Item 4: URA Resolution Adopting Supplemental Budget

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing: Resolution Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency for the Fiscal Year Beginning July 1, 2009 and Ending June 30, 2010 Meeting Date: June 21, 2010 Agenda Item Number: 4 Department: Central Services Staff Contact: Mia Cariaga www.eugene-or.gov Contact Telephone Number: (541) 682-5408 ISSUE STATEMENT This meeting is a public hearing with no action required. Urban Renewal Agency Board approval of the second Supplemental Budget for FY10 is requested. Oregon Local Budget Law (ORS 294.480) 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...”. This Supplemental Budget consists of $100,000 in proposed changes to the FY10 Budget. A description of the proposed transaction is provided in Attachment A. This supplemental budget does not authorize any increased property tax levy. The Agency Board is scheduled to take final action on the supplemental budget on June 28, 2010. BACKGROUND Supplemental Budgets recognize new revenue and authorize other unanticipated changes in legal appropriations during a fiscal year. RELATED CITY POLICIES This transaction conforms to the City’s Financial Management Goals and Policies. AGENCY OPTIONS Particular requests requiring more information or discussion may be removed from the supplemental budget and delayed for action in a future supplemental budget in FY11. In certain cases, there may be a financial or legal impact to delaying budget approval. The Agency Board may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends approval of the attached resolution adopting the Supplemental Budget on June 28, 2010. Z:\CMO\2010 Council Agendas\M100621\S1006214.doc