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Santa Fe council approves $3.07M budget fix to reconcile Affordable Housing Trust Fund
Summary
After a year-long reconciliation, the council approved a $3,070,059 budget amendment to align past budget authority and actual transfers for the Affordable Housing Trust Fund and to preserve existing grant awards; staff said awards were issued on a reimbursement basis and not all grant dollars were spent in the year they were approved.
Finance Director Emily Oster urged the City Council to approve a budget amendment Tuesday that will transfer $3,070,059 from FY2025 general-fund balances into a dedicated Affordable Housing Trust Fund account to match prior years’ budget authority with actual transfers.
“While the actual transfers into the fund for FY22, FY23 and FY24 were less than $3,000,000, there was budget authority during the fiscal year for $3,000,000 and the grants that were made from the Affordable Housing Trust Fund were fully funded,” Oster said, explaining that grants are operated on a reimbursement basis and some grantees did not expend their full awards in the year they were granted.
The reconciliation grew out of staff work over the…
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