04-821Council File # O� � U° �
Resolution #
Green Sheet # JIJ��� "`��
RESOLUTION
OF SAINT PAUL, MINNESOTA
Presented By
Cunent
Bud¢et ChanQes
$75,000 ($38,900)
$ $0 $30,000
$ z,soo (�600)
Re£erred To Committee: Date
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WHEREAS, the Mortgage Foreclosure Prevention Program (MFPP) has experienced more demand for foreclosure
prevention counseling, budget counseling, and emergency loan assistance to Saint Paul homeowners with mortgage
defaults; and
WIIEREAS, the Mortgage Foreclosure Prevention Program generated more revenue than expenses during 2003; and
WHEREAS, MFPP proposes to use $40,000 of retained earnings to pay for the increased demand of administrative
costs, budget counseling, and emergency loans far the Mortgage Foreclosure Prevention Program; and .
WI-lEREAS, the Mayor, pursuant to Section 10.07.01 of the Charter of the City of Saint Paul, does certify that there is
available for appropriations $40,000 in excess of those estimated in the 2004 Budget.
THEREFORE BE IT RESOLVED that the City Council of Saint Paul approves the following changes to the 2004
Budget.
Mortgage Foreclosure Prevention Program - 2004 Budget
FINANCING PLAN
117-26523-2421
ll7-26523-3015
117-26523-4095
117-26523-6922
117-26523-9925
ll7-26523-9925
MHFA Funds
HiJD Housing Counseling Grant
Counseling Fees
Loan Repayments-Aome Ownership Center
Use of Net Assets - I-IItA Loan Enterprise Fund
Use of Net Assets - MFPP
Total Financing Plan
$16,000 $0
$112,500 $0
$5 950 40 000
/�
Amended
Budget
$36,100
$30,000
$i,9oo
$16,000
$112,500
$45,950
$211,950 $30,500 $242,450
o�- 8a-I
44
45 Mortgage Foreclosure Prevention Program - 2004 Budget
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50 SPENDING PLAN
117-26523-0299 Administrative Services/Counseling
117-26523-0219 Professional Services - Budget Counseling
117-26523-0581 MFPP Loans
Total Spending Plan
Current
Bud¢et
$111,000
$5950
$95.000
$211,950
Chanees
$20,500
$10,000
$0
$30,500
Amended
Bud�et
$131,500
$15,950
$95 000
$242,450
Requested by Department of:
Plannin n ic Devel n nt
$y � �� �
Approved by
Adopted by Council: Date �
Adoption Certified by Council
Sy: �
AppYOVed by Mayor ate _
By:
o�/���7'
by
By:
By:
Form Approv
a b y- Sa I
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
DepartmenNOffice/eouncil: Date initiated: (,,
PE . 03AUG-04 GPP.P.C� SIIP.P.� NO 3021608
Contact Person 8 Phone:
Joe Collins
266-6020
Must Be on Council Agenda by
�
Assign
Number
For
Routing
Order
Deoartmerrt SentToPerson
3 i Attome P_ M all
4 or's O�ce
5 'nancial Services . Smith
Total # of Signature Pages _(Clip All LocaUOns for Signature)
Action Requested: �� ,
PED requests authorization to amend the 2004 Budget of Mortgage Foreclosure Prevention Program (MFPP) to reflect greater service
demands by Saint Paul homeowners for foxeclosure prevention counseling, budget counseling, and emergency loans necessary to
cure mortgaae defaults. PED will use Net Assets of MFPP to appropriately fmance these budget changes.
idations: Approve (A) or Reject (R):
Planning Commission
GB Committee
,Civil Service Commission
Must Answer the Following
1. Has this person/firm ever worked under a cootract for this department?
Yes No
2. Has this personlfirm ever been a city employee?
Yes No
3 Does this person/firtn possess a skill not normally possessed by any
wrrent city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why):
Mortgage Foreclosure Prevention Program (MFPP) provides mortgage foreclosure prevention counseling, counseling services, budget
counseling, and limited emergency assistance loans to Saint Paul homeowners facing mortgage foreclosures. Ctiurem economic
conditions have increased demand for MFPP. MFPP received $30,000 of grant funds in 2003 from Home Ownership Center (HOC) to
pay for MFPP administration, budget counseling and emergency loans in 2003 and 2004.
AdvanWpes If Approved: -
MFPP will appropriately use gant funds received in 2003 from Home Ownership Center for its intended use in 2004. Foreclosure
prevention counseling, budget counselnmg and emergency loans will assist more Satnt Paul households facing mortgage defaults.
�isadvantaqeslfApproved:
None.
Disadvantages If Not Approved: �� � �
MFPP would effectively serve less Saint Paul homeowners who have mortgage defaults or mortgage pay ' u
� �uc Q � zoo�
ToWI Amount of
Trensaction: 40000 CosURevenue Budgeted: ���� �����
Fundinpsource: MFPPFurldbalance. ActivityNumber: GL-117-26523���t,,
Financial Information: Use of g�8tit fundS �!at
(Explain) HRA/HOC contract recognizes I3RA revenues and �ant funds from MHFA, HOC and HUD. Mortgage
Foreclosure Prevention Program was approved in the FY 2004 Budget.