Attachment 5 – Unspent Funds Resolution
Reso. No.
RESOLUTION NO. ________
A RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND, CALIFORNIA,
TO APPROPRIATE IMPACT FEES FUNDS TO CAPITAL IMPROVEMENT PROJECTS IN FY 2024-25 AND APPROPRIATE REMAINING GENERAL FUND FY 2023-24 UNSPENT FUNDS TO CAPITAL IMPROVEMENT PROJECTS
WHEREAS, pursuant to Section 1(b) of Article IV of the Richmond City Charter the City Manager is required to prepare an annual budget for the review and approval by the City Council; and
WHEREAS, the City’s Audited financials for Fiscal Year 2023-24 reported an unassigned fund balance of Sixty-Five Million, Two Hundred Sixty-Two Thousand, Three Hundred Twenty-Five Dollars ($65,262,325); and
WHEREAS, the General Fund unspent funds are available for Council goals and priorities; and
WHEREAS, the City Council previously authorized a loan from the City’s General Fund to the Affordable Housing Fund in order to make the Original City Funding available for the Homekey Program (the “Project”); and
WHEREAS, at present the Affordable Housing Fund lacks sufficient resources to provide the additional subsidies needed for the Project; and
WHEREAS, the City General Fund will provide a commitment of One Million, Four Hundred Thousand Dolars ($1,400,000) in FY2024-25 and Two Million Dollars ($2,000,000) in future years to increase the interfund loan in the amount of Three Million, Four Hundred Thousand Dollars ($3,400,000) to the Affordable Housing Fund in order to make funds available to finance operating and capital subsidies for the Project: and
WHEREAS, the City Council reviewed the list of capital improvement projects with a projected funding shortfall in FY 2024-25, totaling One Hundred Thirty Million, One Hundred Ten Thousand Dollars ($130,110,000); and
WHEREAS, General Fund unspent funds were identified as sources to fund estimated capital projects shortfall in the amount of Four Million, Five Hundred Seventy-One Thousand, and Five Hundred and Four Dollars ($4,571,504); and
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE
RICHMOND CITY COUNCIL, COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA, THAT:
1. The City Council hereby Commits FY2023-24 Unspent General Fund to Homekey Project in the amount of One Million, Four Hundred Thousand Dollars ($1,400,000) to the Affordable Housing Fund in FY24-25 to provide an interfund loan.
Attachment 5 – Unspent Funds Resolution
Reso. No.
2. The City Council approves in future years, Two Million Dollars ($2,000,000) to the affordable Housing Fund after annual operating cost appropriations are better known for a Loan amount up to Eight Million, Three Hundred Thousand Dollars ($8,300,000).
3. The City Council hereby appropriates Unspent Funds in the amount of Five Million, Five Hundred Seventy-One Thousand, and Five Hundred and Four Dollars ($5,571,504) as follows:
General Fund Appropriations
Fund FY 2024-25
General Fund - Transfers Out to General Capital 4,571,504 General Fund – Immigration Services (Council Direction on March 4, 2025) 1,000,000 Total 5,571,504
Fund FY 2024-25
General Capital Fund - Transfers In (4,571,504)
General Capital Fund – Booker T. Anderson Community Center Phase III 2,700,000 General Capital Fund – Boorman Park Remediation 250,000 General Capital Fund – Boorman Park Revitalization 400,000 General Capital Fund – Carlson Blvd Crosstown Connection Phase II 1,221,504 Total -
General Fund Commitment
Fund FY 2024-25
General Fund – Commitment to Homekey Project 1,400,000
Total 1,400,000
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I certify that the foregoing resolution was passed and adopted by the City Council of the City of Richmond at a regular meeting thereof held March 11, 2025, by the following vote:
AYES:
Attachment 5 – Unspent Funds Resolution
Reso. No.
NOES:
ABSTENTIONS:
ABSENT:
______________________________
City Clerk of the City of Richmond
(SEAL)
Approved:
__________________________________
Mayor
Approved as to form:
___________________________________
City Attorney