HomeMy WebLinkAboutItem 4 - URA/Supp.Budget 1EUGENE URBAN RENEWAL AGENCY
AGENDA ITEM SUMMARY
Public Hearing and Action: Resolution 1033 Adopting a Supplemental Budget: Making
Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year
Beginning July 1, 2004, and Ending June 30, 2005
Meeting Date: December 6, 2004 Agenda Item Number: 4
Department: Central Services Staff Contact: Kitty Murdoch
www. cl. eugene, or. us Contact Telephone Number: 682-5860
ISSUE STATEMENT
Approval of the first Supplemental Budget for FY05 by the Eugene Urban Renewal Agency Board is
requested. Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an
occurrence...which had not been ascertained at the time of the preparation of a budget for the current
year..." Supplemental Budget #1 consists of $1.46 million in proposed changes to the FY05 Adopted
Budget. A brief description of each proposed transaction is attached. This supplemental budget does not
authorize any increased property tax levy.
BACKGROUND
The proposed changes for this Supplemental Budget include the following transactions:
Transactions Related to Working Capital
Grove, Mueller & Swank P.C., the City's external auditor, has completed its audit for FY04 and the
City's Financial Reporting staff has completed the draft of the FY04 Comprehensive Annual Financial
Report. Based on audited FY04 actual revenues and expenditures, staff determined the FY05 Actual
Beginning Working Capital for all funds. The FY05 Actual Beginning Working Capital was then
reconciled with the FY05 Budgeted Beginning Working Capital, and the difference between the
Budgeted and Actual Beginning Working Capital is the audit adjustment being recognized on this
Supplemental Budget. These transactions are noted in Attachment A.
Other Transactions of Note
· Appropriates $645,000 to demolish the Sears Building.
· Recognizes loan proceeds received from McKenzie-Willamette Medical Center, and sends $500,000
to the City of Eugene to support the initial design phase of the Patterson Street Underpass.
· Appropriates $338,409 from Balance Available to the Commercial Revitalization Loan Program for
the Downtown Urban Renewal District.
L:\CMO\2004 Council Agendas\M041206\S0412064.doc
Reduces the debt service budgeted for interest payments by $136,350 due to the July 1, 2004,
repayment of the remaining loan balance from the Facilities and Fleet Services Fund for the
acquisition of the Chiquita site.
In some cases, expenditure authority is needed immediately to carry out City Council direction or to
meet legal or program requirements. Approval of Supplemental Budget #1 in December allows the
organization to prepare more accurate mid-year projections by having the general ledger reflect the
audited balances in each fund. This, in turn, enables staff to more accurately project the Beginning
Working Capital for the next year's proposed budget.
RELATED CITY POLICIES
Not applicable.
COUNCIL OPTIONS
Particular requests requiring more information or discussion may be removed from the supplemental
budget and delayed for action until the second supplemental budget in March. In certain cases there
may be a financial or legal impact to delaying budget approval. Council may also adopt amended
appropriation amounts or funding sources for specific requests in the supplemental budget.
CITY MANAGER'S RECOMMENDATION
Staff recommends approval of the attached resolution adopting the Supplemental Budget.
SUGGESTED MOTION
Move to approve Resolution 1033 adopting a Supplemental Budget; making appropriations for the
Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2004 and ending
June 30, 2005.
ATTACHMENTS
A. Transaction Summary
B. Resolution
FOR MORE INFORMATION
Staff Contact: Kitty Murdoch
Telephone: 682-5860
Staff E-Mail: kitty.m.murdoch~ci.eugene.or.us
L:\CMO\2004 Council Agendas\M041206\S0412064.doc
Attachment A
Transaction Summary
817 Urban Renewal Agency General Fund
FY05 FY05 FY05
Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 1,337,713 645,709 a 1,983,422
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous 76,644 0 76,644
Interfund Transfers 271,964 0 271,964
Fiscal Transactions 48,790 0 48,790
Total Revenue 397,398 0 397,398
TOTAL RESOURCES 1,735,111 645,709 2,380,820
I1. REQUIREMENTS
Department Operating
Planning and Development 271,964 0 271,964
Total Department Operating 271,964 0 271,964
Non-Departmental
Misc. Fiscal Transactions 1,417,817 338,409 b 1,756,226
Balance Available 45,330 307,300 a,b 352,630
Total Non-Departmental 1,463,147 645,709 2,108,856
TOTAL REQUIREMENTS 1,735,111 645,709 2,380,820
817 Urban Renewal Agency General Fund
This supplemental request increases the budgeted Beginning Working Capital by $645,709 and increases balance
available by the same amount. The increase brings the FY05 Budgeted Beginning Working Capital in compliance
with the audited FY04 actual revenues and expenditures as determined by Grove, Mueller & Swank P.C., the City's
external auditor.
