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Home My WebLink AboutItem 5: PH on URA Supplemental Budget EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing: Resolution 1038 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: March 13, 2006 Agenda Item Number: 5 Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT This is the second Supplemental Budget for FY06. Oregon Local Budget Law (ORS294.480) 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 #2 provides appropriation for the City’s participation in the redevelopment of property at East Broadway and 8th Avenue as discussed in three recent City Council work sessions. BACKGROUND The supplemental budget for the East Broadway Parking Garage contains most of the funding for the project, as described to the council at meetings on February 8, February 13 and February 22. The project will be paid for out of the parking funds. The funding sources for the 260-space garage project are detailed in the chart below. The Stormwater Fund portion of the project will be included in the FY07 budget, along with $320,000 of Urban Renewal Agency (URA) funding which is not available until next year. East Broadway Garage Project Costs Payment to Developer $6,700,000 Other City Costs (utilities, 1% for Art, etc.) 935,000 Total Project Costs $7,635,000 Debt Service Reserve Fund $400,000 Total Funding Need $8,035,000 L:\CMO\2006 Council Agendas\M060313\S0603135.doc East Broadway Garage Funding Sources Urban Renewal Contribution -Urban Renewal Revenue Bonds $4,000,000 -Riparian Area Funds 400,000 -Cash in FY06 & FY07 1,110,000 Total Urban Renewal 5,510,000 City Contribution -Stormwater Funds 250,000 -Library Debt Service Fund 475,000 -Facility Reserve 1,800,000 Total City 2,525,000 Total Funding Sources $8,035,000 RELATED CITY POLICIES These transactions conform to the City’s Financial Management Goals and Policies. URBAN RENEWAL AGENCY OPTIONS The URA Board may direct staff to alter the attached recommended resolution for the March 15, 2006, work session for amended appropriation amounts or funding sources. AGENCY DIRECTOR’S RECOMMENDATION This is a public hearing and discussion item. Action on the Supplemental Budget Resolution will occur on Wednesday, March 15. SUGGESTED MOTION None; a motion to approve the supplemental budget resolution will be considered on March 15, 2006. 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\2006 Council Agendas\M060313\S0603135.doc ATTACHMENT A FY06FY06FY06FY06 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA 382,76438,610421,374 L CHANGE TO WORKING CAPITA L REVENUE Taxes505,000040,260545,260 a Rental20,0000020,000 Miscellaneous10,0000010,000 Fiscal Transactions11,413,000500,000011,913,000 Total Revenue11,948,000500,00040,26012,488,260 TOTAL RESOURCE12,330,76538,61040,26012,909,63 S44 II.REQUIREMENTS Department Operating Planning and Development232,35300232,353 Total Department Operating232,35300232,353 Non-Departmental Interfund Transfers00155,000155,000 b Intergovernmental Expend.11,425,500500,000595,00012,520,500 c Balance Available672,91138,610(709,740)1,781 a, b,c Total Non-Departmental12,098,411538,61040,26012,677,281 TOTAL REQUIREMENT12,330,76538,61040,26012,909,63 S44 821 Riverfront General Fund a. This transaction recognizes additional tax revenues estimated to be received in FY06 from the existing levy and increases Balance Available by the same amount. b. This action moves $155,000 from Balance Available and transfers it to the Urban Renewal Debt Service Fund. c. This transaction moves $595,000 from Balance Available to the City of Eugene's East Broadway Garage Parking Fund in support of the construction of the garage project. FY06FY06FY06FY06 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA L0000 CHANGE TO WORKING CAPITA L REVENUE Interfund Transfers00155,000155,000 a Fiscal Transactions004,000,0004,000,000 b Total Revenue004,155,0004,155,000 TOTAL RESOURCE004,155,0004,155,000 S II.REQUIREMENTS Department Operating Total Department Operating0000 Capital Projects Total Capital Projects000 Debt Service0075,00075,000 a Intergovernmental Expend.004,000,0004,000,000 b Reserve (less RFE)0080,00080,000 a Total Non-Departmental004,155,0004,155,000 TOTAL REQUIREMENT004,155,0004,155,000 S 822Riverfront Debt Service Fund R a. Transfer from the Riverfront General Fund; $75,000 is appropriated to pay debt service on Urban Renewal Bonds issued and $80,000 will be applied to the Debt Service Reserve. b. $4.0 million in URA Revenue Bond proceeds are recognized as revenue and moved to the East Broadway Garage Parking Fund. FY06FY06FY06FY06 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA 527,910(17,239)0510,671 L CHANGE TO WORKING CAPITA L REVENUE Miscellaneous15,000021,00036,000 a Total Revenue15,000021,00036,000 TOTAL RESOURCES542,910(17,239)21,000546,671 II.REQUIREMENTS Capital Proects j Cap. Carryover(Budget only)127,310(22,238)0105,072 Total Capital Proects127,31022,2380105,072 j() Non-Departmental Intergovernmental Expend.400,000040,000440,000 b Balance Available15,6004,999(19,000)1,599 a,b Total Non-Departmental415,6004,99921,000441,599 TOTAL REQUIREMENTS542,910(17,239)21,000546,671 823 Riverfront Capital Projects Fund a. This transaction recognizes additional interest revenue and increases Balance Available by $21,000. b. This transaction moves $40,000 from Balance Available and transfers it to the East Broadway Garage Parking Fund to support the construction of the garage. Resolution Number 1038 A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET; MAKING APPROPRIATIONS FOR THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE FOR THE FISCAL YEAR BEGINNING, AND ENDING. The Eugene City Council acting in their capacity as the Board of 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,forthefiscalyearbeginning,andending , as set forth in attached Exhibit "A" is hereby adopted. Section 2. Thesupplementalamountsforthefiscalyearbeginning,andending ,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 15th day of Marc h Director EXHIBIT "A" In dollars URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND Non-Departmental Interfund Transfer155,000 * Balance Available(709,740) Intergovernmental Expenditures595,000 Total Non-Departmental 40,260 TOTAL URA RIVERFRONT FUN40,260 D URBAN RENEWAL AGENCY RIVERFRONT DEBT SERVICE FUND Non-Departmental Debt Service75,000 * Reserves80,000 Intergovernmental Expenditures4,000,000 Total Non-Departmental 4,155,000 TOTAL URA RIVERFRONT FUN4,155,000 D URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND Non-Departmental * Balance Available(19,000) Intergovernmental Expenditures40,000 Total Non-Departmental 21,000 TOTAL URA RIVERFRONT CAPITAL PROJECTS FUN21,000 D TOTAL REQUIREMENTS - ALL FUND4,216,260 S * Reserves and Balance Available amounts are not appropriated for spending and are shown for information purposes only.