2012-2013 Budget - City of Saginaw MI

CDBG RESIDENTIAL LOANSREVENUE BUDGET SUMMARYThe CDBG Residential Loan Fund provides loanresources for a variety of housing rehabilitationopportunities for single-family homeowners within theCity of Saginaw. This fund is classified as a SpecialRevenue Fund, which is defined as a fund used toaccount for proceeds of specific revenue sources that arelegally restricted to expenditures for specific purposes.The major source of revenue for this fund is “FederalGrants”, which is anticipated to be $564,596 in FY 2013.CDBG Residential Loan Fund revenues will increase by$249,457 from the 2012 Approved Budget. This is dueto an increase in the City’s federal entitlement allocation.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedFederal Grants 427,392 201,135 136,399 345,139 365,756 248,679 564,596Interests and Rents 19,362 18,581 14,728 20,000 15,725 11,672 30,000Other Revenues 119,108 103,900 91,636 100,000 100,000 70,119 120,000Transfer from Other Funds 0 33,212 4,000 0 4,275 4,275 0Total Revenues 565,862 356,828 246,763 465,139 485,756 334,745 714,596REVENUE TRENDS800,000700,000600,000500,000400,000300,000200,000100,000-Total CDBG Residential LoansRevenues Since 2002TotalResidentialLoanRevenuesThe above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 Approved Revenues, andFY 2013 Approved Budget. This trend reveals three significant spikes in revenue: 2002, 2008, and 2013. In 2002, therewas a $137,566 transfer from the Community Development Block Grant Fund that did not occur in 2001. In 2008, therewas a $398,031 carryover of entitlement funds from the previous year. This fund also experienced two major drops inrevenue: in 2005 there was a decrease in entitlement funds from the federal government and principal loan payments andin 2011 there was a -30.85% decrease in block grant entitlement monies.217