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Home My WebLink AboutItem D: URA Action on Supplemental Budget 2 EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Action: 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 15, 2006 Agenda Item Number: D 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 A public hearing on this Supplemental Budget #2 was held by the Eugene Urban Renewal Agency on March 13, 2006. 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\M060315\S060315D.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 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 URA Board may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends adoption of the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to adopt 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. 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\M060315\S060315D.doc ATTACHMENT A 821 Riverfront General Fund FY06 Adopted FYOS FY06 SB1 Action S82 Action FY06 Revised I. RESOURCES BEGINNING WORKING CAPITAL 382:764 38.610 421.374 CHANGE TO WORKING CAPITAL REVENUE Taxes Renta! Miscellaneous Fiscal Transactions Tota! Revenue 505,000 0 40,260 a 545,260 20,000 0 0 20,000 10,000 0 0 10,000 11.413.000 500,OO_Q......_ 0 11.913.000 11.948.000 500,000 40,260 12.488,260 .....~.~,'_~_~g! 764 538,610 40,260 ~.~!.~_2_~!634 _~~....u.____ TOTAL RESOURCES II. REQUIREMENTS Department Operating Planning and Development Total Department Operating ____..__2.32,353 232.,353 o o o 232,353 232,353 o Non-Departmental Interfund Transfers Intergovernmental Expend, Balance Avaiiable Total Non-Departmental o 11,425,500 672.91'1 12.098,411 o 500,000 38,6'10 538,610 155,000 b 595,000 c (l09,740) a. b,c 40,260 '155,000 '12,520,500 1,781 12,677,281 TOTAL REQUIREMENTS 12,330,764 538,610 40 ,2~0..mmm__.....m___.._~ 2,909,634 821 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. 822 Riverfront Debt Service Fund FV06 Adopted FY06 SB1 Action FY06 SB2 Action FY06 Revised l. RESOURCES BEGINNING WORKING CAPITAL o o G o CHANGE TO WORKING CAPiTAL REVENUE lnterfund Transfers Fiscal Transactions Total Revenue o o ~~W..._........_b_ o o o o 155,000 a 4,000,000 b 4,155,000 155,000 4, qQQ_~900 4,155,000 TOTAL RESOURCES o o 4.,155,000 4,155,000 II. REQUIREMENTS Department Operating Total Department Operating Capital Projects Total Capital Projects 0 G 0 0 0 0 0 0 0 75,000 a 75,000 0 0 4,000,000 b 4,000,000 0 0 80,000 a 80,000 0 0 4,155,000 4,155,000 0 0 4,155,000 _~!.~.?.~!_~Q~ n. Debt Service Intergovernmental Expend. Reserve (less RFE) Tota! Non-Departmental TOTAL REQUIREMENTS 822 I Riverfront Debt Service Fund 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 UR,<\ Revenue Bond proceeds are recognized as revenue and moved to the East Broadway Garage Park:ng Fund, 823 Riverfront Capital Projects Fund FY06 FY06 Adopted SB1 Action FY06 SB2 Action FY06 Revised L RESOURCES BEGINNING WORKING CAPITAL 527,910 (17,239) n v 510,671 CHANGE TO WORKING CAPITAL REVENUE Miscellaneous Total Revenue ........!..?!.Q.Q9__m_ 0 21 ,000 a 36.000 15,000 0 21 ,000 36.000 542,910 (17,239) 21,000 546,671 .u._____a.__u___ .....un....______ TOTAL RESOURCES It REQUIREMENTS Capital Projects Cap Carryover (Budget only) Total Capital Projects 127,310 (22,238) 0 '105,072 _..n...............u....__n_____ 127,310 (22,238) 0 '105,072 400.000 0 40,000 b 440,000 15.600 4,999 (19,000) a,b 1,599 415.600 4.999 21,000 441,599 Non-Departmental Intergovernmental Expend. Balance Available Total Non-Departmental TOTAL REQUIREMENTS ...__?~~.!~~.Q..............J17..~~~L____}j_!9.QQ...............................~~,._~_I!___ 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. ATTACHMENT B Resolution Number 1038 A RESOLUTION ADOPTING A SUPPLEMENTAL IHJDGET; MAIONC APPROPRIATIONS FOR THE URBAN RENE\VAL AGENCY OF THE CITY OF EUGENE Ii'OR THE FISCAL YEAR BEGINNING JULY 1, 2005, AND ENU1NG :JUNE 30, 2006. 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 ITRESOL VED BY THE URBAN RENEWAL AGENCY OF' 'IHE CITY OF .EUGKNE as foHows: Section I. That tbe Supplernenta! Budget for the Urban RenC\VaI Agency of the City of Eugene, Oregon, {()f" the Hsca! year beginning July I, 2005, and ending June 30, 2006, as set forth in attached Exhibit "A" is hereby adopted. Section L. uuu___.._un....____ The supplemental amounts for the fiscal year beginning July I, 2005, and ending June 30, 2006, and J()f the pUlvoses 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 supplememal budget resulting from "/\n occurrence or condition which had not been asceli.ained at the time of the preparation of a budget for the cun-ent 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 cornplies \vith ORS 294.480(5), and does not authorize an increase in the levy of property taxes above the arnount published in the Annual Budget publication. The f(m~going resolution adopted this 15th day of March 2006. Director EXHIBIT "A" In doNars URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND Non-Departmental Inter-fund Transfer {< Balance Available Intergovernmental Expenditures Total Non-Departmental 155,000 (709,740) 595,000 40,260 TOTAL URA RIVERFRONT FUND 40,260 URBAN RENEWAL AGENCY RIVERFRONT DEBT SERVICE FUND Non-Departmental Debt Sel\.dce .. Reserves Intergovernmental Expenditures Total Non~Departmental 75,000 80,000 4,000,000 4,155,000 TOTAL URA RIVERFRONT FUND 4,155,000 URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND Non~Departmental 'k Balance Available Intergovernmental Expenditures Total Non-Departmental (19,000) 40,000 21 ,000 TOTAL URA RIVERFRONT CAPITAL PROJECTS FUND 21,000 TOTAL REQUIREMENTS - ALL FUNDS 4,216,260 * Reserves and Baiance Available amounts are not appropriated for spending and are snO\^ln for information purposes only.