City of Albuquerque
File #: R-23-177   
Type: Resolution Status: Enacted and Published
File created: 10/16/2023 In control: City Council
Final action: 11/8/2023
Enactment date: 11/22/2023 Enactment #: R-2023-092
Title: Designating Fund '305 Misc.' As The 'Housing Forward Fund' And Requiring The Administration To Provide An Annual Report (Benton)
Sponsors: Isaac Benton
Attachments: 1. R-177, 2. R-177Enacted
Date Action ByActionResultAction Details
11/22/2023 City Clerk Published  Action details
11/21/2023 Mayor Not Signed by the Mayor  Action details
11/15/2023 City Council Sent to Mayor for Signature  Action details
11/8/2023 City Council Passed as AmendedPass Action details
11/8/2023 City Council AmendedPass Action details
10/16/2023 City Council Introduced (Immediate Action Requested)  Action details
10/16/2023 President Immediate Action Requested  Action details
10/16/2023 City Council PostponedPass Action details

CITY of ALBUQUERQUE

TWENTY FIFTH COUNCIL

 

 

COUNCIL BILL NO.      R-23-177                    ENACTMENT NO.   ________________________

 

SPONSORED BY: Isaac Benton

 

 

RESOLUTION

title

Designating Fund ‘305 Misc.’ As The ‘Housing Forward Fund’ And Requiring The Administration To Provide An Annual Report (Benton)

body

DESIGNATING FUND ‘305 MISC.’ AS THE ‘HOUSING FORWARD FUND’ AND REQUIRING THE ADMINISTRATION TO PROVIDE AN ANNUAL REPORT.

WHEREAS, the Capital Implementation Program of the City of Albuquerque is governed by the requirements established under Section 2-12-4 ROA, 1994, which provides for amendments to the approved program; and

WHEREAS, the Council adopted Ordinance O-22-25 which authorized the issuance and sale of a maximum of $100,000,000 of City of Albuquerque, New Mexico Gross Receipt Tax Improvement Revenue Bonds Series 2022 for various capital projects; and

WHEREAS, the Council adopted Resolution R-22-34, which appropriated the bond proceeds from the New Mexico Gross Receipts Tax Improvement Revenue Bonds Series 2022 to project scopes for necessary projects in the City; and

WHEREAS, R-22-34 appropriated $20,000,000 for Affordable Housing; and

WHEREAS, prudent oversight of these funds is essential to ensure their proper utilization; and

WHEREAS, requiring City Council approval for expenditures for these funds enhances transparency, accountability, and public confidence in the financial decisions made by the City Administration.

BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:

SECTION 1. As of the publication of this Resolution, Fund ‘305- Misc.’ activity number 7272040, shall be designated as the ‘Housing Forward Fund.’

SECTION 2. The Administration shall annually submit, as an Executive Communication, a report to the City Council detailing the status of the Housing Forward Fund, including the current balance and accounting of the Fund. The report shall also include the details of all completed, current, and planned projects that utilize the Fund in any amount. The Executive Communication shall be submitted to the City Council during the third quarter of every Fiscal Year. The first report shall be due by the end of  March of 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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