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Item 4: URA PH and Action: FY10 Supplemental Budget #1
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CC Agenda - 12/14/09 - City Council Meeting and Meeting of the Eugene Urban Renewal Agency
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Item 4: URA PH and Action: FY10 Supplemental Budget #1
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12/14/2009
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<br />EURA <br />UGENE RBAN ENEWAL GENCY <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Public Hearing and Action: Resolution 1053 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, 2009 and Ending June 30, 2010 <br /> <br /> <br />Meeting Date: December 14, 2009 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Kitty Murdoch <br />www.eugene-or.gov Contact Telephone Number: 682-5860 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />Urban Renewal Agency Board approval of the first Supplemental Budget for FY10 is requested. Oregon <br />Local Budget Law (ORS 294.480) allows for supplemental budgets for "an occurrence...which had not <br />been ascertained at the time of the preparation of a budget for the current year..." Supplemental Budget <br />#1 consists of transactions totaling $337,314 in proposed changes to the FY10 Adopted Budget. Brief <br />descriptions of the proposed transactions are provided in Attachment A. This supplemental budget does <br />not authorize any increased property tax levy and has been prepared and advertised in conformance with <br />Oregon statutes. <br /> <br /> <br />BACKGROUND <br /> <br />The Supplemental Budget that occurs in December of a fiscal year is usually the largest because of audit <br />adjustments to budgeted Beginning Working Capital and the reappropriation of funds from the prior fiscal <br />year for program initiatives or projects begun, but not completed, in that year. Supplemental Budgets also <br />recognize new revenue and authorize other unanticipated changes in legal appropriations. <br /> <br />For this Supplemental Budget, the proposed changes fall into the following carryover adjustments: <br /> <br />Transactions Related to Beginning Working Capital <br /> <br />Isler & Company, LLC, the City's external auditor, has completed its audit for FY09. Based on audited <br />FY09 actual revenues and expenditures, staff determined the FY10 Actual Beginning Working Capital for <br />all funds. The FY10 Actual Beginning Working Capital was then reconciled with the FY10 Budgeted <br />Beginning Working Capital, and the difference between the Budgeted and Actual Beginning Working <br />Capital is the audit adjustment (sometimes called the Marginal Beginning Working Capital adjustment or <br />MBWC) being recognized on this Supplemental Budget. <br /> <br />If the adjustment is an increase to Beginning Working Capital; that is, in the prior year the fund received <br />more revenue than was expected and/or expended less than was budgeted, then the offsetting adjustment <br />in most funds is an increase to Balance Available or Reserve, but in some cases Department Operating or <br />Capital revenues and expenditures are affected. Likewise, if the adjustment is a decrease to the Beginning <br />Working Capital estimate, then most usually Balance Available or Reserves are reduced. These <br />adjustments are described by fund in the attached Transaction Summary (Attachment A). <br /> Z:\CMO\2009 Council Agendas\M091214\S0912144.doc <br />
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