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<br />had not been issued by June 30, 2007. The FY08 reappropriation allocates balance available of $205,963 <br />from the marginal beginning working capital adjustment to the URA Downtown loan program. <br /> <br />Capital Project Carryover Reconciliation <br /> <br />The Capital Project Carryover Reconciliation occurs in this supplemental budget. An estimate of the <br />capital carryover in each pertinent fund was established in the FY08 Annual Budget and approved by the <br />URA Board. These estimates have been reconciled with actual FY07 expenditures and the Capital <br />Budget is adjusted to reflect the remaining unspent balances in each project. These transactions are <br />noted as Capital Project Carryover Adjustments in Attachment A. <br /> <br />Timing <br />In some cases, expenditure authority is needed immediately to carry out Board direction or to meet legal <br />or program requirements. Approval of Supplemental Budget #1 in December allows the organization to <br />prepare more accurate mid-year projections by having the general ledger reflect the audited balances in <br />each fund. This enables staff to more accurately project the Beginning Working Capital for the next <br />year’s Proposed Budget. <br /> <br /> <br />RELATED CITY POLICIES <br />These transactions conform to the City’s Financial Management Goals and Policies. <br /> <br /> <br />BOARD OPTIONS <br /> <br />Particular requests requiring more information or discussion may be removed from the supplemental <br />budget and delayed for action in a future supplemental budget. In certain cases there may be a financial <br />or legal impact to delaying budget approval. The City Council may also adopt amended appropriation <br />amounts or funding sources for specific requests in the supplemental budget. <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />Approve the attached resolution adopting the Supplemental Budget. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to approve Resolution 1045 adopting a Supplemental Budget; making appropriations for the <br />Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2007 and ending <br />June 30, 2008. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.Transaction Summary <br /> <br />B.Resolution <br /> <br /> <br /> <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 /> F:\CMO\2007 Council Agendas\M071210\S0712104.doc <br />