Item 4: URA Resolution Adopting FY11 Budget

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\ S1006284.doc\M100628\2010 Council Agendas The Budget Committee recommendation approved on May 19, 2010 is as follows: Ms. Syrett moved that the Budget Committee recommend to the Eugene City Council, acting as the Urban Renewal Agency Board of Directors, the FY11 Budget for the Eugene Urban Renewal Agency that consists of the City Manager’s FY11 Proposed Budget, including the property tax levies and/or rates contained therein, amended to reflect appropriations for prior year encumbrances and prior year capital projects. Other Motions On May 27, 2010, the Budget Committee held a work session to discuss and vote on a motion to amend the FY11 Proposed Budget to include changes described in the Urban Renewal Plan Amendment approved by the council on May 24, 2010. The committee voted 6-4 on this motion. Timing Under the State Statute, a budget must be approved prior to July 1, 2010, and a copy of the adopting resolution filed with the County Assessor by July 31, 2010. Other Background Information The FY11 Proposed Budget document, Budget Committee packets, information distributed at Budget Committee meetings, and Budget Committee motions are available on the City’s website. AGENCY BOARD 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 Agency Board of Directors may reduce revenues, move allocations within a fund and 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 director makes a motion to amend the budget resolutions, 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. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends adoption of the FY11 Urban Renewal Agency Budget as recommended by the Budget Committee. In addition, the Agency Director recommends the budget changes to reflect the Urban Renewal Plan Amendment approved by the Agency Director on May 24, 2010. The City published a legal advertisement reflecting these changes because they are in excess of the 10 percent limit outlined in ORS 294.435. Those changes are as follows:  Budget an intergovernmental payment of $8,000,000 to Lane Community College for redevelopment of the excavated vacant lot at the 10th Avenue and Charnelton Street site; Z:\CMO\2010 Council Agendas\M100628\S1006284.doc Z:\CMO