2012-2013 Budget - City of Saginaw MI

CDBG HOME PROGRAMREVENUE BUDGET SUMMARYThe HOME Program Fund provides for city generatedhousing rehabilitation activities as well as current City ofSaginaw Community Housing DevelopmentOrganization (CHDO) sub-recipient. The focus is onproviding low interest loans to low-income families forhome rehabilitation. This fund classified in the a SpecialRevenue Fund, which means it is used to account forproceeds of specific revenue sources that are legallyrestricted to expenditures for specific purposes. CDBGHOME Program revenues will decrease by $575,398, or-53.13% from the 2012 Approved Budget. Thisdecrease is due to the reduction in the City’s federalentitlementallocation.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedFederal Grants 656,286 697,976 987,915 1,000,000 1,230,996 848,291 507,456Other Revenues 25,806 2,379 29,050 78,579 78,579 0 0Transfer from Other Funds 0 14,394 0 4,275 4,275 0 0Total Revenues 682,092 714,749 1,016,965 1,082,854 1,313,850 848,291 507,456REVENUE TRENDS1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,000Total CDBG HOME Program RevenuesSince 2002-Total HOMERevenuesThe above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 Approved Revenues, andFY 2013 Approved Budget. The three lowest points of revenues for this fund were in 2002, 2005, and 2008. In 2002,there was a -59.13% decrease in the HOME allocation from the federal government. In 2005 and 2008 the significantdecreases were also due to reductions in the HOME allocation. The three years with the highest revenue for this fund were2001, 2003, and 2006. In 2001 and 2006 the federal HOME allocations were over $1.1 million. In 2003, the federalallocation was only slight above $800,000, but home sales for that year were over half million dollars, the highest of anyyear in the fund.224