HomeMy WebLinkAboutItem 4: Resolution on URA Supplemental Budget
EURA
UGENE RBAN ENEWAL GENCY
AIS
GENDA TEM UMMARY
Public Hearing and Action: Adoption of 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, 2011 and Ending June 30, 2012
Meeting Date: December 12, 2011 Agenda Item Number: 4
Department: Central Services Staff Contact: Mia Cariaga
www.eugene-or.gov Contact Telephone Number: (541) 682-5408
ISSUE STATEMENT
Board approval of the first Supplemental Budget for FY12 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 to realign the debt service budget for parking garage bonds.
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
Isler & Company, LLC, the City's external auditor, has completed its FY11 audit, and this Supplemental
Budget reflects the Marginal Beginning Working Capital (MBWC) information provided by the auditor.
The MBWC is the difference between the estimated and audited actual FY11 revenues and expenditures.
The total audited adjustment to the FY12 budgeted Beginning Working Capital for URA funds is an
increase of $140,784.
Debt Service Budget Realignment
This Supplemental Budget includes a reduction in intergovernmental expenditures budgeted for parking
garage debt service and an increase in the debt service budget. This adjustment moves the parking
garage debt service budget from the Parking Services Fund to the URA Downtown Debt Service Fund
due to bond refunding in May 2011.
Intergovernmental Revenue Adjustment
As part of this Supplemental Budget, the URA Director recommends recognizing intergovernmental
revenue associated with the remaining HUD loan for the Beam in the amount of $740,000, and
increasing appropriations for capital development loans by the same amount. A detailed description of
these transactions is provided in Attachment A.
S:\CMO\2011 Council Agendas\M111212\S1112124.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
The Agency Director recommends adoption of the attached resolution adopting the Supplemental
Budget.
SUGGESTED MOTION
Move to adopt Resolution XXXX adopting a Supplemental Budget; making appropriations for the
Urban Renewal Agency of the City of Eugene for the Fiscal Year beginning July 1, 2011 and ending
June 30, 2012.
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
S:\CMO\2011 Council Agendas\M111212\S1112124.doc
ttachment
AA
Transaction Summary
817 Urban Renewal Agency Downtown General Fund
FY12FY12FY12
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITAL
38,000639,173677,173
a
CHANGE TO WORKING CAPITAL
REVENUE
Intergovernmental1,626,000740,0002,366,000
a
Miscellaneous56,000056,000
Interfund Transfers355,0000355,000
Fiscal Transactions80,000080,000
Total Revenue2,117,000740,0002,857,000
TOTAL RESOURCES2,155,0001,379,1733,534,173
II.REQUIREMENTS
Department Operating
Planning and Development355,0000355,000
Total Department Operating355,0000355,000
Non-Departmental
Misc. Fiscal Transactions1,740,0001,379,1733,119,173
a
Balance Available60,000060,000
Total Non-Departmental1,800,0001,379,1733,179,173
TOTAL REQUIREMENTS2,155,0001,379,1733,534,173
817 Urban Renewal Agency Downtown General Fund
Beginning Working Capital Reconciliation:
a) Increase the budgeted Beginning Working Capital by $639,173,
increase Intergovernmental Revenues associated with the remaining HUD loan for the Beam project by $740,000,
and increase appropriations for capital development loans by $1,379,173. This adjustment brings the FY12
Budgeted Beginning Working Capital in compliance with the audited FY11 actual revenues and expenditures as
determined by Isler & Company, LLC, the City's external auditor.
812 Urban Renewal Agency Downtown Debt Service
FY12FY12FY12
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITAL
1,018,554(639,838)378,716
a
CHANGE TO WORKING CAPITAL
REVENUE
Taxes1,785,00001,785,000
Miscellaneous31,000031,000
Total Revenue1,816,00001,816,000
TOTAL RESOURCES2,834,554(639,838)2,194,716
II.REQUIREMENTS
Non-Departmental
Debt Service370,000765,0001,135,000
b
Interfund Transfers355,0000355,000
Interovernmental Expend.760,000760,0000
g()
b
Reserve1,000,000295,284704,716
()
a,b
Balance Available349,554349,5540
()
a
Total Non-Departmental2,834,554639,8382,194,716
()
TOTAL REQUIREMENTS2,834,554(639,838)2,194,716
812 Urban Renewal Agency Downtown Debt Service
Beginning Working Capital Reconciliation:
a) Decrease the budgeted Beginning Working
Capital by $639,838, decrease Debt Service Reserve by $290,284, and decrease Balance Available
by $349,554. This adjustment brings the FY12 Budgeted Beginning Working Capital in compliance
with the audited FY11 actual revenues and expenditures as determined by Isler & Company, LLC,
the City's external auditor.
