2009-10 Adopted Budget - City of Hoquiam

L. Community Development Repay - #130Overview:The Community Development Repay fund provides for the accounting of resources of aprogram that started in the 1980’s whereby the City received funds to provide loans toprivate citizens for making improvements to their residences. The City maintained a lienon the residences and these loans were paid back either when that citizen passed awayor the residence was sold.Today, almost all of the loans have been paid back and the surplus funds can be usedfor any City purpose. However, the City has developed a policy of using theseadditional resources to fund abatement and cleanup activities within the City. TheCommunity Development Repay fund begins the biennium with a $210,000 cashbalance.Revenues:Contract payments in the amount of $40,000 in 2009 and $30,000 in 2010 are includedin the budget.Appropriations and Transfers out:For the 2009-2010 Biennium, the City’s focus for the Community Development RepayFund will focus on abatement activities. In 2009 and 2001 respectively, $55,100 isincluded in the operating budget for the tear down and removal of abated structures.102