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EUGENE CITY COUNCIL AGENDA ITEM SUMMARY Public Hearing and Action: Resolution 4788 Adopting a Supplemental Budget; Making Appropriations for the City of Eugene for the Fiscal Year Beginning July 1, 2003 and Ending June 30, 2004 Meeting Date: March 8, 2004 Agenda Item Number: 3 Department: Central Services Staff Contact: Kitty Murdoch or Nikki Parness www. cl. eugene, or. us Contact Telephone Number: 682-5021 AGENDA ITEM SUMMARY This is the second Supplemental Budget for FY04. Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an occurrence.., which had not been ascertained at the time of the preparation of a budget for the current year..." Supplemental Budget #2 increases expenditure authority by $3.19 million in the FY2004 Adopted Budget. A brief description of the proposed transactions is provided in Attachment A. This supplemental budget does not authorize any increased property tax levy. BACKGROUND Council Action History Not applicable. Policy Issues Not applicable. Other Background Information For this Supplemental Budget, the proposed changes fall into the following categories. Examples of each type are given below: Transactions Related to Beginning Working Capital One request increases the General Fund's Beginning Working Capital by $21,829 and the Reserve for Revenue Shortfall by the same amount. This reconciles the FY04 Budgeted Beginning Working Capital to the FY04 Actual Beginning Working Capital as determined by Grove, Mueller & Swank P.C., the City's external auditor. Uses of General Fund Contingency On January 26, 2004, the council approved a request to move $50,000 from the General Fund Contingency to the Planning and Development operating budget to support the Mayor's Ad Hoc L:\CMO\2004 Council Agendas\M040308\S0403083.doc