Florissant Council Adds $62K to Reserve Fund

The City’s reserve fund just got more than $62,000 richer Monday night.

The Florissant City Council approved a bill that would approve the transfer of remaining Home Equity Assurance Program funding to the city’s reserve fund.

In past years, the reserve fund had been a point of concern for former councilors and residents.

It’s projected the reserve would stand at more than $7.8 million at the end of the fiscal year, according to the 2013 budget.

The $62,770 transferred results from remaining account funds from the HEAP program, which started in 2009. The program served as a safeguard against possible economic loss in single-family homes in regards to the Florissant housing market. It didn’t protect against regional or national home declines, and the council had the right to suspend the program, which it did in 2011.

The City Council allocated $100,000 to the program, and once terminated, the council made sure in its ordinance that all HEAP members received a refund equal to the application fee and cost of appraisal. All members’ payouts and other activity has been completed, according to the council bill.