Item 5: URA - PH on Resolution Adopting Supplemental Budget 1

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Recognition of New Revenues These transactions recognize new or expected revenues, primarily from grants and other agencies, and increase the operating and capital budgets. In some cases, capital project support from other governments for ongoing projects is put into Balance Available because the project is currently budgeted and the fund is being reimbursed for a share of the costs incurred. ? The Riverfront General Fund is appropriating $500,000 in expected loan proceeds from McKenzie Willamette Medical Center to support the City of Eugene’s initial design phase of the Patterson Street Underpass. The City has included the $500,000 project authority in its Capital Carryover, as the project was authorized in FY05. The funds will not be spent without further City Council direction. Capital Project Carryover Reconciliation The Capital Project Carryover Reconciliation occurs in this supplemental budget. An estimate of the capital carryover in each pertinent fund was established in the FY06 Annual Budget and approved by the council. These estimates have been reconciled with actual FY05 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 City Council 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. COUNCIL 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. CITY MANAGER’S RECOMMENDATION The City Manager recommends approval of the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to adopt Resolution 1036 adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2005 and ending June 30, 2006. L:\CMO\2005 Council Agendas\M051212\S0512125.doc