Item 3: URA - Resolution Adopting FY08 Budget

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Ms. Rygas, seconded by Mr. Poling, moved that the Budget Committee recommend to the Eugene City Council, acting as the Urban Renewal Agency Board of Directors, an FY08 budget for the Eugene Urban Renewal Agency that consists of the City Manager’s proposed FY08 budget, including the property tax levies and/or rates contained therein, amended to reflect appropriations for prior year encumbrances and prior year capital projects. The motion passed unanimously. Timing Under the State statute, a budget must be approved prior to July 1, 2007, and a copy of the adopting resolution filed with the County Assessor by July 31, 2007. Other Background Information The FY08 Proposed Budget document, Budget Committee packets, information distributed at Budget Committee meetings, and Budget Committee motions are available on the City’s website. COUNCIL OPTIONS According to ORS 294.435, the Urban Renewal Agency’s governing body is limited to increasing expenditures in a fund by no more than $5,000 or 10 percent, whichever is greater, of the Budget Committee-approved total in each or any fund. If a larger expenditure increase is desired, republishing the budget and conducting a second public hearing is required. The Agency Board of Directors may reduce revenues, move allocations within a fund and decrease expenditures; however all actions must result in a balanced budget, where revenues equal expenditures, for each fund. Any increase to property taxes above the rate or amount approved by the Budget Committee requires republishing the budget summary and conducting a second public hearing. If a director makes a motion to amend the budget resolutions, the motion must contain the specific appropriation line(s) being altered in the resolution and each motion must be self-balancing, meaning that a resource and a requirement must exactly offset each other. CITY MANAGER’S RECOMMENDATION The City Manager recommends adoption of the FY08 Urban Renewal Agency Budget as recommended by the Budget Committee. SUGGESTED MOTION Move to adopt Resolution 1043 of the Urban Renewal Agency of the City of Eugene adopting the budget, making appropriations, and declaring the amount of tax to be certified for the fiscal year beginning July 1, 2007, and ending June 30, 2008. ATTACHMENTS A. Summary of Budget Committee Changes to the Executive Budget Recommendation B. Resolution Adopting the FY08 Urban Renewal Agency Budget FOR MORE INFORMATION Staff Contact: Kitty Murdoch Telephone: 682-5860 Staff E-Mail: kitty.m.murdoch@ci.eugene.or.us L:\CMO\2007 Council Agendas\M070611\S0706113.doc