City Council held first reading tonight on an ordinance authorizing mid-year adjustments to the City’s 2018-2019 budget. The ordinance outlines how approximately $5 million will be spent to supplement ongoing City initiatives and further City Council objectives. The adjustments utilize a portion of the funds available in excess of the City’s 20% required reserve, and according to Mayor Knox White, City Council is employing them strategically to address priority issues and leverage millions of federal dollars.
“Our healthy fund balance allows us fiscal flexibility as we continue to address growth-related issues such as public transportation, affordable housing and neighborhood infrastructure,” said Mayor White. “By being very deliberate in how we spend the funds, we are ensuring that our community will receive a significant return on its investment.”
- Appropriate $1.5 million for the Greenville Housing Fund
- Will be used to invest in projects that provide affordable housing for households with annual incomes between $15,000 and $55,000
- Previously appropriated $2 million in 2017 to establish Greenville Housing Fund
- Also recently established special tax assessments for low to moderate income rental housing, providing a tax incentive for the Greenville Summit and Stratham Place Apartments to be maintained as affordable housing for at least 20 years
- Funding allocated towards affordable housing is in addition to the provision of City-owned land for affordable housing development and the City’s longstanding affordable housing efforts through the Community Development Division
- Allocate $1.4 million towards the local match for an $11 million grant from the Federal Transit Administration received by Greenville Transit Authority for the construction of a new maintenance facility
- Appropriate an additional $1 million for transit capital
- Will be used to leverage over $2.5 million in federal funding for the purchase of seven new transit vehicles, including two Proterra electric buses, and for the mid-life overhaul of 12 existing Greenlink buses to extend their useful life
- Funding allocated towards transit is in addition to the local support already provided by the City and Greenville County
- Appropriate $1 million in supplemental funding to better plan for and deal with growth in neighborhoods
- Will be used for additional investments in new sidewalks, street resurfacing and trails/greenways
- A portion of the funds will also be used for the enhancement of commercial corridors that abut residential areas to promote economic growth and vitality throughout the city
- Funding allocated towards neighborhood investments is in addition to the $5 million already allocated for sidewalks, street resurfacing, trails/greenways and commercial corridors in the current year budget
Second reading of the ordinance is scheduled to take place at the November 12 City Council meeting.