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Home My WebLink AboutItem 5 - Adoption of FY13 URA Supplemental Budget EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing and Action: Resolution Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year Beginning July 1, 2012 and Ending June 30, 2013 Meeting Date: December 10, 2012 Agenda Item Number: 5 Department: Central Services Staff Contact: Mia Cariaga www.eugene-or.gov Contact Telephone Number: (541) 682-5408 ISSUE STATEMENT Urban Renewal Agency Board approval of the first Supplemental Budget (SB1) for Fiscal Year 2013 (FY13) is requested. Oregon Local Budget Law (ORS 294.471) allows for supplemental budgets in the event of “an occurrence or condition that is not ascertained when preparing the original budget or a previous supplemental budget for the current year.” ORS 294.471 also allows for a supplemental budget if there are “funds that are made available by another unit of federal, state or local government and the availability of which could not reasonably be foreseen when preparing the original budget.” This Supplemental Budget does not authorize any increase in the property tax levy and has been published in compliance with the Oregon Local Budget Law. BACKGROUND The Supplemental Budget that occurs in December of a fiscal year is usually the largest because of the audit adjustments to budgeted Beginning Working Capital and the reappropriation of funds from the prior fiscal year for program initiatives or projects that were started but not completed in that fiscal year. This Supplemental Budget consists of transactions to amend the Urban Renewal Agency budget to reconcile Beginning Working Capital and Capital Carryover, and to increase appropriations for the Downtown Revitalization Loan Program (DLRP). For this Supplemental Budget, the proposed changes fall into the following categories: Transactions Related to Beginning Working Capital Isler & Company, LLC, the Urban Renewal Agency's external auditor, has completed its Fiscal Year 2012 (FY12) audit, and this Supplemental Budget includes Marginal Beginning Working Capital (MBWC) adjustments for all URA funds. The MBWC is the difference between the estimated and audited actual FY12 revenues and expenditures. The total audited adjustment to the FY13 budgeted Beginning Working Capital for all URA funds is an increase of $137,961. Downtown Loan Program Increase This Supplemental Budget includes an increase in the DLRP for commercial revitalization projects in the amount of $499,421. Of this amount, $275,000 comes from an intergovernmental payment from the City of Eugene’s General Fund. The remaining $224,421 comes from the MBWC in the URA Downtown General Fund. These appropriations are part of the City’s Economic Prosperity Plan. S:\CMO\2012 Council Agendas\M121210\S1212105.doc A detailed description of these transactions is provided in Attachment A. Timing In some cases, expenditure authority is needed immediately to carry out URA Board direction or to meet legal or program requirements. Approval of SB1 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 fiscal 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 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, 2012 and ending June 30, 2013. 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\2012 Council Agendas\M121210\S1212105.doc ttachment AA Transaction Summary 817 Urban Renewal Agency Downtown General Fund FY13FY13FY13 doptedSB1 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITAL 57,237224,421281,658 a CHANGE TO WORKING CAPITAL REVENUE 275,000 Intergovernmental0275,000 b Charges for Services10,000010,000 Miscellaneous33,000033,000 Interfund Transfers360,0000360,000 Fiscal Transactions100,0000100,000 Total Revenue503,000275,000778,000 TOTAL RESOURCES560,237499,4211,059,658 II.REQUIREMENTS Department Operating Planning and Development360,0000360,000 Total Department Operating360,0000360,000 Non-Departmental Misc. Fiscal Transactions140,237499,421639,658 a,b Balance Available60,000060,000 Total Non-Departmental200,237499,421699,658 TOTAL REQUIREMENTS560,237499,4211,059,658 817 Urban Renewal Agency Downtown General Fund a)Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capital by $224,421, and increase non-departmental appropriations for the Downtown Revitalization Loan Program (DRLP) by the same amount. This adjustment brings the FY13 Budgeted Beginning Working Capital in compliance with the audited FY12 actual revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor. b)Intergovernmental Revenue: Recognize $275,000 in intergovernmental revenue from the City of Eugene's General Fund, and increase non-departmental appropriations for the DRLP by the same amount. 