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URBAN RENEWAL AGENCY <br />AGENDA ITEM SUMMARY <br /> <br /> Public Hearing and Action: Resolution 1029 Adopting a Supplemental Budget; Making <br /> Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year <br /> Beginning July 1, 2003, and ending June 30, 2004 <br /> <br />Meeting Date: March 8, 2004 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Kitty Murdoch, Nikki Parness <br />www. cl. eugene, or. us Contact Telephone Number: 682-5021 <br /> <br />AGENDA ITEM SUMMARY <br />This is the second Supplemental Budget for FY04. Oregon Local Budget Law (ORS 294.480) allows <br />for supplemental budgets for "an occurrence.., which had not been ascertained at the time of the <br />preparation of a budget for the current year..." Supplemental Budget #2 increases expenditure <br />authority by $350,000 in FY04 Adopted Urban Renewal Agency Budget. A brief description of each <br />proposed transaction is provided in Attachment A. This supplemental budget does not authorize any <br />increased property tax levy. <br /> <br />BACKGROUND <br /> <br />Urban Renewal Board Action History <br />Not applicable. <br /> <br />Policy Issues <br />Not applicable. <br /> <br />Other Background Information <br />For this Supplemental Budget, the proposed changes fall into the following categories: <br /> <br />Significant Changes <br />This request appropriates $750,000 in Urban Renewal Agency funds including $350,000 to continue the <br />design of the transportation improvements through the end of the fiscal year and $400,000 for the <br />construction of Ferry Street between 6th Avenue and 8th Avenue. <br /> <br />The proposed change was included in a separate memo sent to the council on February 27, 2004. <br /> <br />Timing <br />In some cases, expenditure authority is needed immediately to carry out City Council direction or to <br />meet legal or program requirements. <br /> <br /> L:\CMO\2004 Council Agendas\M040308\S0403084.doc <br /> <br /> <br />