This supplemental request moves $338,409 from Balance Available to the Commercial Revitalization Loan Program
for the Downtown Urban Renewal District.
*RFE=(Reserve for Encumbrance) These changes were approved by Council Resolution 4779 on October 27, 2003.
812 Urban Renewal Agency Debt Service
FY05 FY05 FY05
Adopted SB1 Action Revised
I.RESOURCES
BEGINNING WORKING CAPITAL 3,262,502 118,705 a 3,381,207
CHANGE TO WORKING CAPITAL
REVENUE
Taxes 3,780,000 0 3,780,000
Miscellaneous 75,500 0 75,500
Total Revenue 3,855,500 0 3,855,500
TOTAL RESOURCES 7,118,002 118,705 7,236,707
II. REQUIREMENTS
Department Operating
Planning and Development 0 0 0
Total Department Operating 0 0 0
Capital Projects
Capital Projects 0 645,000 b 645,000
Cap. Carryover (Budget only) 0 0 0
Total Capital Projects 0 645,000 645,000
Non-Departmental
I nterfu nd Transfers 271,964 0 271,964
Intergovernmental Expend. 2,345,000 2,345,000
Reserve 4,501,038 (2,001,038) b 2,500,000
Balance Available 0 1,474,743 a,b 1,474,743
Total Non-Departmental 7,118,002 (526,295) 6,591,707
TOTAL REQUIREMENTS 7,118,002 118,705 7,236,707
812 Urban Renewal Agency Debt Service
a) This supplemental request increases the budgeted Beginning Working Capital by $118,705
and increases Balance Available by the same amount. The increase brings the FY05 Budgeted
Beginning Working Capital in compliance with the audited FY04 actual revenues and
expenditures as determined by Grove, Mueller & Swank P.C., the City's external auditor.
b) This transaction increases capital projects for the expected costs of the Sears Demolition
($645,000) and reduces the Debt Service Reserve by the same amount. An additional
$1,356,038 is removed from the Debt Service Reserve and moved to Balance Available to
reflect the amended Downtown Urban Renewal Plan that allows tax increment funds to be spent
on a wide range of downtown projects.
821 Riverfront General Fund
FY05 FY05 FY05
Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 83,507 380,441 a 463,948
CHANGE TO WORKING CAPITAL
REVENUE
Taxes 470,000 0 470,000
Rental 0 24,480 b 24,480
Miscellaneous 15,000 (7,000) b 8,000
Fiscal Transactions 0 500,000 c 500,000
Total Revenue 485,000 517,480 1,002,480
TOTAL RESOURCES 568,507 897,921 1,466,428
II. REQUIREMENTS
Department Operating
Planning and Development 119,757 30,000 b 149,757
Total Department Operating 119,757 30,000 149,757
Capital Projects
Total Capital Projects 0 0 0
Non-Departmental
Interfund Transfers 448,750 83,836 b 532,586
Intergovernmental Expend. 0 500,000 c 500,000
Balance Available 0 284,085 a,b 284,085
Total Non-Departmental 448,750 867,921 1,316,671
TOTAL REQUIREMENTS 568,507 897,921 1,466,428
821 Riverfront General Fund
a) This supplemental request increases the budgeted Beginning Working Capital by
$380,441 and increases the Balance Available by the same amount. The increase
brings the FY05 Budgeted Beginning Working Capital in compliance with the audited
FY04 actual revenues and expenditures as determined by Grove, Mueller & Swank
P.C., the City's external auditor.
b) This request transfers $83,836 to the Riverfront Capital Projects Fund, reduces
interest earnings by $7,000, allocates $30,000 to professional services for legal
advice. The request also recognizes additional rental income of $24,480 and reduces
Balance Available by $96,356 to offset the changes.
c) This action recognizes loan proceeds expected to be received from McKenzie
Willamette Medical Center and sends $500,000 to the City of Eugene to support the
initial design phase of the Patterson Street Underpass.
