Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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December 9, 2019, Meeting – Item 5 One-Time Funding Request There is a one-time funding request of $1,300,000 for the Railroad Quiet Zone (three eastern crossings) in the Riverfront District. The offset is a decrease to the URA Riverfront Program Revenue Fund Balance Available by the same amount. Reappropriations This Supplemental Budget includes reappropriation requests in the amount of $411,669 in the Downtown District and $100,000 in the Riverfront District for continued efforts related to the high-speed 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 FY20 Adopted Budget. These estimates have been reconciled with the actual FY19 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 $1,118,407 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. PREVIOUS BOARD DIRECTION October 28, 2019, Work Session Agency Board received an update on the financial capacity of the Riverfront District, including an update on the Railroad Quiet Zone cost increase. BOARD OPTIONS Particular requests requiring more information or discussion may be removed from SB#1 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 resolution in Attachment B adopting Supplemental Budget 1. SUGGESTED MOTION Move to adopt 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, 2019, and ending June 30, 2020. CC Agenda - Page 340