Item 5: URA - PH and Adoption of FY07 Budget

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing and Action: Resolution 1039 of the Urban Renewal Agency of the City of Eugene Adopting the Budget, Making Appropriations, and Declaring the Amount of Tax to be Certified for the Fiscal Year Beginning July 1, 2006, and Ending June 30, 2007 Meeting Date: June 12, 2006 Agenda Item Number: 5 Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT Oregon Local Budget Law requires the Urban Renewal Agency of the City of Eugene to conduct a public hearing to receive testimony on the FY07 Urban Renewal Agency Annual Budget as recommended by the Budget Committee on May 17, 2006. Following the hearing, the governing body of the Urban Renewal Agency may deliberate and approve a resolution adopting the budget of the Urban Renewal Agency of the City of Eugene and make appropriations for the Fiscal Year beginning July 1, 2006, and ending June 30, 2007. BACKGROUND On May 17, 2006, the Budget Committee recommended that the City Council, acting as the Eugene Urban Renewal Agency Board, adopt a FY07 Budget for the Eugene Urban Renewal Agency that consists of the City Manager’s FY07 Proposed Budget amended to reflect funding for prior year capital projects, and a $300,000 increase to the Downtown District’s capital budget for physical improvements to the Farmer’s Market. Policy Issues ORS 294.435 provides that after the public hearing “has been held, the governing body shall enact the proper ordinances or resolutions to adopt the budget, to make the appropriations, to determine, make and declare the ad valorem property tax amount or rate to be certified to the assessor for either the ensuing year or each of the years of the ensuing budget period and to itemize and categorize the ad valorem property tax amount or rate as provided in ORS 310.060.” Council Goals The budget supports department work plans designed to meet City Council Goals and Priorities. Financial and/or Resource Considerations Financial and/or resources considerations are detailed in the FY07 Proposed Budget Document and Budget Committee Motions. A summary of the Budget Committee actions is provided in Attachment A. L:\CMO\2006 Council Agendas\M060612\S0606125.doc