Fiscal Year 2013 Annual Budget - Community Investment Fund

City of Carbondale
Financial Overview - Community Investment Fund

The Villas of Carbondale is a gated community with 50 one- and two-bedroom apartments, mostly for qualifying low-income residents over the age of 55. The development was partially financed by the Illinois Housing Development Authority through the American Recovery and Reinvestment Act. The development will provide options for seniors facing economic hardship. Qualified residents must be age 55 or older and have an annual individual income of less than 60 percent of Jackson County's median annual income, or about $22,980. The Villa’s will provide more affordable housing options for seniors in Carbondale, so they can continue to live in the community that's become their home. The Villas community sits on six acres out of 22 acres rezoned for the project. The other acreage, located to the south of the complex, is designated for future developments.

COMMUNITY INVESTMENT FUNDS

LOCAL IMPROVEMENT FUND
Community Investment Funds are created to account for financial resources to be used for the acquisition or construction of major capital facilities, except for those financed by Special Revenue Funds and Proprietary Funds. The Community Investment Funds provide a formal mechanism which enables administrators to ensure that revenues restricted to a certain, relatively permanent purpose are used only for that purpose.

The Local Improvement Fund provides the control for construction of Community Investment Program projects that are not funded in other capital project, governmental, or proprietary funds. The primary sources of funding include the three-cent per gallon locally collected municipal motor fuel tax, any grant funds and the funding source transfer from the General Fund.

Community Investments Department
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
Statement of Revenues and Other Financing Sources

Division Expenditure Budgets:
44007 - CIP and Replacement

Continue on to Proprietary Funds

 

 
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