Item 5: URA: Resolution Adopting a Supplemental Budget

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adjustment is an increase of $131,309. The overestimate in the Downtown District is because the authorized funding for the Beam project from the HUD 108 loans and BEDI grant was not used in FY08. The buildings were purchased in July 2008 (FY09). The distribution of the MBWC adjustment is shown by fund in the Transaction Summary (Attachment A). Reappropriations Reappropriation transactions recognize appropriations for programs initiated or projects authorized in FY08 by the Directors, but not completed in that fiscal year and for which a purchase order had not been issued by June 30, 2008. Transactions in this supplemental budget rebudget $3.39 million in BEDI grant and HUD 108 loan revenue received from the City of Eugene and appropriates the funds to complete the purchase of the Centre Court and Washburne buildings according to the plan approved by the council. The transactions also rebudget $451,217 for the Downtown Commercial Revitalization Loan Program. Capital Project Carryover Reconciliation The Capital Project Carryover estimate is reconciled in this supplemental budget. An estimate of the capital carryover in each pertinent fund was established in the FY09 Annual Budget and approved by the URA Board. These estimates have been reconciled with actual FY08 expenditures and the Capital Budget is adjusted to reflect the remaining unspent balances in each project. These transactions are noted as Capital Project Carryover Adjustments in Attachment A. Timing In some cases, expenditure authority is needed immediately to carry out board direction or to meet legal or program requirements. Approval of Supplemental Budget #1 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 project the Beginning Working Capital for the next year’s Proposed Budget. RELATED CITY POLICIES These transactions conform to the City’s Financial Management Goals and Policies. 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 council may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends approval of the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to approve Resolution 1049 adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2008, and ending June 30, 2009. Z:\CMO\2008 Council Agendas\M081208\S0812085.doc