HomeMy WebLinkAboutItem 4: Resolution 1045 Adopting a Supplemental Budget
EURA
UGENE RBAN ENEWAL GENCY
AIS
GENDA TEM UMMARY
Public Hearing and Action: Resolution 1045 Adopting a Supplemental Budget; Making
Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year
Beginning July 1, 2007, and Ending June 30, 2008
Meeting Date: December 10, 2007 Agenda Item Number: 4
Department: Central Services Staff Contact: Kitty Murdoch
www.eugene-or.gov Contact Telephone Number: 682-5860
ISSUE STATEMENT
Board approval of the first Supplemental Budget for FY08 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
$489,673 in proposed changes to the FY08 Adopted Budget. A brief description of the proposed
transactions is provided in Attachment A. This supplemental budget does not authorize any increased
property tax levy.
BACKGROUND
The Supplemental Budget that occurs in December of a fiscal year is usually the largest because of audit
adjustments to budgeted Beginning Working Capital and the reappropriation of funds from the prior
fiscal year for program initiatives or projects begun, but not completed, in that year. Supplemental
Budgets also recognize new revenue and authorize other unanticipated changes in legal appropriations.
For this Supplemental Budget, the proposed changes fall into the following categories:
Transactions Related to Beginning Working Capital
Isler & Company, LLC, the City's external auditor, has completed its audit for FY07 and the City's
Financial Reporting staff has completed the draft of the FY07 Comprehensive Annual Financial Report.
Based on audited FY07 actual revenues and expenditures, staff determined the FY08 Actual Beginning
Working Capital for all funds. The FY08 Actual Beginning Working Capital was then reconciled with
the FY08 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. In
most cases, that adjustment increases Beginning Working Capital; that is, in the prior year the fund
received more revenue than expected and/or expended less than was budgeted. These transactions are
noted in Attachment A. In most funds the transactions increase Balance Available or Reserve, but in
some cases Department Operating or Capital expenditures are affected.
Reappropriations
Reappropriation transactions recognize appropriations for programs initiated or projects authorized in
FY07 by the Directors or Manager, but not completed in that fiscal year and for which a purchase order
F:\CMO\2007 Council Agendas\M071210\S0712104.doc
had not been issued by June 30, 2007. The FY08 reappropriation allocates balance available of $205,963
from the marginal beginning working capital adjustment to the URA Downtown loan program.
Capital Project Carryover Reconciliation
The Capital Project Carryover Reconciliation occurs in this supplemental budget. An estimate of the
capital carryover in each pertinent fund was established in the FY08 Annual Budget and approved by the
URA Board. These estimates have been reconciled with actual FY07 expenditures and the Capital
Budget is adjusted to reflect the remaining unspent balances in each project. These transactions are
noted as Capital Project Carryover Adjustments in Attachment A.
Timing
In some cases, expenditure authority is needed immediately to carry out Board 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 enables staff to more accurately project the Beginning Working Capital for the next
year’s Proposed Budget.
RELATED CITY POLICIES
These transactions conform to the City’s Financial Management Goals and Policies.
BOARD OPTIONS
Particular requests requiring more information or discussion may be removed from the supplemental
budget and delayed for action in a future supplemental budget. In certain cases there may be a financial
or legal impact to delaying budget approval. The City Council may also adopt amended appropriation
amounts or funding sources for specific requests in the supplemental budget.
AGENCY DIRECTOR’S RECOMMENDATION
Approve the attached resolution adopting the Supplemental Budget.
SUGGESTED MOTION
Move to approve Resolution 1045 adopting a Supplemental Budget; making appropriations for the
Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2007 and ending
June 30, 2008.
