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File #: ORD. 2021-158    Version: 1 Name:
Type: Ordinance Status: Withdrawn
File created: 6/15/2021 In control: Finance and Economic Development Standing Committee
On agenda: 6/17/2021 Final action: 6/17/2021
Title: To create a new reservation of fund balance called the 2021 Permanent Supportive Housing Reserve intended to be categorized as a committed fund balance and used to fund permanent supportive housing needs in the city of Richmond.
Patrons: Stephanie Lynch
Attachments: 1. Ord. No. 2021-158 Withdrawn 20210617

Title

To create a new reservation of fund balance called the 2021 Permanent Supportive Housing Reserve intended to be categorized as a committed fund balance and used to fund permanent supportive housing needs in the city of Richmond.

Body

THE CITY OF RICHMOND HEREBY ORDAINS:

§ 1.                     That:

(a)                     A new reservation of fund balance called the 2021 Permanent Supportive Housing Reserve (the “Reserve”) is hereby created. 

(b)                     It is the intent of this ordinance that (i) all amounts committed to the Reserve be appropriated to fund permanent supportive housing needs in the city of Richmond and (ii) the Reserve be categorized as a committed fund balance for purposes of generally accepted accounting principles.

(c)                     Up to the first $847,000.00 of any year-end General Fund balance, as section 12-241(a) of the Code of the City of Richmond (2020), as amended, defines “general fund balance,” for the fiscal year commencing July 1, 2020, and ending June 30, 2021, shall be committed to the 2021 Permanent Supportive Housing Reserve.

§ 2.                     This ordinance shall be in force and effect upon adoption.