12-12-16 Council Agenda Packet - Laserfiche WebLink

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Urban Renewal Agency Revenues by Source Taxes - 93.9% Rental income, loans repaid, and charges for services - 1.5% Investment earnings - 4.6% Fund-based Financial Analysis As previously discussed, the Agency uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. The focus of the Agency’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Agency’s financing requirements. In particular, spendable fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Agency reported combined ending fund balances of $14,954,010. Approximately 93% of this total amount ($13,964,010) is available for spending at the Agency’s discretion, subject to fund limitations. The remainder of fund balance ($990,000) is not available for new spending because it represents nonspendable assets held for resale. The General Fund is the chief operating fund of the Agency and houses operations for the Downtown District, including the non-tax increment revenue and expenditures associated with the Downtown Revitalization Loan Program which provides loans to property owners and businesses in the plan area. At the end of the current fiscal year, the total fund balance was $1,938,233, all of which was available to spend. The downtown district capital projects fund recorded an $860,160 expenditure for the donation of the old Bradford’s building, located at 942 Olive Street, to the University of Oregon. This represents the City’s contribution to the Regional Accelerator & Innovation Network project. General Fund Budgetary Highlights The difference between the original budget and the final amended budget was an increase of $1,299,744. This increase was funded by unspent resources from the prior year and current year resources. Capital Assets and Debt Administration Capital assets. The City maintains all of its assets, including those of the Agency. The Agency’s investment in capital assets for its governmental activities as of June 30, 2016 amounted to $670,077. Additional information on the Agency’s capital assets can be found in note (4)(C) of this report.