FYE 14 Budget prelim - City of Norman

CITY OF NORMANCOMMUNITY DEVELOPMENT FUNDBUDGETHIGHLIGHTSBackgroundThe Community Development Fund is a Special Revenue Fund established to account forthe resources allocated to Community Development Block Grant (CDBG), the HOME PartnershipProgram, and other funds from the U.S. Department of Housing & Urban Development (HUD).The Community Development Block Grant Program was established by Congress in theCommunity Development Act of 1974 to consolidate a number of Federal assistance programs intoone “block grant” for the utilization of individual communities in solving community developmentproblems. Funds are allocated annually on a formula basis to the City of Norman by theDepartment of Housing and Urban Development, the funding agency. As an entitlement city,Norman receives a funding allocation each year without having to compete against other cities.Once allocated, the funds remain available to the City until approved activities are completed. In1995, Norman became an entitlement city for the HOME Program as well, and therefore does nothave to compete against other cities for funding.The projects funded by the CDBG Program must meet the criteria of activities, which eitherprimarily benefit low-to-moderate income persons, or prevent or eliminate slums or blight. Thefour major categories of eligible activities are: (1) neighborhood upgrading, conservation, andrenewal; (2) housing assistance; (3) social and economic development for moderate and low incomegroups; and (4) activities in support of the other categories, including administration and planning.HOME projects are all housing with all beneficiaries in the low-to-moderate income range, asdefined by federal regulations.Upon receipt of a contract and release of funds documentation, the City of Norman mayobligate and expend funds for approved activities.A total of $41,357,678 in CDBG-HOME Program Funds (CDBG - $32,207,388 and HOME- $9,150,290) has been allocated to the City of Norman through FYE 14. The FYE 14 Budgetincludes a grant of $768,388 plus the balance of funds not yet utilized from previous allocations.Also, included are HOME Grants totaling $350,000.FYE 14 BudgetExpenditures are accounted for based upon program and grant year. Any remaining FYE 12and FYE 13 funds are expected to be expended in FYE 14. Total revenues are projected at$1,118,388 and total expenditures are projected at $1,118,388.ANNUAL BUDGET61