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EUGENE URBAN RENEWAL AGENCY <br />AGENDA ITEM SUMMARY <br /> <br /> Public Hearing and Action: Resolution 1033 Adopting a Supplemental Budget: Making <br /> Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year <br /> Beginning July 1, 2004, and Ending June 30, 2005 <br /> <br />Meeting Date: December 6, 2004 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Kitty Murdoch <br />www. cl. eugene, or. us Contact Telephone Number: 682-5860 <br /> <br />ISSUE STATEMENT <br />Approval of the first Supplemental Budget for FY05 by the Eugene Urban Renewal Agency Board is <br />requested. Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an <br />occurrence...which had not been ascertained at the time of the preparation of a budget for the current <br />year..." Supplemental Budget #1 consists of $1.46 million in proposed changes to the FY05 Adopted <br />Budget. A brief description of each proposed transaction is attached. This supplemental budget does not <br />authorize any increased property tax levy. <br /> <br />BACKGROUND <br />The proposed changes for this Supplemental Budget include the following transactions: <br /> <br />Transactions Related to Working Capital <br />Grove, Mueller & Swank P.C., the City's external auditor, has completed its audit for FY04 and the <br />City's Financial Reporting staff has completed the draft of the FY04 Comprehensive Annual Financial <br />Report. Based on audited FY04 actual revenues and expenditures, staff determined the FY05 Actual <br />Beginning Working Capital for all funds. The FY05 Actual Beginning Working Capital was then <br />reconciled with the FY05 Budgeted Beginning Working Capital, and the difference between the <br />Budgeted and Actual Beginning Working Capital is the audit adjustment being recognized on this <br />Supplemental Budget. These transactions are noted in Attachment A. <br /> <br />Other Transactions of Note <br /> <br />· Appropriates $645,000 to demolish the Sears Building. <br /> <br />· Recognizes loan proceeds received from McKenzie-Willamette Medical Center, and sends $500,000 <br /> to the City of Eugene to support the initial design phase of the Patterson Street Underpass. <br /> <br />· Appropriates $338,409 from Balance Available to the Commercial Revitalization Loan Program for <br /> the Downtown Urban Renewal District. <br /> <br /> L:\CMO\2004 Council Agendas\M041206\S0412064.doc <br /> <br /> <br />