Item 7: URA Resolution Adopting FY12 Proposed Budget

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Public Hearing Oregon Local Budget Law requires the Urban Renewal Agency of the City of Eugene to conduct a public hearing to receive testimony on the FY12 Urban Renewal Agency Annual Budget as approved by the Budget Committee on May 18, 2011. A Public Hearing was held on Monday, June 20, 2011; one citizen provided public comment. Timing Under the state statute, the FY12 budget must be approved prior to July 1, 2011, and a copy of the adopting resolution filed with the County Assessor by July 15, 2011. Other Background Information The FY12 Proposed Budget document, Budget Committee packets, information distributed at Budget Committee meetings, and Budget Committee motions are available on the City’s website at: www.eugene-or.gov/budget. RELATED CITY POLICIES Council Goals The budget supports department work plans designed to further Council Goals and Priorities. Financial Management Goals and Policies The budget was prepared following guidelines established in the Financial Management Goals and Policies. 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 members of the Urban Renewal Agency Board wish 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 passage of the resolution adopting the FY12 Urban Renewal Agency Budget. \\Cesrv500\cc support\CMO\2011 Council Agendas\M110627\S1106277a.doc