Title
Dept/ Agency: Administration/ Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Transfer of CDBG Funds
Purpose: Reprogramming of Fortieth (XL) year funds for Demolition (City-Wide)
Funding Source: Within various CDBG 40th Year Demolition Project
Amount Transferred: $1,000,000.00
Transferred From: Demolition
Transferred To: Demolition
Additional Information:
Two-Thirds vote of full membership required.
body
TR # 1
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The transfer of funds is required as shown in the schedule below.
2. Said transfers are hereby authorized as required by Ordinance 6S&Fd adopted on April 16, 1980, providing that all transfers of Community Development Block Grant funds be authorized by this body.
PROJECT FROM TO
Community Development Block Grant 40th Year
DEMOLITION
Salaries and Wages 100,000.00 119,120.00
Other Expenses 900,000.00 880,880.00
TOTAL CDBG 40th YEAR TRANSFER $1,000,000.00 $1,000,000.00
STATEMENT
This legislation allows for the reprogramming of funds in the Demolition Project to increase Salaries and Wages account. (City-wide)