Debt Service Realignment:
b) Decrease the Intergovernmental Expenditures budget by $760,000,
decrease Debt Service Reserve by $5,000, and increase Debt Service Budget by $765,000. This
adjustment moves the parking garage debt service budget from the Parking Services Fund to the
URA Downtown Debt Service Fund due to bond refunding in May 2011.
813 Urban Renewal Agency Downtown Capital Projects Fund
FY12FY12FY12
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITAL
740,218(51)740,167
a
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous2,00002,000
Total Revenue2,00002,000
TOTAL RESOURCES742,218(51)742,167
II.REQUIREMENTS
Capital Projects
Capital Carryover734,5930734,593
Total Capital Projects734,5930734,593
Non-Departmental
Balance Available7,625(51)7,574
a
Total Non-Departmental7,625(51)7,574
TOTAL REQUIREMENTS742,218(51)742,167
813 Urban Renewal Agency Downtown Capital Projects Fund
Beginning Working Capital Reconciliation:
a) Decrease the budgeted Beginning Working Capital
by $51 and increase Balance Available by the same amount. This adjustment brings the FY12
Budgeted Beginning Working Capital in compliance with the audited FY11 actual revenues and
expenditures as determined by Isler & Company, LLC, the City's external auditor.
821 Urban Renewal Agency Riverfront General Fund
FY12FY12FY12
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITAL
4,150,986141,5204,292,506
a
CHANGE TO WORKING CAPITAL
REVENUE
Taxes825,0000825,000
Rental63,000063,000
Miscellaneous26,000026,000
Total Revenue914,0000914,000
TOTAL RESOURCES5,064,986141,5205,206,506
II.REQUIREMENTS
Department Operatin
g
Plannin and Development249,1440249,144
g
Total Department Operatin249,1440249,144
g
Non-Departmental
Balance Available4,815,842141,5204,957,362
a
Total Non-Departmental4,815,842141,5204,957,362
TOTAL REQUIREMENTS5,064,986141,5205,206,506
821 Urban Renewal Agency Riverfront General Fund
Beginning Working Capital Reconciliation:
a) Increase the budgeted Beginning Working
Capital by $141,520 and increase Balance Available by the same amount. This adjustment
brings the FY12 Budgeted Beginning Working Capital in compliance with the audited FY11
actual revenues and expenditures as determined by Isler & Company, LLC, the City's external
auditor.
823 Urban Renewal Agency Riverfront Capital Projects Fund
FY12FY12FY12
doptedSB1 ActionRevised
A
I.RESOURCES
BEGINNING WORKING CAPITAL
163,515(20)163,495
a
CHANGE TO WORKING CAPITAL
REVENUE
Miscellaneous1,00001,000
Total Revenue1,00001,000
TOTAL RESOURCES164,515(20)164,495
II.REQUIREMENTS
Capital Projects
Capital Carryover141,5000141,500
Total Capital Projects141,5000141,500
Non-Departmental
Balance Available23,015(20)22,995
a
Total Non-Departmental23,015(20)22,995
TOTAL REQUIREMENTS164,515(20)164,495
823 Urban Renewal Agency Riverfront Capital Projects Fund
Beginning Working Capital Reconciliation: De
a)crease the budgeted Beginning Working Capital by $20
and decrease Balance Available by the same amount. This adjustment brings the FY12 Budgeted Beginning
Working Capital in compliance with the audited FY11 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, 2011,
AND ENDINGJUNE 30, 2012.
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,forthefiscalyearbeginningJuly1,2011,andendingJune30,
2012, as set forth in attached Exhibit "A" is hereby adopted.
Section 2.
ThesupplementalamountsforthefiscalyearbeginningJuly1,2011,andending
June30,2012,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 12th day of December, 2011.
Director
EXHIBIT "A"
In dollars
URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND
Non-Departmental
Miscellaneous Fiscal Transactions1,379,173
Total Non-Departmental
1,379,173
TOTAL URA DOWNTOWN GENERAL FUN1,379,173
D
URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND
Non-Departmental
Debt Service765,000
* Reserves(295,284)
* Balance Available(349,554)
Intergovernmental Expenditures(760,000)
Total Non-Departmental
(639,838)
TOTAL URA DOWNTOWN DEBT SERVICE FUND(639,838)
URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND
Non-Departmental
* Balance Available(51)
Total Non-Departmental
(51)
TOTAL URA DOWNTOWN CAPITAL PROJECTS FUN(51)
D
URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND
Non-Departmental
* Balance Available141,520
Total Non-Departmental
141,520
TOTAL URA RIVERFRONT GENERAL FUN141,520
D
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
Non-Departmental
* Balance Available(20)
Total Non-Departmental
(20)
TOTAL URA RIVERFRONT CAPITAL PROJECTS FUN(20)
D
TOTAL REQUIREMENTS - ALL FUND880,784
S
* Reserves and Balance Available amounts are not appropriated for spending
and are shown for information purposes only.