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Item 4: URA PH and Action: FY10 Supplemental Budget #1
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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 /> <br />The Beginning Working Capital Adjustment across all of the URA funds is an increase of $337,314. The <br />Downtown District’s adjustment is an increase of $121,326 and the Riverfront District’s adjustment is an <br />increase of $215,988. In the URA Downtown General Fund, the offsetting adjustment is an increase to <br />capital development loans; in all other URA funds, the offset is an increase or a decrease to Balance <br />Available. <br /> <br />Reappropriations <br />Reappropriation transactions recognize appropriations for programs initiated or projects authorized in <br />FY09 by the URA Board, but not completed in that fiscal year and for which a purchase order had not <br />been issued by June 30, 2009. There are no reappropriation transactions in this supplemental budget. <br /> <br />Capital Project Carryover Reconciliation <br /> <br />The Capital Project Carryover estimate is reconciled in this supplemental budget. An estimate of the <br />capital carryover in each pertinent fund was established in the FY10 Annual Budget and approved by the <br />URA Board. These estimates have been reconciled with actual FY09 expenditures and the Capital Budget <br />is adjusted to reflect the remaining unspent balances in each project. These transactions are noted as <br />Capital Project Carryover Adjustments in Attachment A. <br /> <br />Timing <br />In some cases, expenditure authority is needed immediately to carry out Board direction or to meet legal <br />or program requirements. Approval of Supplemental Budget #1 in December, allows the organization to <br />prepare more accurate mid-year projections by having the general ledger reflect the audited balances in <br />each fund. This, in turn, enables staff to more accurately project the Beginning Working Capital for the <br />next year’s Proposed Budget. <br /> <br /> <br />RELATED CITY POLICIES <br />These transactions conform to the City’s Financial Management Goals and Policies. <br /> <br /> <br />BOARD OPTIONS <br /> <br />Particular requests requiring more information or discussion may be removed from the supplemental <br />budget and delayed for action in a future supplemental budget. In certain cases there may be a financial <br />or legal impact to delaying budget approval. The URA Board may also adopt amended appropriation <br />amounts or funding sources for specific requests in the supplemental budget. <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />The Urban Renewal Agency Director recommends approval of the attached resolution adopting the <br />Supplemental Budget. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt Resolution 1053 adopting a Supplemental Budget; making appropriations for the Urban <br />Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2009, and ending June 30, <br />2010. <br /> <br /> Z:\CMO\2009 Council Agendas\M091214\S0912144.doc <br />
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