HomeMy WebLinkAboutItem 5: URA - PH on Resolution Adopting Supplemental Budget 1
EURA
UGENE RBAN ENEWAL GENCY
AIS
GENDA TEM UMMARY
Public Hearing and Action: Resolution 1036 Adopting a Supplemental Budget; Making
Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year
Beginning July 1, 2005 and Ending June 30, 2006
Meeting Date: December 12, 2005 Agenda Item Number: 5
Department: Central Services Staff Contact: Kitty Murdoch
www.eugene-or.gov Contact Telephone Number: 682-5860
ISSUE STATEMENT
City Council approval of the first Supplemental Budget for FY06 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 $957,000 in proposed changes to the FY06 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
Grove, Mueller & Swank P.C., the City's external auditor, has completed its audit for FY05 and the
City's Financial Reporting staff has completed the draft of the FY05 Comprehensive Annual Financial
Report.
Based on audited FY05 actual revenues and expenditures, staff determined the FY06 Actual Beginning
Working Capital for all funds. The FY06 Actual Beginning Working Capital was then reconciled with
the FY06 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.
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Recognition of New Revenues
These transactions recognize new or expected revenues, primarily from grants and other agencies, and
increase the operating and capital budgets. In some cases, capital project support from other
governments for ongoing projects is put into Balance Available because the project is currently budgeted
and the fund is being reimbursed for a share of the costs incurred.
?
The Riverfront General Fund is appropriating $500,000 in expected loan proceeds from
McKenzie Willamette Medical Center to support the City of Eugene’s initial design phase of the
Patterson Street Underpass. The City has included the $500,000 project authority in its Capital
Carryover, as the project was authorized in FY05. The funds will not be spent without further
City Council direction.
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 FY06 Annual Budget and approved by the
council. These estimates have been reconciled with actual FY05 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 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
These transactions conform to the City’s Financial Management Goals and Policies.
COUNCIL 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 council may also adopt amended appropriation
amounts or funding sources for specific requests in the supplemental budget.
CITY MANAGER’S RECOMMENDATION
The City Manager recommends approval of the attached resolution adopting the Supplemental Budget.
SUGGESTED MOTION
Move to adopt Resolution 1036 adopting a Supplemental Budget; making appropriations for the Urban
Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2005 and ending June 30,
2006.
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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
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ATTACHMENT A
Transaction Summary
817 Urban Renewal Agency General Fund
I. RESOURCES
FY06
Adopted
FY06
SB1 Action
FY06
Revised
BEGINNING WORKING CAPITAL
1,982,522
10,792 a
1,993,314
CHANGE TO WORKING CAPITAL
REVENUE
Charges for Services
Miscellaneous
lnterfund Transfers
Fiscal Transactions
Total Revenue
500 0 500
75,000 0 75,000
265,797 0 265,797
50,000 0 50,000
391,297 0 391,297
2,373,819 10,792 2,384,611
TOTAL RESOURCES
II. REQUIREMENTS
Department Operating
Planning and Development
Total Department Operating
265,797 0 265,797
265,797 0 265,797
2,063,722 1 0,792 a 2,074,514
44,300 0 44,300
2,108,022 10,792 2,118,814
2,373,819 10,792 2,384.611
Non-Departmental
Misc. Fiscal Transactions
Balance Available
Total Non-Departmental
TOTAL REQUIREMENTS
817 Urban Renewal Agency General Fund
(a) This action increases the budgeted Beginning Working Capital by $10,792 and increases Misc. Fiscal
Transactions by the same amount for the Downtown Revitalization Loan Program. The adjustment brings the FY06
Budgeted Beginning Working Capital in compliance with the audited FY05 actual revenues and expenditures as
determined by Grove, Mueller & Swank P.C., the City's external auditor.
812 Urban Renewal Agency Debt Service
FY06 FY06 FY06
Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 5,041,507 424,420 a 5,465,927
CHANGE TO WORKING CAPITAL
REVENUE
Taxes 3,950,000 3,950,000
Miscellaneous 125,000 125,000
Total Revenue 4,075,000 0 4,075,000
TOT At RESOURCE S 9,116,507 424,420 9,540,927
II. REQUIREMENTS
Capital Projects
Capital Projects 450,000 0 450,000
Cap. Carryover (Budget only) 420,000 128,984 b 548,984
Total Capital Projects 870,000 128,984 998,984
Non-Departmental
Interfund Transfers 265,797 0 265,797
Intergovernmental Expend. 2,403,125 0 2,403,125
Reserve 2,500,000 0 2,500,000
Balance Available 3,077,585 295,436 a,b 3,373,021
Total Non-Departmental 8,246,507 295,436 8,541,943
TOTAL REQUIREMENTS 9,116,507 424,420 9,540,927
812 Urban Renewal Agency Debt Service
a) This action increases the budgeted Beginning Working Capital by $424.420 and increases
Balance Available by the same amount. The adjustment brings the FY06 Budgeted Beginning
Working Capital in compliance with the audited FY05 actual revenues and expenditures as
determined by Grove, Mueller & Swank P.C., the City's external auditor.
b) This action increases the Capital Carryover by $128,984 and decreases Balance Available by
the same amount. The adjustment reconciles the FY06 Capital Carryover Estimate to the actual
ending FY05 capital projects carryover balance.
