Council Provided Information - 9/25/2023
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE: September 22, 2023
PREPARED BY: Erin Cunningham, Financial Analyst
RE: RDA Budget Amendment #1, FY 2023-2024
REQUESTED ACTION: Discussion and approval of Budget Amendment #1
BUDGET IMPACTS: The First Amendment reduces the Agency’s Housing Development Fund by
approximately $6.4 million.
EXECUTIVE SUMMARY: The purpose of this amendment is to align with the City's Second Budget
Amendment, which reallocates $6,476,014 from the Agency's Housing Development Fund to the City's
Miscellaneous Grants Fund.
ANALYSIS & ISSUES: In the Fiscal Year 2024 budget, the Board transferred $6,476,014 in Dormant
HOME Program Income Funds initially allocated in the to Community and Neighborhoods Department to
the Agency's Housing Development Fund. This allocation is intended to be incorporated into the annual
housing Notice of Funding Availability (NOFA) by the Agency. However, due to the specific reporting
obligations associated with these Funds, the City's Finance Department is suggesting a transfer of these
funds to the Miscellaneous Grants Fund.
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
ATTACHMENTS: N/A