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
F:\CMO\2007 Council Agendas\M071210\S0712104.doc
ttachment
AA
Transaction Summary
817 Urban Renewal Agency Downtown General Fund
FY08FY08FY08
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITA
1,847,171205,9622,053,133
L
a
CHANGE TO WORKING CAPITA
L
REVENUE
Charges for Services2,50002,500
Miscellaneous119,5000119,500
Interfund Transfers303,752350,000653,752
b
Fiscal Transactions53,000053,000
Total Revenue478,752350,000828,752
TOTAL RESOURCE2,325,923555,9622,881,885
S
II.REQUIREMENTS
Department Operating
Planning and Development303,752350,000653,752
b
Total Department Operating303,752350,000653,752
Non-Departmental
Misc. Fiscal Transactions1,972,171205,9622,178,133
Balance Available50,000050,000
a
Total Non-Departmental2,022,171205,9622,228,133
TOTAL REQUIREMENT2,325,923555,9622,881,885
S
817 Urban Renewal Agency DowntownGeneral Fund
Beginning Working Capital Reconciliation:
a) Increase the budgeted Beginning Working Capital by $205,962
and increase Misc. Fiscal Transactions by the same amount for the Downtown Revitalization Loan Program. The
adjustment brings the FY08 Budgeted Beginning Working Capital in compliance with the audited FY07 actual
revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor.
West Broadway Development Project
b) - appropriate $350,000 transfer from the Debt Service Fund for
consultant, legal and staff costs incurred during first half of FY08.
812 Urban Renewal Agency Downtown Debt Service
FY08FY08FY08
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITA
L6,797,25476,6676,873,921
a
CHANGE TO WORKING CAPITA
L
REVENUE
Taxes3,720,00003,720,000
Miscellaneous150,0000150,000
Total Revenue3,870,00003,870,000
TOTAL RESOURCE10,667,2576,66710,743,921
S4
II.REQUIREMENTS
Non-Departmental
Interfund Transfers303,752350,000653,752
b
Intergovernmental Expend.2,380,0002,380,000
Reserve2,500,0002,500,000
Balance Available5,483,502(273,333)5,210,169
a,b
Total Non-Departmental10,667,25476,66710,743,921
TOTAL REQUIREMENT10,667,2576,66710,743,921
S4
812 Urban Renewal Agency Downtown Debt Service
Beginning Working Capital Reconciliation:
a) Increase the budgeted Beginning Working
Capital by $76,667 and increase Balance Available by the same amount. The adjustment brings
the FY08 Budgeted Beginning Working Capital in compliance with the audited FY07 actual
revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor.
West Broadway Development Project
b)- Transfer $350,000 to the Urban Renewal Agency
813 Urban Renewal Agency Downtown Capital Projects Fund
FY08FY08FY08
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITA
L561,188(123,836)437,352
a
TOTAL RESOURCE561,188(123,836)437,352
S
II.REQUIREMENTS
Capital Projects
Capital Carryover553,688(116,336)437,352
b
Total Capital Projects553,688(116,336)437,352
Non-Departmental
Balance Available7,500(7,500)0
a,b
Total Non-Departmental7,500(7,500)0
TOTAL REQUIREMENT561,188(123,836)437,352
S
813 Urban Renewal Agency Downtown Capital Projects Fund
Beginning Working Capital Reconciliation:
a)Decrease the budgeted Beginning Working
Capital by $123,836 and decrease Balance Available by the same amount. The adjustment brings
the FY08 Budgeted Beginning Working Capital in compliance with the audited FY07 actual
revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor.
Capital Carryover Reconciliation:
b)Decrease the capital carryover by $116,336 and increase
822 Urban Renewal Agency Riverfront Debt Service Fund
FY08FY08FY08
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITA
L160,000(5,896)154,104
a
TOTAL RESOURCE160,000(5,896)154,10
S4
II.REQUIREMENTS
Non-Departmental
Interfund Transfers160,000(5,896)154,104
a
Total Non-Departmental160,000(5,896)154,104
TOTAL REQUIREMENT160,000(5,896)154,10
S4
822 Urban Renewal Agency Riverfront Debt Service Fund
Beginning Working Capital Reconciliation:
a)Decrease the budgeted Beginning
Working Capital by $5,896 and decrease the Transfer appropriation by the same amount.
This fund will be closed in FY08 and remaining appropriation will be transferred to the Urban
Renewal Agency Riverfront General Fund.
