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8G Consent 2011 0502
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8G Consent 2011 0502
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Last modified
5/4/2011 4:34:56 PM
Creation date
4/29/2011 10:54:02 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/2/2011
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_CC Agenda 2011 0502
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2011\Packet 2011 0502
MO 2011-068
(Reference)
Path:
\City Clerk\City Council\Minute Orders\2011
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Additional Required Contributions for ACAP Wind -Down 4 <br /> • The second part of up to $46,154 would be allocated toward contingent liabilities, and <br /> invoiced and paid in a later installment based on clear documentation of need. <br /> Attachment <br /> Table 1: Financial Needs of Associated Community Action Program (ACAP) <br /> CONCLUSION <br /> Staff is suggesting that Council approve the entire amount of $121,539, with the understanding <br /> that only $75,385 is being invoiced/paid at this time; and the remainder will be invoiced as need <br /> is identified. This will allow ACAP to proceed on an orderly path of close out and to pay those <br /> precise costs currently identified, and to have access to funds to meet projected needs as those <br /> needs are specifically identified and documented. <br /> Staff recommends allocation the $121,539 from the General Funds' undesignated fund balance. <br /> This would reduce the ending FY10 -11 undesignated reserve by a like amount. <br /> It is critical that these funds be allocated by the middle of May 2011 before the initial $300,000 <br /> contribution is exhausted. <br />
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