Item 6: PH on URA Resolution on Supplemental Budget #1

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Reappropriations Reappropriation transactions recognize appropriations for programs initiated or projects authorized in FY06 by the Directors or Manager, but not completed in that fiscal year and for which a purchase order had not been issued by June 30, 2006. The FY07 reappropriations are payments to the City of Eugene for the Urban Renewal Agency’s share of the Cultural Policy Review and the East Broadway Garage capital project. Capital Project Carryover Reconciliation The Capital Project Carryover Reconciliation occurs in this supplemental budget. An estimate of the capital carryover in each pertinent fund was established in the FY07 Annual Budget and approved by the URA Board. These estimates have been reconciled with actual FY06 expenditures and the Capital Budget is adjusted to reflect the remaining unspent balances in each project. These transactions are noted as Capital Project Carryover Adjustments in Attachment A. This supplemental budget also transfers the balance of URA capital budget appropriation authority for downtown capital projects to the new URA Downtown Capital Projects Fund. Timing In some cases, expenditure authority is needed immediately to carry out Board direction or to meet legal or program requirements. Approval of Supplemental Budget #1 in December allows the organization to prepare more accurate mid-year projections by having the general ledger reflect the audited balances in each fund. This, in turn, enables staff to more accurately project the Beginning Working Capital for the next year’s Proposed Budget. RELATED CITY POLICIES These transactions conform to the City’s Financial Management Goals and Policies. BOARD OPTIONS Particular requests requiring more information or discussion may be removed from the supplemental budget and delayed for action in a future supplemental budget. In certain cases there may be a financial or legal impact to delaying budget approval. The URA Board may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION Approve the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to approve Resolution 1040 adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2006, and ending June 30, 2007. L:\CMO\2006 Council Agendas\M061211\S0612116.doc