. Although the HOME <br /> funds are from prior years' agreements with Alameda County, an amendment to the <br /> FY10 budget must be processed so that the fiscal year of the budget is consistent with <br /> the fiscal year of the expenditure. <br /> RECOMMENDATION <br /> Approve an amendment to the FY10 Budget to reflect the May 18, 2010, allocation of <br /> $200,000 in federal HOME funds to Tri Valley REACH. <br /> FINANCIAL STATEMENT <br /> The proposed budget amendment will move $200,000.00 from FY11 to FY10 to achieve <br /> consistency between the fiscal year of the expenditure and the fiscal year of the budget <br /> allocation. <br />