Staff Report
PREPARED BY: JOEL PAULSON
Community Development Director
Reviewed by: Town Manager, Town Attorney, and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 05/01/2017
ITEM NO: 07
DATE: APRIL 19,2018
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: AUTHORIZE A BUDGET ADJUSTMENT TRANSFER IN THE AMOUNT OF
$50,000 FROM THE BELOW MARKET PRICE (BMP) HOUSING IN-LIEU FEE
FUND TO THE BMP HOUSING PROGRAM IN THE GENERAL FUND TO COVER
THE ADDITIONAL SERVICES REQUIRED BY HELLO HOUSING.
RECOMMENDATION:
Authorize a budget adjustment transfer in the amount of $50,000 from the Below Market Price
(BMP) Housing In-lieu Fee Fund to the BMP Housing Program in the General Fund to cover the
additional services required by Hello Housing.
BACKGROUND:
On October 20, 2015, the Town Council authorized the Town Manager to execute an agreement
with Hello Housing for administration of the Town’s BMP Affordable Housing Program. The
agreement was executed by the Town Manager on November 1, 2015 and includes a provision
for additional funding for additional services that are required to be completed by Hello
Housing.
DISCUSSION:
Hello Housing has completed the sales process for six BMP units over the last eight months.
Approval of this item will move $50,000 from the BMP Housing In-lieu Fee Fund to the BMP
Housing Program Fund to cover the additional costs of the services that were required for the
sale of six BMP units.
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SUBJECT: HELLO HOUSING BUDGET ADJUSTMENT
DATE: APRIL 19, 2018
C:\Users\slombardo\Desktop\Council Meeting\07 Staff Report Hello Housing FINAL.docx
4/26/2018 4:26 PM JP
CONCLUSION:
Staff recommends Council authorize a budget adjustment transfer in the amount of $50,000
from the BMP Housing In-lieu Fee Fund to the BMP Housing Program to cover the additional
services required by Hello Housing.
FISCAL IMPACT:
Funds for the requested budget adjustment are available in the BMP In-Lieu Fund.
COORDINATION:
This report has been coordinated with the Town Manger’s Office, Town Attorney’s Office, and
the Finance Department.
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.