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EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br /> <br />Public Hearing and Action: A Resolution Adopting a Supplemental Budget; Making <br />Appropriations for the City of Eugene for the Fiscal Year <br />Beginning July 1, 2018 and Ending June 30, 2019 <br /> <br />Meeting Date: December 10, 2018 Agenda Item Number: 5 <br />Department: Central Services Staff Contact: Jamie Garner <br />www.eugene-or.gov Contact Telephone Number: 541-682-5502 <br /> <br /> <br />ISSUE STATEMENT <br />Council approval of the first Supplemental Budget for Fiscal Year 2019 is requested. Oregon Local <br />Budget Law (ORS 294.471) allows for supplemental budgets in the event of “An occurrence or <br />condition that is not ascertained when preparing the original budget or a previous supplemental <br />budget for the current year or current budget period and that requires a change in financial <br />planning.” ORS 294.471 also allows for a supplemental budget if there are “funds that are made <br />available by another unit of federal, state or local government and the availability of which could <br />not reasonably be foreseen when preparing the original budget or a previous supplemental <br />budget for the current year or current budget period.” This Supplemental Budget does not <br />authorize any increase in the property tax levy and has been published in compliance with the <br />Oregon Local Budget Law. <br /> <br /> <br />BACKGROUND <br />The Supplemental Budget that occurs in December of a fiscal year is usually the largest because of <br />the audit adjustments to budgeted Beginning Working Capital and the reappropriation of funds <br />from the prior fiscal year for contracts, program initiatives or projects that were started but not <br />completed in that fiscal year. This Supplemental Budget also recognizes new revenue and <br />authorizes other unanticipated changes in legal appropriations. <br /> <br />Transactions Related to Beginning Working Capital <br />Isler & Company, LLC, the City's external auditor, has completed its Fiscal Year 2018 (FY18) audit <br />of Beginning Working Capital, and this Supplemental Budget includes Marginal Beginning <br />Working Capital (MBWC) adjustments for all City funds. The MBWC is the difference between the <br />estimate of FY18 ending working capital that was made in the FY19 Adopted Budget and the <br />audited actual FY18 ending working capital. This adjustment is recognized on SB1 and is the <br />largest component of the transactions included in this budget request. <br /> <br />City Council Contingency <br />This Supplemental Budget does not include any recommendations to use City Council Contingency <br />funds. City Council Contingency is currently budgeted at $12,000. <br /> <br /> <br /> <br />1 December 10, 2018, Meeting – Item 5