Item 5: Adopt FY06 URA Budget - Laserfiche WebLink

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Budget Committee Recommendation Budget Committee review consisted of five work sessions and one public hearing. Public comment was also held at the beginning of all but the last work session. The public hearing on the budget proposal was conducted on May 16, 2005. The Budget Committee recommendation consists of the City Manager's Proposed Budget for FY06, with several amendments. The Budget Committee recommendation, approved on May 18, 2005, is as follows: The Budget Committee recommends to the City Council, acting as the Urban Renewal Agency Board, an FY06 Budget for the Eugene Urban Renewal Agency that consists of the City Manager's FY06 Proposed Budget, including the property tax levies and/or rates contained therein, amended to reflect reserves for prior year encumbrances, funding for prior year capital projects, if any, and the following amendment: · Begin Cultural Services Comprehensive Plan in FY06. Use Urban Renewal Funds to the extent possible and use the Facility Reserve to fill remaining expenditure authority. Timing Under the State Statute, a budget must be approved prior to July 1, 2005 and a copy of the adopting resolution filed with the County Assessor by July 31, 2005. The FY06 Proposed Budget document, Budget Committee packets, information distributed at Budget Committee meetings, and Budget Committee motions are available on the City's website. COUNCIL OPTIONS According to ORS 294.435, the Urban Renewal Agency's governing body is limited to increasing expenditures in a fund by no more than $5,000 or 10 percent, whichever is greater, of the Budget Committee approved total in each or any fund. If a larger expenditure increase is desired, republishing the budget and conducting a second public hearing is required. The Agency Board may reduce revenues, move allocations within a fund and decrease expenditures; however all actions must result in a balanced budget, where revenues equal expenditures, for each fund. Any increase to property taxes above the rate or amount approved by the Budget Committee requires republishing the budget summary and conducting a second public hearing. If a councilor makes a motion to amend the budget resolutions, the motion must contain the specific appropriation line(s) being altered in the resolution and each motion must be self-balancing, meaning that a resource and a requirement must exactly offset each other. CITY MANAGER'S RECOMMENDATION The City Manager recommends adoption of the FY06 Urban Renewal Agency Budget as recommended by the Budget Committee. SUGGESTED MOTION Move to adopt Resolution 1035 of the Urban Renewal Agency of the City of Eugene adopting the budget and making appropriations for the fiscal year beginning July 1, 2005 and ending June 30, 2006. L:\CMO\2005 Council Agendas\M050613\S0506135.doc