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Item 4: Adoption of Resolution 1057 Adopting a Supplemental Budget
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Item 4: Adoption of Resolution 1057 Adopting a Supplemental Budget
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12/13/2010
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<br /> <br />EURA <br />UGENE RBAN ENEWAL GENCY <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Public Hearing and Possible Action: Adoption of Resolution 1057 Adopting a <br />Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City <br />of Eugene for the Fiscal Year Beginning July 1, 2010 and Ending June 30, 2011 <br /> <br /> <br />Meeting Date: December 13, 2010 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Mia Cariaga <br />www.eugene-or.gov Contact Telephone Number: 682-5408 <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />Board approval of the first Supplemental Budget for FY11 is requested. Oregon Local Budget Law <br />(ORS 294.480) allows for supplemental budgets for "an occurrence...which had not been ascertained at <br />the time of the preparation of a budget for the current year..." Supplemental Budget #1 consists of <br />transactions to amend the Urban Renewal Agency (URA) budget to reconcile Beginning Working <br />Capital and capital carryover. <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 <br />fiscal year for program initiatives or projects begun, but not completed, in that year. Supplemental <br />Budgets also 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 FY10 audit and this Supplemental <br />Budget reflects Marginal Beginning Working Capital (MBWC) information. The MBWC is the <br />difference between the estimated and audited actual FY10 revenues and expenditures. This adjustment <br />is recognized on Supplemental Budget #1 and is the only component of the transactions included in this <br />budget request. <br /> <br />The total audited adjustment to the FY11 Budgeted Beginning Working Capital for URA funds is a <br /> <br />reduction of $255,832. <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 FY11 Annual Budget and approved by the <br />URA Board. These estimates have been reconciled with actual FY10 expenditures and the Capital <br />Budget is adjusted to reflect the remaining unspent balances in each project. These transactions total an <br />increase of $99,000 to the URA Capital budget. <br /> <br /> <br /> <br /> Z:\CMO\2010 Council Agendas\M101213\S1012134.doc <br /> <br />
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