823 Urban Renewal Agency Riverfront Capital Projects Fund
FY08FY08FY08
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITA
L81,642(13,224)68,418
a
CHANGE TO WORKING CAPITA
L
REVENUE
Intergovernmental150,000150,000
Miscellaneous1,00001,000
Total Revenue151,0000151,000
TOTAL RESOURCE232,642(13,224)219,418
S
II.REQUIREMENTS
Capital Projects
Capital Projects150,0000150,000
Capital Carryover81,642(12,224)69,418
b
Total Capital Projects231,642(12,224)219,418
Non-Departmental
Balance Available1,000(1,000)0
a,b
Total Non-Departmental1,000(1,000)0
TOTAL REQUIREMENT232,642(13,224)219,418
S
823 Urban Renewal Agency Riverfront Capital Projects Fund
Beginning Working Capital Reconciliation:
a)Decrease the budgeted Beginning Working Capital by
$13,224 and decrease Balance Available by the same amount. The adjustment brings the FY08 Budgeted
Beginning Working Capital in compliance with the audited FY07 actual revenues and expenditures as
determined by Isler & Company, LLC, the City's external auditor.
Capital Carryover Reconciliation:
b)Decrease the capital carryover by $12,224 and increase Balance
Available by the same amount. This action reconciles the FY08 Capital Carryover Estimate to the actual
ending FY07 capital projects balance and carry forward.
Resolution Number _______ Attachment B
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, 2007,
AND ENDINJUNE 30, 2008.
G
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.
ThattheSupplementalBudgetfortheUrbanRenewalAgencyoftheCityof
Eugene,Oregon,forthefiscalyearbeginningJuly1,2007,andendingJune30,
2008, as set forth in attached Exhibit "A" is hereby adopted.
Section 2.
ThesupplementalamountsforthefiscalyearbeginningJuly1,2007,andending
June30,2008,andforthepurposesshowninattachedExhibit"A"arehereby
appropriated.
Section 3.
ThatthisSupplementalBudgetispreparedinaccordancewithORS294.480(1)(a),
whichauthorizestheformulationofasupplementalbudgetresultingfrom"An
occurrenceorconditionwhichhadnotbeenascertainedatthetimeofthe
preparationofabudgetforthecurrentyearorcurrentbudgetperiodwhichrequires
achangeinfinancialplanning."ThisSupplementalBudgetwaspublishedin
accordance with ORS 294.480(4).
Section 4.
ThisresolutioncomplieswithORS294.480(5),anddoesnotauthorizeanincrease
inthelevyofpropertytaxesabovetheamountpublishedintheAnnualBudget
publication.
The foregoing resolution adopted this 10th day of December, 200.
7
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND
Departmental Operating
Planning and Development350,000
Total Departmental Operating
350,000
Non-Departmental
Miscellaneous Fiscal Transactions205,962
Total Non-Departmental
205,962
TOTAL URA DOWNTOWN GENERAL FUN555,962
D
URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND
Non-Departmental
Interfund Transfer350,000
* Balance Available(273,333)
Total Non-Departmental
76,667
TOTAL URA DOWNTOWN DEBT SERVICE FUND76,667
URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND
Capital Projects
Capital Projects(116,336)
Total Capital Projects
(116,336)
Non-Departmental
* Balance Available(7,500)
Total Non-Departmental
(7,500)
TOTAL URA DOWNTOWN CAPITAL PROJECTS FUN(123,836)
D
URBAN RENEWAL AGENCY RIVERFRONT DEBT SERVICE FUND
Non-Departmental
Interfund Transfer(5,896)
Total Non-Departmental
(5,896)
TOTAL URA RIVERFRONT DEBT SERVICE FUN(5,896)
D
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
Capital Projects
Capital Projects(12,224)
Total Capital Projects
(12,224)
Non-Departmental
* Balance Available(1,000)
Total Non-Departmental
(1,000)
TOTAL URA RIVERFRONT CAPITAL PROJECTS FUN(13,224)
D
TOTAL REQUIREMENTS - ALL FUND489,673
S
* Reserves and Balance Available amounts are not appropriated for spending
and are shown for information purposes only.