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Economic Development Citizen Task Force. Funds will be used to hire an outside contractor specializing in local economic issues to complete research for the task force. If this request is approved, the balance in the General Fund contingency account will be $269,922. A spreadsheet listing the contingency request and the account balance is included as Attachment B. Recognition of New Revenue These transactions recognize unanticipated revenue and increase operating or capital appropriations or non-departmental accounts. This supplemental budget recognizes: $227,511 in new grant revenue in the General Fund for the Library Ready to Read Grant, the Three Flags Traffic Safety Grant, and the State Domestic Preparedness Equipment Program Grant and increases the department operating budgets by the same amount. ,/' $99,001 in revenue in the General Fund for reimbursable overtime and miscellaneous revenue and increases the department operating budget by the same amount. $263,750 in grant revenue in the Stormwater Utility Fund from the Bureau of Land Management for the West Eugene Wetlands project and from the Oregon Park and Recreation Department for the Delta Ponds Recreation project and increases capital by $250,000 for improvements at Delta Ponds and operating and non-departmental budget by the remaining $13,750. $800,000 in new revenue in the Risk Management Fund from insurance reimbursements to cover claims that exceed the City's stop loss limit. Increase the department operating budget by the same amount. Other Significant Changes The request moves $500,000 in the General Fund's Hospital Siting Reserve, created by the council on December 1, 2003, to the Central Services operating budget to be used for project-related expenses. Another request increases appropriations in the Library, Parks, and Recreation Special Revenue Fund to give the Oregon Community Foundation $1,000,000 once an endowment agreement is reached and reviewed by the City Attorney. This money was donated to the City by Ruel Gierhart for the sole purpose of benefiting the Library. A letter detailing the plan was sent to councilors on February 26, 2004. Capital Budget Adjustments A series of adjustments appropriates $1,625,000 to purchase land adjacent to the Public Works Roosevelt Yard maintenance facility, in accordance with the financing plan approved by the council on February 9, 2004. The property will be jointly owned by the General Fund, the Road Fund, the Fleet Fund, Stormwater Fund, and the Local Wastewater Fund as programs based in each of these funds will operate from future facilities located on the property. This purchase is financed by a three-year loan from the Fleet Fund Reserve in the amount of $1.1 million. The loan will be repaid with a combination of annual lease payments from tenants on the property and future resources within each fund. Another transaction transfers $142,426 in capital appropriation to the Special Assessment Capital Project Fund from the General and Road Capital Projects Fund ($69,306) and the System Development L:\CMO\2004 Council Agendas\M040308\S0403083.doc