HomeMy WebLinkAboutItem 4: Adoption of Resolution 1057 Adopting a Supplemental Budget
EURA
UGENE RBAN ENEWAL GENCY
AIS
GENDA TEM UMMARY
Public Hearing and Possible Action: Adoption of Resolution 1057 Adopting a
Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City
of Eugene for the Fiscal Year Beginning July 1, 2010 and Ending June 30, 2011
Meeting Date: December 13, 2010 Agenda Item Number: 4
Department: Central Services Staff Contact: Mia Cariaga
www.eugene-or.gov Contact Telephone Number: 682-5408
ISSUE STATEMENT
Board approval of the first Supplemental Budget for FY11 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
transactions to amend the Urban Renewal Agency (URA) budget to reconcile Beginning Working
Capital and capital carryover.
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 carryover adjustments:
Transactions Related to Beginning Working Capital
Isler & Company, LLC, the City's external auditor, has completed its FY10 audit and this Supplemental
Budget reflects Marginal Beginning Working Capital (MBWC) information. The MBWC is the
difference between the estimated and audited actual FY10 revenues and expenditures. This adjustment
is recognized on Supplemental Budget #1 and is the only component of the transactions included in this
budget request.
The total audited adjustment to the FY11 Budgeted Beginning Working Capital for URA funds is a
reduction of $255,832.
Capital Project Carryover Reconciliation
The Capital Project Carryover estimate is reconciled in this supplemental budget. An estimate of the
capital carryover in each pertinent fund was established in the FY11 Annual Budget and approved by the
URA Board. These estimates have been reconciled with actual FY10 expenditures and the Capital
Budget is adjusted to reflect the remaining unspent balances in each project. These transactions total an
increase of $99,000 to the URA Capital budget.
Z:\CMO\2010 Council Agendas\M101213\S1012134.doc
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, 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.
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 URA Board 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 adopt Resolution 1057 adopting a Supplemental Budget; making appropriations for the Urban
Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2010 and ending June 30,
2011.
ATTACHMENTS
A. Transaction Summary
B. Resolution
FOR MORE INFORMATION
Staff Contact: Mia Cariaga
Telephone: 541- 682-5408
Staff E-Mail: mia.cariaga@ci.eugene.or.us
OR
Staff Contact: Pavel Gubanikhin
Telephone: 541- 682-5512
Staff E-Mail: pavel.e.gubanikhin@ci.eugene.or.us
Z:\CMO\2010 Council Agendas\M101213\S1012134.doc
Attachment A
Transaction Summary
817 Urban Renewal Agency Downtown General Fund
FY11FY11FY11
AdoptedSB1 ActionRevised
I.RESOURCES
BEGINNING WORKING CAPITAL
1,947,967(247,409)1,700,558
a
CHANGE TO WORKING CAPITAL
REVENUE
Intergovernmental6,504,00006,504,000
Charges for Services2,00002,000
Miscellaneous46,000046,000
Interfund Transfers530,0000530,000
Fiscal Transactions50,000050,000
Total Revenue7,132,00007,132,000
TOTAL RESOURCES9,079,967(247,409)8,832,558
II.REQUIREMENTS
Department Operating
Planning and Development530,0000530,000
TotalDepartmentOperating530000,0530000,
TotalDepartmentOperating5300000530000
Non-Departmental
Misc. Fiscal Transactions8,499,967(197,409)8,302,558
a
Balance Available50,000(50,000)0
a
Total Non-Departmental8,549,967(247,409)8,302,558
0
TOTAL REQUIREMENTS9,079,967(247,409)8,832,558
817 Urban Renewal Agency Downtown General Fund
Beginning Working Capital Reconciliation:
a) Decrease the budgeted Beginning Working Capital by $247,409,
decrease appropriations for capital development loans by $197,409, and decrease Balance Available by $50,000.
This adjustment brings the FY11 Budgeted Beginning Working Capital in compliance with the audited FY10 actual
revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor.
812 Urban Renewal Agency Downtown Debt Service
FY11FY11FY11
AdoptedSB1 ActionRevised
I.RESOURCES
BEGINNING WORKING CAPITAL
4,718,491(119,431)4,599,060
a
CHANGE TO WORKING CAPITAL
REVENUE
Taxes1,920,00001,920,000
Miscellaneous25,000025,000
Fiscal Transactions4,500,00004,500,000
Total Revenue6,445,00006,445,000
TOTAL RESOURCES11,163,491(119,431)11,044,060
II.REQUIREMENTS
Non-Departmental
Debt Service150,0000150,000
Interfund Transfers1,030,00001,030,000
Intergovernmental Expend.8,740,00008,740,000
Reserve1,000,00001,000,000
Balance Available243,491(119,431)124,060
a
Total Non-Departmental11,163,491(119,431)11,044,060
TOTAL REQUIREMENTS11,163,491(119,431)11,044,060
Q,,(,),,
812 Urban Renewal Agency Downtown Debt Service
Beginning Working Capital Reconciliation:
a) Decrease the budgeted Beginning Working
Capital by $119,431 and decrease Balance Available by the same amount. This adjustment
brings the FY11 Budgeted Beginning Working Capital in compliance with the audited FY10
actual revenues and expenditures as determined by Isler & Company, LLC, the City's external
auditor.
