Agenda Packet 12-10-18 Meeting - REVISED

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December 10, 2018, Meeting – Item 4 EUGENE URBAN RENEWAL AGENCY AGENDA ITEM SUMMARY Public Hearing and Action: A Resolution Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year Beginning July 1, 2018, and Ending June 30, 2019 Meeting Date: December 10, 2018 Agenda Item Number: 4 Department: Central Services Staff Contact: Jamie Garner www.eugene-or.gov Contact Telephone Number: 541-682-8417 ISSUE STATEMENT Urban Renewal Agency Board approval of the first Supplemental Budget for Fiscal Year 2019 is requested. Oregon Local Budget Law (ORS 294.471) allows for supplemental budgets in the event of “An occurrence or condition that is not ascertained when preparing the original budget or a previous supplemental budget for the current year or current budget period and that requires a change in financial planning.” ORS 294.471 also allows for a supplemental budget if there are “funds that are made available by another unit of federal, state or local government and the availability of which could not reasonably be foreseen when preparing the original budget or a previous supplemental budget for the current year or current budget period.” This Supplemental Budget does not authorize any increase in the property tax levy and has been published in compliance with the Oregon Local Budget Law. BACKGROUND The Supplemental Budget that occurs in December of a fiscal year is usually the largest because of the audit adjustments to budgeted Beginning Working Capital and the reappropriation of funds from the prior fiscal year for contracts, program initiatives, or projects that were started but not completed in that fiscal year. This Supplemental Budget consists of transactions to amend the Urban Renewal Agency budget to reconcile Beginning Working Capital and Capital Carryover, to reappropriate those dollars or place them into reserve, and authorizes other unanticipated changes in legal appropriations. Transactions Related to Beginning Working Capital Isler & Company, LLC, the Urban Renewal Agency's external auditor, has completed its Fiscal Year 2018 audit of Beginning Working Capital, and this Supplemental Budget includes Marginal Beginning Working Capital adjustments for all URA funds. The MBWC is the difference between the estimate of FY18 ending working capital that was made in the FY19 Adopted Budget and the audited actual FY18 ending working capital. The total audited adjustment to the FY19 budgeted Beginning Working Capital for all URA funds is an increase of $840,063. A detailed description of these transactions is provided in Attachment A.