Item 4: URA PH and Action: FY10 Supplemental Budget #1

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The Beginning Working Capital Adjustment across all of the URA funds is an increase of $337,314. The Downtown District’s adjustment is an increase of $121,326 and the Riverfront District’s adjustment is an increase of $215,988. In the URA Downtown General Fund, the offsetting adjustment is an increase to capital development loans; in all other URA funds, the offset is an increase or a decrease to Balance Available. Reappropriations Reappropriation transactions recognize appropriations for programs initiated or projects authorized in FY09 by the URA Board, but not completed in that fiscal year and for which a purchase order had not been issued by June 30, 2009. There are no reappropriation transactions in this supplemental budget. Capital Project Carryover Reconciliation The Capital Project Carryover estimate is reconciled in this supplemental budget. An estimate of the capital carryover in each pertinent fund was established in the FY10 Annual Budget and approved by the URA Board. These estimates have been reconciled with actual FY09 expenditures and the Capital Budget is adjusted to reflect the remaining unspent balances in each project. These transactions are noted as Capital Project Carryover Adjustments in Attachment A. Timing In some cases, expenditure authority is needed immediately to carry out Board direction or to meet legal or program requirements. Approval of Supplemental Budget #1 in December, allows the organization to prepare more accurate mid-year projections by having the general ledger reflect the audited balances in each fund. This, in turn, enables staff to more accurately project the Beginning Working Capital for the next year’s Proposed Budget. RELATED CITY POLICIES These transactions conform to the City’s Financial Management Goals and Policies. BOARD OPTIONS Particular requests requiring more information or discussion may be removed from the supplemental budget and delayed for action in a future supplemental budget. In certain cases there may be a financial or legal impact to delaying budget approval. The URA Board may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION The Urban Renewal Agency Director recommends approval of the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to adopt Resolution 1053 adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2009, and ending June 30, 2010. Z:\CMO\2009 Council Agendas\M091214\S0912144.doc