813 Urban Renewal Agency Downtown Capital Projects Fund
FY11FY11FY11
AdoptedSB1 ActionRevised
I.RESOURCES
BEGINNING WORKING CAPITAL
138,09399,825237,918
a
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous1,00001,000
Interfund Transfers500,0000500,000
Total Revenue501,0000501,000
TOTAL RESOURCES639,09399,825738,918
II.REQUIREMENTS
Capital Projects
Capital Projects500,000500,000
Capital Carryover135,59399,000234,593
b
Total Capital Projects635,59399,000734,593
Non-Departmental
Balance Available3,5008254,325
a,b
Total Non-Departmental3,5008254,325
TOTAL REQUIREMENTS639,09399,825738,918
813UrbanRenewalAgencyDowntownCapitalProjectsFund
813UrbanRenewalAgencyDowntownCapitalProjectsFund
Beginning Working Capital Reconciliation:
a)Increase the budgeted Beginning Working
Capital by $99,825 and increase Balance Available by the same amount. Thise adjustment brings
the FY11 Budgeted Beginning Working Capital in compliance with the audited FY10 actual
revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor.
Capital Carryover Reconciliation:
b) Increase the capital carryover by $99,000 and decrease
Balance Available by the same amount. This action reconciles the FY11 Capital Carryover
Estimate to the actual ending FY10 capital projects balance and carry forward.
821 Urban Renewal Agency Riverfront General Fund
FY11FY11FY11
AdoptedSB1 ActionRevised
I.RESOURCES
BEGINNING WORKING CAPITAL
3,517,9506,5363,524,486
a
CHANGE TO WORKING CAPITAL
REVENUE
Taxes780,0000780,000
Miscellaneous25,000025,000
Total Revenue805,0000805,000
TOTAL RESOURCES4,322,9506,5364,329,486
II.REQUIREMENTS
Department Operating
Planning and Development267,5000267,500
Total Department Operating267,5000267,500
Non-Departmental
Balance Available4,055,4506,5364,061,986
a
Total Non-Departmental4,055,4506,5364,061,986
TOTAL REQUIREMENTS4,322,9506,5364,329,486
821 Urban Renewal Agency Riverfront General Fund
Beginning Working Capital Reconciliation:
a) Increase the budgeted Beginning Working
Capital by $6,536 and increase Balance Available by the same amount. This adjustment
brings the FY11 Budgeted Beginning Working Capital in compliance with the audited FY10
actual revenues and expenditures as determined by Isler & Company, LLC, the City's
external auditor.
823 Urban Renewal Agency Riverfront Capital Projects Fund
FY11FY11FY11
AdoptedSB1 ActionRevised
I.RESOURCES
BEGINNING WORKING CAPITAL
157,3184,647161,965
a
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous1,00001,000
Total Revenue1,00001,000
TOTAL RESOURCES158,3184,647162,965
II.REQUIREMENTS
Capital Projects
Capital Carryover141,5000141,500
Total Capital Projects141,5000141,500
Non-Departmental
Balance Available16,8184,64721,465
a
Total Non-Departmental16,8184,64721,465
TOTAL REQUIREMENTS158,3184,647162,965
823 Urban Renewal Agency Riverfront Capital Projects Fund
Beginning Working Capital Reconciliation:
a)Increase the budgeted Beginning Working Capital by
$4,647 and increase Balance Available by the same amount. This adjustment brings the FY11 Budgeted
Beginning Working Capital in compliance with the audited FY10 actual revenues and expenditures as
determined by Isler & Company, LLC, the City's external auditor.
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, 2010,
AND ENDING JUNE 30, 2011.
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,forthefiscalyearbeginningJuly1,2010,andendingJune30,
2011, as set forth in attached Exhibit "A" is hereby adopted.
Section 2.
ThesupplementalamountsforthefiscalyearbeginningJuly1,2010,andending
June30,2011,andforthepurposesshowninattachedExhibit"A"arehereby
appropriated.
Section 3.
ThatthisSupplementalBudgetispreparedinaccordancewithORS294.480(1)(a),
whichauthorizestheformulationofasupplementalbudgetresultingfrom"An
occurrenceorconditionwhichhadnotbeenascertainedatthetimeofthe
preparationofabudgetforthecurrentyearorcurrentbudgetperiodwhich
requiresachangeinfinancialplanning."ThisSupplementalBudgetwas
published in accordance with ORS 294.480(4).
Section 4.
ThisresolutioncomplieswithORS294.480(5),anddoesnotauthorizeanincrease
inthelevyofpropertytaxesabovetheamountpublishedintheAnnualBudget
publication.
The foregoing resolution adopted this 13th day of December, 2010.
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND
Non-Departmental
* Balance Available(50,000)
Miscellaneous Fiscal Transactions(197,409)
Total Non-Departmental
(247,409)
TOTAL URA DOWNTOWN GENERAL FUND(247,409)
URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND
Non-Departmental
* Balance Available(119,431)
Total Non-Departmental
(119,431)
TOTAL URA DOWNTOWN DEBT SERVICE FUND(119,431)
URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND
Capital Projects
Capital Projects99,000
Total Capital Projects
99,000
Non-Departmental
* Balance Available825
Total Non-Departmental
825
TOTAL URA DOWNTOWN CAPITAL PROJECTS FUND99,825
URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND
Non-Departmental
* Balance Available6,536
Total Non-Departmental
6,536
TOTAL URA RIVERFRONT GENERAL FUND6,536
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
Non-Departmental
* Balance Available4,647
Total Non-Departmental
4,647
TOTAL URA RIVERFRONT CAPITAL PROJECTS FUND4,647
TOTAL REQUIREMENTS - ALL FUNDS(255,832)
* Reserves and Balance Available amounts are not appropriated for spending
and are shown for information purposes only.