821 Riverfront General Fund
I. RESOURCES
FY06
Adopted
FY06
SB1 Action
FY06
Revised
BEGINNING WORKING CAPITAL
382,764
38,610 a
421,374
CHANGE TO WORKING CAPITAL
REVENUE
Taxes
Rental
Miscellaneous
Fiscal Transactions
Total Revenue
505,000 0 505,000
20,000 0 20,000
10,000 0 10,000
11,413.000 500,000 b 11,913,000
11,948,000 500,000 12,448,000
12,330,764 538,610 12,869,374
TOTAL RESOURCES
U. REQUIREMENTS
Department Operating
Planning and Development
Total Department Operating
232,353 0 232,353
232,353 0 232,353
11,425,500 500,000 b 11,925,500
672,911 38,610 a 711,521
12,098,411 538,610 12,637,021
12,330,764 538,610 12,869,374
Non-Departmental
Intergovernmental Expend.
Balance Available
Total Non-Departmental
TOTAL REQUIREMENTS
821 Riverfront General Fund
a) This action increases the budgeted Beginning Working Capital by $38,610 and increases
the Balance Available by the same amount The adjustment brings the FY06 Budgeted
Beginning Working Capital in compliance with the audited FY05 actual revenues and
expenditures as determined by Grove, Mueller & Swank P.C., the City's external auditor.
b) This action rebudgets loan proceeds expected to be received from McKenzie Willamette
Medical Center and appropriates $500,000 to the City of Eugene to support the initial design
phase of the Patterson Street Underpass.
823 Riverfront Capital Projects Fund
I. RESOURCES
FY06 FY06
Adopted SS1 Action
FY06
Revised
BEGINNING WORKING CAPITAL
CHANGE TO WORKING CA PIT AL
527,910
(17,239) a
510,671
REVENUE
Miscellaneous
Total Revenue
15,000
15,000
o
o
15,000
15,000
TOTAL RESOURCES
542,910
(17,239)
525,671
II. REQUIREMENTS
Capital Projects
Cap. Carryover (Budget only)
Total Capital Projects
127.310 (22,238) b 105,072
127,310 (22,238) 105.072
400,000 0 400.000
15,600 4,999 a,b 20,599
415.600 4,999 420,599
542,910 (17,239) 525.671
Non-Departmental
Intergovernmental Expend.
Balance Available
Total Non-Departmental
TOTAL REQUIREMENTS
823 Riverfront Capital Projects Fund
a) This action decreases the budgeted Beginning Working Capital by $17,239 and decreases Balance
Available by the same amount. The adjustment brings the FY06 Budgeted Beginning Working Capital in
compliance with the audited FY05 actual revenues and expenditures as determined by Grove, Mueller &
Swank P,C., the City's external auditor,
b} This action decreases the Capital Carryover by $22,238 and increases Balance Available by the same
amount. This adjustment reconciles the FY06 Capital Carryover Estimate to the actual ending FY05 capital
projects balance and carry forward.
ATTACHMENT B
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 1,2005,
AND ENDING JUNE 30, 2006.
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, 2005, and ending June 30,
2006, as set forth in attached Exhibit "A" is hereby adopted.
Section 2.
The supplemental amounts for the fiscal year beginning July 1, 2005, and ending
June 30, 2006, and for the purposes shown in attached Exhibit "An 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." 111is Supplemental Budget was published in
accordance with ORS 294.480(4).
Section 4.
TI1is 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 12th day of December 2005.
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY GENERAL FUND
Non-Departmental
Miscellaneous Fiscal Transactions
Total Non-Departmental
10,792
10,792
TOTAL URA GENERAL FUND
10,792
URBAN RENEWAL AGENCY DEBT SERVICE FUND
Capital Projects
Capital Projects
Total Capital Projects
Non-Departmental
* Balance Available
Total Non-Departmental
128.984
128,984
295,436
295,436
TOTAL URA DEBT SERVICE FUND
424,420
URBAN RENEWAL AGENCY RIVERFRONT FUND
Non-Departmental
* Balance Available
Intergovernmental Expenditures
Total Non-Departmental
38,610
500,000
538,610
TOTAL URA RIVERFRONT FUND
538,610
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
Capital Projects
Capital Projects
Total Capital Projects
(22,238)
(22.238)
Non-Departmental
* Balance Available
Total Non-Departmental
4,999
4,999
TOTAL URA RIVERFRONT CAPITAL PROJECTS FUND
(17,239)
TOTAL REQUIREMENTS - ALL FUNDS
956,583
* Reserves and Balance Available amounts are not appropriated for spending
and are shown for information purposes only.