Requested Agenda Date:
10/3/2023
Requested Agenda Title:
Title
Budget Adjustment: Community Services requests to add $125,000 to the ZAP Tier II program as part of the fund balance spend down plan.
Body
Requested Agenda Item Description: This request is for a one-time use of Tier II fund balance to add funding to the 2023 budgeted amount for Tier II grant awards. The Tier II 12/31/22 ending fund balance is $1,489,669. The balance has been building over the years and has reached a point where a spend down plan is necessary and appropriate. This plan will request to add $125,000 of fund balance to annual grant awards each year until the balance is drawn down to $530,000. The remaining $530,000 would be used to fund 10-15% of the average Tier II awards in the event of an unanticipated economic situation, and to implement future support for ZAP Tier II program initiatives. This multi-year spend down plan will ensure Tier II funds are spent as outlined in statute without creating a significant spike in funding from one year to the next.
Requested Action: Discussion - Vote Needed
Presenter(s) (with titles): Hoa Nguyen, Council Budget and Policy Analyst
Time Needed: Less than 5 MINS
Is this Item Time-Sensitive and/or Requesting a Time-Certain? No
Requesting Staff Member: Robin Chalhoub, Community Services, Director
Are Supporting Documents Needed for this Agenda Item Request? Yes