Title
Vote to approve a Fiscal Year 2024-2025 budget amendment for the Housing Trust Fund
Abstract
Introduction & Background: During the fiscal year, the budget must be amended as changing conditions warrant. The fiscal year 2024-2025 budget ordinance authorizes the County Manager to transfer funds within a department without limitation. The Manager may also transfer amounts of up to $5,000 between departments of the same fund and transfer amounts up to $50,000 from contingency with a memorandum report of such transfers to the Board. The Board must approve all other transfers.
Discussion & Analysis: The attached proposed amendment must be approved by the Board of Commissioners for Fiscal Year 2025.
The Housing Trust Grant program budget is being increased by $64,748 with a transfer from Housing Trust Fund Balance to cover program compensation.
How does this relate to the Comprehensive Plan: The Housing Trust Fund impact’s goal nine of Plan Chatham, which is to provide equitable access to housing and community options for all.
Budgetary Impact: The proposed amendment increases the Housing Trust Fund by $64,748.
Recommendation/Motion: Motion to approve a Fiscal Year 2024-2025 budget amendment for the Housing Trust Fund.