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URBAN RENEWAL AGENCY <br />AGENDA ITEM SUMMARY <br /> <br /> Public Hearing and Action: Resolution 1030 Adopting a Supplemental Budget; Making <br /> Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year <br /> Beginning July 1, 2003, and Ending June 30, 2004 <br /> <br />Meeting Date: June 28, 2004 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Kitty Murdoch, Nikki Parness <br />www. cl. eugene, or. us Contact Telephone Number: 682-5021 <br /> <br />AGENDA ITEM SUMMARY <br />This is the third Supplemental Budget for FY04. Oregon Local Budget Law (ORS 294.480) allows for <br />supplemental budgets for "an occurrence or condition which had not been ascertained at the time of the <br />preparation of a budget for the current year..." <br /> <br />BACKGROUND <br /> <br />Urban Renewal Board Action History <br />Not applicable. <br /> <br />Policy Issues <br />Not applicable. <br /> <br />Urban Renewal Board Goals <br />The passage of this resolution embodies the actions taken to date to support the board's goal to develop <br />fair, stable, and adequate financial resources. <br /> <br />Financial and/or Resource Considerations <br />Supplemental Budget #3 does not increase total expenditure authority in the FY04 Urban Renewal <br />Agency Budget. A brief description of the proposed transactions is provided in Attachment A. This <br />supplemental budget does not authorize any increased property tax levy. <br /> <br />Other Background Information <br />This Supplemental Budget includes two proposed changes. <br /> <br />One request appropriates $300,000 to the capital budget of the Urban Renewal Agency Debt Service <br />Fund and decreases reserves by the same amount for the Sears Building demolition. The council will act <br />on this proposal on June 23, 2004. <br /> <br /> L:\CMO\2004 Council Agendas\M040628\S0406284.doc <br /> <br /> <br />