823 Riverfront Capital Projects Fund
FY05 FY05 FY05
Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 2,879,362 (213,924) a 2,665,438
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous 75,000 (73,000) b 2,000
Interfund Transfers 448,750 83,836 b 532,586
Total Revenue 523,750 10,836 534,586
TOTAL RESOURCES 3,403,112 (203,088) 3,200,024
I1. REQUIREMENTS
Capital Projects
Capital Projects 0 0 0
Cap. Carryover (Budget only) 747,960 (47,936) c 700,024
Total Capital Projects 747,960 (47,936) 700,024
Non-Departmental
Debt Service 2,636,350 (136,350) b 2,500,000
Balance Available 18,802 (18,802) a,b,c 0
Total Non-Departmental 2,655,152 (155,152) 2,500,000
TOTAL REQUIREMENTS 3,403,112 (203,088) 3,200,024
823 Riverfront Capital Projects Fund
a) This supplemental request decreases the budgeted Beginning Working Capital by $213,924 and decreases
balance available by the same amount. The increase brings the FY05 Budgeted Beginning Working Capital in
compliance with the audited FY04 actual revenues and expenditures as determined by Grove, Mueller & Swank
P.C., the City's external auditor.
b) This request recognizes transfer revenue from the Riverfront General Fund, reduces interest earnings by
$73,000 and debt service ($136,350) due to the July 1,2004 repayment of the loan from the City of Eugene's
Facilities and Fleet Fund, and increases Balance Available by $147,186.
c) This supplemental request decreases the capital carryover by $47,936 and increases balance available by the
same amount. This increase reconciles the FY05 Capital Carryover Estimate to the actual ending FY04 capital
projects balance and carryforward.
Resolution Number
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET;
MAKING APPROPRIATIONS FOR THE URBAN RENEWAL AGENCY
OF THE CITY OF EUGENE
FOR THE FISCAL YEAR BEGINNING JULY 1, 2004,
AND ENDING JUNE 30, 2005.
The Urban Renewal Agency of the City of Eugene finds that adopting the Supplemental
Budget and making appropriations is necessary under ORS 294.480.
NOW THEREFORE,
BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF
EUGENE as follows:
Section 1.
That the Supplemental Budget for the Urban Renewal Agency of the City of
Eugene, Oregon, for the fiscal year beginning July 1, 2004, and ending June 30,
2005, as set forth in attached Exhibit "A" is hereby adopted.
Section 2.
The supplemental amounts for the fiscal year beginning July 1~ 2004, and ending
June 30, 2005, and for the purposes shown in attached Exhibit "A" are hereby
appropriated.
Section 3.
That this Supplemental Budget is prepared in accordance with ORS 294.480(1)(a),
which authorizes the formulation of a supplemental budget resulting from "An
occurrence or condition which had not been ascertained at the time of the
preparation of a budget for the current year or current budget period which requires
a change in financial planning." This Supplemental Budget was published in
accordance with ORS 294.480(4).
Section 4.
This resolution complies with ORS 294.480(5), and does not authorize an increase
in the levy of property taxes above the amount published in the Annual Budget
publication.
The foregoing resolution adopted this 6th day of December 2004.
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY GENERAL FUND
Non-Departmental
* Balance Available 307,300
Miscellaneous Fiscal Transactions 338,409
Total Non -Departmental 645,709
TOTAL URA GENERAL FUND 645,709
URBAN RENEWAL AGENCY DEBT SERVICE FUND
Capital Projects
Capital Projects 645,000
Total Capital Projects 645,000
Non-Departmental
* Reserves (2,001,038)
* Balance Available 1,474,743
Total Non-Departmental (526,295)
TOTAL URA DEBT SERVICE FUND 118,705
URBAN RENEWAL AGENCY RIVERFRONT FUND
Departmental Operating
Planning and Development 30,000
Total Departmental Operating 30,000
Non-Departmental
Interfund Transfer 83,836
* Balance Available 284,085
I ntergovernm ental Expenditures 500,000
Total Non-Departmental 867,921
TOTAL URA RIVERFRONT FUND 897,921
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
Capital Projects
Capital Projects (47,936)
Total Capital Projects (47,936)
Non-Departmental
Debt Service (136,350)
* Balance Available (18,802)
Total Non-Departmental (155,152)
TOTAL UPA RIVERFRONT CAPITAL PROJECTS FUND (203,088)
TOTAL REQUIREMENTS -ALL FUNDS 1,459,247
* Reserves and Balance Available amounts are not appropriated for spending
and are shown for information purposes only.