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Item 4: Resolution on Receipt of FY11 URA Annual Financial Report
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Item 4: Resolution on Receipt of FY11 URA Annual Financial Report
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1/9/2012
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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(2) Reconciliation of Government-wide and Fund Financial Statements, continued <br />(B) Explanation of Certain Differences Between the Government-wide Statement of Activities and the <br />Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances, continued <br />Proceeds from the issuance of long-term debt provide current financial resources to governmental funds <br />and are reported as revenues. In the same way, repayments of long-term debt use current financial <br />resources and are reported as expenditures in governmental funds. However, neither the receipt of debt <br />proceeds nor the payment of debt principal affect the Statement of Activities, but are reported as <br />increases and decreases in noncurrent liabilities in the Statement of Net Assets. The details of this <br />$7,900,000 difference are as follows: <br />Debt issued: <br /> Issuance of tax increment bonds$(7,900,000) <br />(3) Stewardship, Compliance, and Accountability <br /> (A) Budgetary Information <br />The City of Eugene submits to the City Council of Eugene (acting as the Urban Renewal Agency Board <br />under provisions of Oregon Revised Statute 457.460) a proposed operating and capital budget a <br />sufficient length of time in advance to allow adoption of the budget prior to July 1. <br />Prior to July 1, the Agency legally adopts its annual budget for all funds through passage of a resolution. <br />The resolution authorizes fund appropriations as current annual departmental requirements, debt service, <br />capital outlay, interfund transfers, interfund loans, intergovernmental, and miscellaneous fiscal <br />transactions. Expenditures cannot legally exceed appropriations at these control levels. Appropriations <br />which have not been spent at year-end lapse, although an amending resolution passed in the subsequent <br />year specifically provides for the reappropriation of prior-year lapsed encumbrances. <br />Unexpected additional resources, or appropriations may be added to the budget through the use of a <br />supplemental budget. A supplemental budget requires hearings before the public, publications in <br />newspapers, and approval by the Agency. Original and supplemental budgets may be modified by the <br />use of appropriation transfers between the levels of control. Such transfers require approval by passing <br />an Agency resolution authorizing the transfer. All budget amendments are subject to the limitations put <br />forth in the Oregon Revised Statutes Chapters 294.305 through 294.565 (Oregon Budget Law). The net <br />effect of amending resolutions passed during the fiscal year was an appropriation increase of $3.1 million. <br />25 <br />
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