Title
Resolution to Amend Ann Arbor Downtown Development Authority Budget for Fiscal Year 2014 (8 Votes Required)
Memorandum
Attached for your review and approval, please find a resolution to amend the Ann Arbor Downtown Development Authority Budget for Fiscal Year 2014.
The Michigan Public Act 621 of 1978, as amended, provides that the DDA shall not incur expenditures in excess of the amounts appropriated. In order to comply with PA 621, City Council is asked to approve a FY 2014 budget amendment as set forward in the attached document. The two areas of change are as follows:
Expenses
Adopted FY 2014 budget
Amended FY 2014 budget
Difference
001 Housing Fund
$402,000
$939,500
$537,500
063 Parking Fund
$19,989,174
$21,589,174
$1,600,000
The reason for the variances is as follows:
During FY 2014, the DDA provided three unanticipated affordable housing grants as follows:
Ann Arbor Housing Commission $300,000
Ann Arbor Housing Commission $200,000
Affordable Housing Needs Assessment Study $ 37,500
$537,500
The City Place Apartments project construction, including the new First & Washington Parking Structure, had been anticipated to be completed in FY 2013. Due to construction delays, the matching costs for the First & Washington Parking Structure were not incurred until FY 2014.
Passage of this resolution and approval of the DDA's FY 2014 budget amendments as prepared is recommended.
Staff
Prepared by: Susan Pollay, DDA Executive Director
Reviewed by: Tom Crawford, CFO/Financial Services Area Administrator
Approved by: Steven D. Powers, City Administrator
Body
Whereas, In May 2013 City Council adopted the Ann Arbor Downtown Development Authority's Fiscal Year 2014 budget;
Whereas, Michigan Public Act 621 of 1978, as amended, provides that public bodies including the Ann Arbor Downtown Development Authority shall not incur expenditures in excess of the amounts approved within its budget; and
Whereas, DDA fund...
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