Item B: Action on Supplemental Budget 2

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Action: Resolution 4861 Adopting a Supplemental Budget; Making Appropriations for the City of Eugene for the Fiscal Year Beginning July 1, 2005 and Ending June 30, 2006 Meeting Date: March 15, 2006 Agenda Item Number: B Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT This is the second Supplemental Budget for FY06. Oregon Local Budget Law (ORS294.480) allows for supplemental budgets for “an occurrence…which had not been ascertained at the time of the preparation of a budget for the current year…” Supplemental Budget #2 carries out recent city council direction on the City Hall Complex Action Plan and also provides appropriation for the City’s participation in the redevelopment of property at East Broadway and 8th Avenue as discussed in three recent City Council work sessions. BACKGROUND The City Council held a public hearing on March 13, 2006 on this Supplemental Budget. On December 14, 2005, the Eugene City Council directed the City Manager to proceed with Phase 2, the Development Plan Phase, of the City Hall Complex Action Plan for $1,135,000. During this phase public input will be sought, remaining issues from Phase 1 will be resolved, and technical work will be conducted to complete the development plan. This supplemental budget establishes capital budget authority by using $1,135,000 from the Facility Reserve to carryout this work. The supplemental budget for the East Broadway Parking Garage contains most of the funding for the project, as described to the council at meetings on February 8, February 13 and February 22. The project will be paid for out of the parking funds. The funding sources for the 260-space garage project are detailed in the chart below. The Stormwater Fund portion of the project will be included in the FY07 budget, along with $320,000 of Urban Renewal Agency funding which is not available until next year. East Broadway Garage Project Costs Payment to Developer $6,700,000 Other City Costs (utilities, 1% for Art, etc.) 935,000 Total Project Costs $7,635,000 Debt Service Reserve Fund $400,000 Total Funding Need $8,035,000 L:\CMO\2006 Council Agendas\M060315\S060315B.doc