Item 5 - PH/Action URA FY05 Bgt - Laserfiche WebLink

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Budget Committee Recommendation Budget Committee review consisted of five work sessions and one public hearing. Public comment was also held at the beginning of all but the last work session. The public hearing on the budget proposal was conducted on May 17, 2004. The Budget Committee recommendation consists of the City Manager's Proposed Budget for FY05, with several amendments. The Budget Committee recommendation, approved on May 19, 2004, is as follows: Move that the Budget Committee recommend to the City Council, acting as the Urban Renewal Agency Board a FY05 Budget for the Eugene Urban Renewal Agency that consist; of the City Manager's FY05 Proposed Budget amended to reflect reserves for prior year encumbrances, fundingfor prior year capital projects, if any, and the following amendment; (no Budget Committee amendment,'). Timing Under the State statute, a budget must be approved prior to July 1, 2004, and a jurisdiction must elect to receive State Revenue Sharing funds and file a copy of the resolution or ordinance with the State of Oregon by July 31, 2004. 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 board may reduce revenues, move allocations within a fund and may 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 motion to amend the budget resolutions is made, 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. STAFF RECOMMENDATION Staff recommends adoption of the Budget Committee's recommendation regarding the FY05 Urban Renewal Agency Budget. SUGGESTED MOTION Move to adopt Resolution 1031 of the Urban Renewal Agency of the City of Eugene adopting the Budget, making appropriations, and declaring the amount of tax to be received for the Fiscal Year beginning July 1, 2004 and ending June 30, 2005. ATTACHMENTS A. Summary of Budget Committee Changes to the Executive Budget Recommendation B. Resolution Adopting the FY05 Urban Renewal Agency Budget L:\CMO\2004 Council Agendas\M040628\S0406285.doc