2012-2013 Budget - City of Saginaw MI

REVENUE BUDGET SUMMARYNEIGHBORHOOD STABILIZATION PROGRAM (NSP)This fund is a combination of NeighborhoodStabilization Program I, II and III. In FY 2013 the Cityexpects to utilize NSP II and III for the acquisition andredevelopment of foreclosed properties as well asdemolition of blighted structures. This fund is classifiedas a Special Revenue Fund, which means it is 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 anallocation from the Department of Housing and UrbanDevelopment, which must be completely expendedwithin three years. The NSP revenues will be$11,018,086 for FY 2013. This is down -3.91% fromthe FY 2012 Approved Budget due to the expiration ofNSP I Grant.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedFederal Grants 0 2,812,756 4,314,992 9,467,318 9,467,318 5,646,075 9,018,086Other Revenues 0 2,329 77,967 2,000,000 2,000,000 1,101,903 2,000,000Total Revenues 0 2,815,085 4,392,959 11,467,318 11,467,318 6,747,978 11,018,086REVENUE TRENDS14,000,00012,000,00010,000,000Total Neighborhood Stabilization ProgramRevenues Since 20108,000,0006,000,000Total NSP Revenues4,000,0002,000,000-2010 2011 2012 2013The above graph reflects numerical data from FY 2010 through 2011 Actual Revenues, FY 2012 Approved Revenues, andFY 2013 Approved Budget. The City was awarded its firsts NSP allocation in 2010. In 2011 and 2012 the city saw anincrease in revenue directly related to the City receiving awards for NSP II and III. In 2013, NSP I funding will no longerbe available.228