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1 <br /> ORD-2023-030 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 20, 2023 <br /> Action Agenda <br /> Item No. 8-o <br /> SUBJECT: Fiscal Year 2022-23 Budget Amendment #11 <br /> DEPARTMENT: County Manager's Office <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Year-to-Date Budget Kirk Vaughn, (919) 245-2153 <br /> Summary <br /> PURPOSE: To approve budget, grant, and capital project ordinance amendments for Fiscal Year <br /> 2022-23. <br /> BACKGROUND: <br /> Housing Department <br /> 1. Due to the department issuing additional Housing Choice Vouchers, the Housing Choice <br /> Voucher Fund is expected to significantly exceed budget. Funding for vouchers is provided <br /> as pass-through funding by the Department of Housing and Urban Development (HUD). <br /> This amendment authorizes $1,600,000 in additional voucher funding offset by anticipated <br /> HUD revenue. <br /> 2. In July 2021, the County sold $2,500,000 in General Obligation Bonds (GO Bonds) for <br /> approved affordable housing projects from the 2016 referendum. In the sale, the County <br /> received $362,579 in additional GO Bond premiums. These premiums are restricted to <br /> fund additional affordable housing projects. $202,579 of these premiums were authorized <br /> to be contributed towards the Affordable Housing Bond project in June 2022. This <br /> amendment authorizes the remaining $160,000 to be contributed towards the Affordable <br /> Housing Bond project in the County Capital Fund, amending the following capital project <br /> ordinance: <br /> Affordable Housing Bond Project($160,000) - Project# 30003 <br /> Revenues for this project: <br /> Current FY 2022-23 FY 2022-23 <br /> FY 2022-23 Amendment Revised <br /> Bond Proceeds $6,256,383 $160,000 $6,416,383 <br /> Grant Revenue $15,000 $0 $15,000 <br /> Transfer from General Fund $510,000 $0 $510,000 <br /> Alternative Financing $1,400,000 $0 $1,400,000 <br /> Total Project Funding $8,181,383 $160,000 $8,341,383 <br />