HomeMy WebLinkAboutItem 4 - PH/Action URA Supp.BgtURBAN RENEWAL AGENCY
AGENDA ITEM SUMMARY
Public Hearing and Action: Resolution 1030 Adopting a Supplemental Budget; Making
Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year
Beginning July 1, 2003, and Ending June 30, 2004
Meeting Date: June 28, 2004 Agenda Item Number: 4
Department: Central Services Staff Contact: Kitty Murdoch, Nikki Parness
www. cl. eugene, or. us Contact Telephone Number: 682-5021
AGENDA ITEM SUMMARY
This is the third Supplemental Budget for FY04. Oregon Local Budget Law (ORS 294.480) allows for
supplemental budgets for "an occurrence or condition which had not been ascertained at the time of the
preparation of a budget for the current year..."
BACKGROUND
Urban Renewal Board Action History
Not applicable.
Policy Issues
Not applicable.
Urban Renewal Board Goals
The passage of this resolution embodies the actions taken to date to support the board's goal to develop
fair, stable, and adequate financial resources.
Financial and/or Resource Considerations
Supplemental Budget #3 does not increase total expenditure authority in the FY04 Urban Renewal
Agency Budget. A brief description of the proposed transactions is provided in Attachment A. This
supplemental budget does not authorize any increased property tax levy.
Other Background Information
This Supplemental Budget includes two proposed changes.
One request appropriates $300,000 to the capital budget of the Urban Renewal Agency Debt Service
Fund and decreases reserves by the same amount for the Sears Building demolition. The council will act
on this proposal on June 23, 2004.
L:\CMO\2004 Council Agendas\M040628\S0406284.doc
Another request increases the departmental operating budget of the Riverfront General Fund by $20,000
in order for the Urban Renewal Agency to reimburse the City of Eugene General Fund for professional
services rendered. Balance Available in the Riverfront General Fund is reduced by the same amount.
Timing
In some cases, expenditure authority is needed immediately to carry out City Council direction or to
meet legal or program requirements.
OPTIONS
Not applicable.
STAFF RECOMMENDATION
Staff recommends adoption of the proposed resolution.
SUGGESTED MOTION
Move to adopt Resolution 1030 adopting a Supplemental Budget; making appropriations for the Urban
Renewal Agency of Eugene for the Fiscal Year beginning July 1, 2003, and ending June 30, 2004.
ATTACHMENTS
A. Transaction Summary
B. Resolution
FOR MORE INFORMATION
Staff Contact: Kitty Murdoch, Nikki Parness
Telephone: 682-5021
Staff E-Mail: kitty.m.murdoch~ci.eugene.or.us
nikki, m. parnes s~ci. eugene, or. us
L:\CMO\2004 Council Agendas\M040628\S0406284.doc
ATTACHMENT A
Transaction Summary
8'12 Urban Renewal Agency Debt Service
FY04 FY04 FY04 FY04
Adopted SB1 Action SB3 Action Revised
I.RESOURCES
BEGINNING WORKING CAPITAL 2,047,600 274,402 0 2,322,002
CHANGE TO WORKING CAPITAL
REVENUE
Taxes 3,530,000 0 0 3,530,000
Miscellaneous 68,000 0 0 68,000
Total Revenue 3,598,000 0 0 3,598,000
TOTAL RESOURCES 5,645,600 274,402 0 5,920,002
II. REQUIREMENTS
Capital Projects
Capital Projects 0 0 300,000 300,000
Cap. Carryover (Budget only) 0 0 0 0
Total Capital Projects 0 0 300,000 300,000
Non-Departmental
Intergovernmental Expend. 2,355,000 550,000 0 2,905,000
Reserve (less RFE) 3,290,600 (275,598) (300,000) 2,715,002
Total Non-Departmental 5,645,600 274,402 (300,000) 5,620,002
TOTAL REQUIREMENTS 5,645,600 274,402 0 5,920,002
812 Urban Renewal Agency Debt Service
This supplemental request increases the capital budget by $300,000 and decreases reserves by the
same amount for the Seam Building demolition. Council will act on this proposal on June 23, 2004.
821 Riverfront General Fund
FY04 FY04 FY04 FY04 FY04
Adopted SBI Action SB2 Action SB3 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 452,458 (351,509) 0 0 100,949
CHANGE TO WORKING CAPITAL
REVENUE
Taxes 450,000 0 0 0 450,000
Rental 23,986 0 0 0 23,986
Miscellaneous 6,000 0 0 0 6,000
Total Revenue 479,986 0 0 0 479,986
TOTAL RESOURCES 932,444 (351,509) 0 0 580,935
I1. REQUIREMENTS
Department Operating
Planning and Development 67,928 75,000 0 20,000 162,928
Total Department Operating 67,928 75,000 0 20,000 162,928
Non-Departmental
Interfund Transfers 0 0 350,000 0 350,000
Balance Available 864,516 (426,509) (350,000) (20,000) 68,007
Total Non-Departmental 864,516 (426,509) 0 (20,000) 418,007
TOTAL REQUIREMENTS 932,444 (351,509) 0 0 580,935
821 Riverfront General Fund
This supplemental request increases the departmental operating budget by $20,000 in order for the Urban
Renewal Agency to reimburse the City of Eugene General Fund for professional services rendered. Balance
Available is reduced by the same amount.
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, 2003,
AND ENDING JUNE $0, 2004.
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, 2003, and ending June 30, 2004, as set
forth in attached Exhibit "A" is hereby adopted.
Section 2.
The supplemental amounts for the fiscal year beginning July 1, 2003, and ending
June 30, 2004, 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 28th day of June, 2004.
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY DEBT SERVICE FUND
Capital Projects
Capital Projects 300,000
Total Capital Projects 300,000
Non-Departmental
Reserves (300,000)
Total Non-Departmental (300,000)
TOTAL URA DEBT SERVICE FUND 0
URBAN RENEWAL AGENCY RIVERFRONT FUND
Departmental Operating
Planning and Development 20,000
Total Departmental Operating 20,000
Non-Departmental
Balance Available (20,000)
Total Non-Departmental (20,000)
TOTAL URA RIVERFRONT FUND 0
TOTAL REQUIREMENTS -ALL FUNDS 0