Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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53.5% 39.5% 0.8%6.2% Urban Renewal Agency Revenues by Source Taxes ‐ 53.5% Charges for services, loans repaid, and miscellaneous ‐ 39.5% Capital grants and contributions ‐ 0.8% Investment earnings ‐ 6.2% Fund-based Financial Analysis As previously discussed, the Agency uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. The focus of the Agency’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Agency’s financing requirements. In particular, spendable fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Agency reported combined ending fund balances of $20,991,444. Approximately 85% of this total amount ($17,932,645) is available for spending at the Agency’s discretion, subject to Agency Board approvals and fund limitations. The remainder of fund balance ($3,058,799) is not available for new spending because it represents restricted assets held for resale. The General Fund is the chief operating fund of the Agency and houses fiber implementation and operations for the Downtown District, including the non-tax increment revenue and expenditures associated with the Downtown Loans Program, which provides loans to property owners and businesses in the plan area. At the end of the current fiscal year, the total fund balance was $2,510,380, all of which was available to spend. In FY19, the Agency had two significant transactions. The Downtown Capital Projects Fund recorded a $1,250,714 increase to land associated with the purchase of the Butterfly Lot from Lane County. Also, the Riverfront Capital Projects Fund recorded a $3,048,674 increase to program revenue due to the sale of 1.5 acres of land held for resale to the University of Oregon (the Millrace Drive Property). General Fund Budgetary Highlights The difference between the original budget and the final amended budget was an increase of $1,851,173, which primarily consisted of an increase of $900,000 to the Downtown Capital Projects Fund for the purchase of the South portion of the Butterfly Lot from Lane County for the Farmers’ Market. . 10 December 9, 2019, Meeting - Item 3CC Agenda - Page 250