Item 7: URA Resolution Adopting FY12 Proposed Budget

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Action: Adoption of Resolution 1061 of the Urban Renewal Agency of the City of Eugene Adopting the Budget, Making Appropriations, and Declaring the Amount of Tax to be Certified for the Fiscal Year Beginning July 1, 2011 and Ending June 30, 2012 Meeting Date: June 27, 2011 Agenda Item Number: 7 Department: Central Services Staff Contact: Mia Cariaga www.eugene-or.gov Contact Telephone Number: (541) 682-5408 ISSUE STATEMENT The Agency Board is required to take final action on the FY12 Urban Renewal Agency (URA) budget by June 30. The governing body of the Urban Renewal Agency may deliberate and then approve a resolution adopting the budget of the Urban Renewal Agency of the City of Eugene. ORS 294.305 and ORS 294.565 require the Urban Renewal Agency Board to pass a resolution adopting the budget, making appropriations, determining, levying and categorizing the annual ad valorem property taxes. BACKGROUND Agency Board History The Urban Renewal Agency Board has consistently met the requirement of Oregon Local Budget Law which requires that the URA adopt an annual budget by June 30 of each year. The Agency Board held a public hearing on the FY12 URA budget resolution on June 20, 2011. Financial and/or Resource Considerations Financial and/or resources considerations are detailed in the FY12 Proposed Budget document. Budget Committee Recommendation Budget Committee review consisted of five work sessions and one public hearing. Public comment was received at three work sessions. A public hearing on the budget proposal was conducted on May 17, 2011. The Budget Committee recommendation consists of the Agency Director’s Proposed Budget for FY12 amended to include appropriations for prior year encumbrances and prior year capital projects. The Budget Committee recommendation, approved on May 18, 2011, 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 FY12 Budget for the Eugene Urban Renewal Agency that consists of the Agency Director’s FY12 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. Attachment A reconciles the proposed budget to the Budget Committee approved budget. \\Cesrv500\cc support\CMO\2011 Council Agendas\M110627\S1106277a.doc