Agenda Packet 12-10-18 Meeting - REVISED

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December 10, 2018, Meeting – Item 4 One-Time Funding Requests The below items are two one-time funding requests that are designed to implement Urban Renewal Agency Board direction on key projects: • One-time Funding Request of $900,000 for the purchase of the South portion of the Butterfly Lot by reducing the URA Downtown Debt Service Fund Balance Available by $900,000, transferring this amount to the URA Downtown Capital Projects Fund, and increasing this Fund’s capital appropriation by the same amount. • One-time Funding Request of $320,000 to increase the Planning and Development Department operating appropriation for administration staffing for the Downtown Riverfront redevelopment and decrease the URA Riverfront General Fund Balance Available by the same amount. Reappropriation This Supplemental Budget includes one reappropriation request in the amount of $111,110 for continued efforts related to the Downtown Urban Renewal Agency Fiber Project not completed in the prior fiscal year. Capital Carryover The Capital Project Carryover Reconciliation is also included in this Supplemental Budget. An estimate of the unspent balance in each capital project was established in the FY19 Adopted Budget. These estimates have been reconciled with the actual FY18 expenditures, and the Capital Budget is adjusted to reflect the remaining unspent balances in each project. The Capital Carryover on this Supplemental Budget decreases the Capital Budget by $99,654 and increases Balance Available by the same amount. Timing In some cases, expenditure authority is needed immediately to carry out URA Board direction or to meet legal or program requirements. Approval of SB1 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 estimate the Beginning Working Capital for the next fiscal year’s Proposed Budget. RELATED CITY POLICIES These transactions conform to the City’s Financial Management Goals and Policies. AGENCY 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.