Item A: Expenditure Review Panel FY11 Report

Home Browse Search

INTRODUCTION Staff prepared this report at the request of the Expenditure Review Panel at its January 25, 2012 meeting. The purpose is to give background information on the projects approved by the Urban Renewal Agency Board in the 2010 Plan Amendment and to summarize the expenditures of the Downtown Urban Renewal District between July 1, 2010 and June 30, 2011 (FY11). Key Terms Agency Urban Renewal Agency, the Board of which is comprised of the City Council. ERP Expenditure Review Panel for the Downtown Urban Renewal District. Maximum Indebtedness The amount of tax increment dollars the Agency can spend over the life of the Plan. Although this sounds like a debt limit, it is really a spending limit required by Oregon Revised Statutes. The f which was spent on the library) and increased by $13.6 million in 2010. Plan Downtown Urban Renewal Plan Plan Area The property included in the Downtown Urban Renewal District. The Plan Area description is in the Plan, section 300 and the map is Exhibit A to the Plan. Plan Estimate Table 6 from the Report created in February 2010 as part of the 2010 Plan Amendment process. It shows what was estimated to be spent from FY10 through FY18 (July 1, 2009 to June 20, 2018). Report Downtown Urban Renewal District Report Tax Increment The source of funds. When an urban renewal district is first created, the assessed value within the efforts will lead to increases in the jurisdictions (schools, general governments, bonds) continue to receive property taxes on the frozen base while the method of raising revenue in an urban renewal district. ERP Mission The ERP was added in the 2010 Plan Amendment to annually assess whether funds (tax increment) were spent on projects authorized by the Plan and to prepare an annual report for the City Manager. Budget Funds The Downtown District operates three funds: the URA Downtown General Fund, the URA Downtown Debt Service Fund, and the URA Downtown Capital Projects Fund. URA-Downtown Debt Service Fund: This fund receives all of the Downtown District tax increment revenues and R uses those resources to: Provide funding for the principal and interest payments on the LCC and Broadway Place Garages debt Provide funding (through interfund transfers) to the Downtown General Fund for district management costs and other operating expenses 2