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Reduces the debt service budgeted for interest payments by $136,350 due to the July 1, 2004, <br /> repayment of the remaining loan balance from the Facilities and Fleet Services Fund for the <br /> acquisition of the Chiquita site. <br /> <br />In some cases, expenditure authority is needed immediately to carry out City Council direction or to <br />meet legal or program requirements. Approval of Supplemental Budget #1 in December allows the <br />organization to prepare more accurate mid-year projections by having the general ledger reflect the <br />audited balances in each fund. This, in turn, enables staff to more accurately project the Beginning <br />Working Capital for the next year's proposed budget. <br /> <br />RELATED CITY POLICIES <br />Not applicable. <br /> <br />COUNCIL OPTIONS <br />Particular requests requiring more information or discussion may be removed from the supplemental <br />budget and delayed for action until the second supplemental budget in March. In certain cases there <br />may be a financial or legal impact to delaying budget approval. Council may also adopt amended <br />appropriation amounts or funding sources for specific requests in the supplemental budget. <br /> <br />CITY MANAGER'S RECOMMENDATION <br />Staff recommends approval of the attached resolution adopting the Supplemental Budget. <br /> <br />SUGGESTED MOTION <br />Move to approve Resolution 1033 adopting a Supplemental Budget; making appropriations for the <br />Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2004 and ending <br />June 30, 2005. <br /> <br />ATTACHMENTS <br />A. Transaction Summary <br />B. Resolution <br /> <br />FOR MORE INFORMATION <br />Staff Contact: Kitty Murdoch <br />Telephone: 682-5860 <br />Staff E-Mail: kitty.m.murdoch~ci.eugene.or.us <br /> <br /> L:\CMO\2004 Council Agendas\M041206\S0412064.doc <br /> <br /> <br />