Roswell Approves Federal Grant

Roswell’s City Council just approved the submission of a grant application to bring stability to neighborhoods with abandoned and foreclosed homes due to the mortgage crisis.  The grant, more specifically known as Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP), is a relatively new program to assist state and local governments in acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment within their communities.  The redevelopment of these homes will help to stabilize neighborhoods and curtail the decline of housing values of neighboring homes.

Roswell’s Fiscal Fitness

The City of Roswell has some thrifty habits, the City’s expenditure budget for the 2008 fiscal year was $66.2 million, but it only had expenditures totaling $61.5 million.  In a report presented by the Strategic Planning and Budget director to the City Council on October 20th, revenues for the fiscal year were $62.4 million.  Roswell, whose fiscal year ends on October 1st, has almost $900,000 more funds than what was spent. 

On this same night, City Council members approved the carryover of $927,732 in unspent funds from 2008 to 2009, including almost $100,000 to complete a list of ‘quick fix’ transportation projects, $350,000 in contingency for grant matches and $361,667 in operating contingency.  Approval was also given to add $194,390 to the 2009 budget.