URA Resolution No. 1078 - Laserfiche WebLink

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements (3) Stewardship, Compliance, and Accountability (A) Budgetary Information The City Manager (acting as the Agency Director) submits to the City Council of Eugene (acting as the Urban Renewal Agency Board under provisions of Oregon Revised Statute 457.460) a proposed operating and capital budget a sufficient length of time in advance to allow adoption of the budget prior to July 1. Prior to July 1, the Agency legally adopts its annual budget for all funds through passage of a resolution. The resolution authorizes fund appropriations as current annual departmental requirements, debt service, capital outlay, interfund transfers, interfund loans, intergovernmental, and special payments. Expenditures cannot legally exceed appropriations at these control levels. Appropriations which have not been spent at year-end lapse, although an amending resolution passed in the subsequent year specifically provides for the reappropriation of prior-year lapsed encumbrances. Unexpected additional resources or appropriations may be added to the budget through the use of a supplemental budget. A supplemental budget requires hearings before the public, publications in newspapers, and approval by the Agency. Original and supplemental budgets may be modified by the use of appropriation transfers between the levels of control. Such transfers require approval by passing an Agency resolution authorizing the transfer. All budget amendments are subject to the limitations put forth in the Oregon Revised Statutes Chapters 294.305 through 294.565 (Oregon Budget Law). The net effect of amending resolutions passed during the fiscal year was an appropriation increase of $106,702. (4) Detailed Notes on All Funds (A)Equity in Pooled Cash and Investments The City maintains a common cash and investments pool that is available for use by all funds, including the Agency. The Agency’s portion of this pool is displayed in the Statement of Net Position and the Balance Sheet as "Equity in pooled cash and investments.” Cash and investments are comprised of the following at June 30, 2015: Deposits with banks$1,056,325 Investments11,576,433 $12,632,758 Detailed information for the Agency’s pooled cash and investments can be found in the City of Eugene’s FY15 Comprehensive Annual Financial Report (Notes to Basic Financial Statements). (B) Unavailable Revenue Unavailable revenues are reported as a deferred inflow of resources in the governmental funds Balance Sheet. Unavailable revenues are reported in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. continued 27