812 Urban Renewal Agency Downtown Debt Service FY13FY13FY13 doptedSB1 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITAL 891,54931,272 922,821 a CHANGE TO WORKING CAPITAL REVENUE Taxes1,937,00001,937,000 Miscellaneous20,000020,000 Interfund Transfers134,5930134,593 Total Revenue2,091,59302,091,593 TOTAL RESOURCES2,983,14231,2723,014,414 II.REQUIREMENTS Non-Departmental Debt Service2,484,59302,484,593 Interfund Transfers360,0000360,000 Balance Available138,54931,272169,821 a Total Non-Departmental2,983,14231,2723,014,414 TOTAL REQUIREMENTS2,983,14231,2723,014,414 812 Urban Renewal Agency Downtown Debt Service a) Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capital by $31,272, and increase Balance Available by the same amount. This adjustment brings the FY13 budgeted Beginning Working Capital in compliance with the audited FY12 actual revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor. 813 Urban Renewal Agency Downtown Capital Projects Fund FY13FY13FY13 doptedSB1 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITAL861,111(140,100)721,011 a CHANGE TO WORKING CAPITAL REVENUE Miscellaneous2,00002,000 Total Revenue2,00002,000 TOTAL RESOURCES863,111(140,100)723,011 II.REQUIREMENTS ects Capital Pro j Capital Carrove715,944140,584575,360 yr() a,b ects715,944140,584575,360 Total Capital Pro j() Non-Departmental Interfund Transfers134,5930134,593 13,058 Balance Available12,574484 a,b Total Non-Departmental147,167484147,651 TOTAL REQUIREMENTS863,111(140,100)723,011 813 Urban Renewal Agency Downtown Capital Projects Fund a) Beginning Working Capital Reconciliation: Decrease the budgeted Beginning Working Capital by $140,100, decrease Capital Carryover appropriations by $134,593, and decrease Balance Available by $5,507. These adjustments bring the FY13 budgeted Beginning Working Capital in compliance with the audited FY12 actual revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor. b) Capital Carryover Reconciliation: Decrease the capital carryover by $5,991, and decrease Balance Available by the same amount. This action reconciles the FY13 Capital Carryover Estimate to the actual ending FY12 capital projects balance. 821 Urban Renewal Agency Riverfront General Fund FY13FY13FY13 doptedSB1 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITAL 5,058,55422,136 5,080,690 a CHANGE TO WORKING CAPITAL REVENUE Taxes930,0000930,000 Rental63,000063,000 Miscellaneous37,000037,000 Total Revenue1,030,00001,030,000 TOTAL RESOURCES6,088,55422,1366,110,690 II.REQUIREMENTS Department Operatin g Plannin and Development250,4010250,401 g Total Department Operatin250,4010250,401 g Non-Departmental Balance Available5,838,15322,1365,860,289 a Total Non-Departmental5,838,15322,1365,860,289 TOTAL REQUIREMENTS6,088,55422,1366,110,690 821 Urban Renewal Agency Riverfront General Fund a) Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capital by $22,136, and increase Balance Available by the same amount. This adjustment brings the FY13 budgeted Beginning Working Capital in compliance with the audited FY12 actual revenues and expenditures as determined by Isler & Company, LLC, the City's external auditor. 823 Urban Renewal Agency Riverfront Capital Projects Fund FY13FY13FY13 doptedSB1 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITAL 164,123232164,355 a CHANGE TO WORKING CAPITAL REVENUE Total Revenue000 TOTAL RESOURCES164,123232164,355 II.REQUIREMENTS Capital Projects Capital Carryover141,5000141,500 Total Capital Projects141,5000141,500 Non-Departmental Balance Available22,62323222,855 a Total Non-Departmental22,62323222,855 TOTAL REQUIREMENTS164,123232164,355 823 Urban Renewal Agency Riverfront Capital Projects Fund a)Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capital by $232, and increase Balance Available by the same amount. This adjustment brings the FY13 budgeted Beginning Working Capital in compliance with the audited FY12 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, 2012, AND ENDINGJUNE 30, 2013. The Urban Renewal Agency of the City of Eugene finds that adopting the Supplemental Budget and making appropriations is necessary under ORS 294.471. NOW THEREFORE, BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE as follows: Section 1. ThattheSupplementalBudgetfortheUrbanRenewalAgencyoftheCityof Eugene,Oregon,forthefiscalyearbeginningJuly1,2012,andendingJune30, 2013, as set forth in attached Exhibit "A" is hereby adopted. Section 2. ThesupplementalamountsforthefiscalyearbeginningJuly1,2012,andending June30,2013,andforthepurposesshowninattachedExhibit"A"arehereby appropriated. Section 3. ThatthisSupplementalBudgetispreparedinaccordancewithORS294.471(1), whichauthorizestheformulationofasupplementalbudgetresultingfrom"an occurrenceorconditionwhichhadnotbeenascertainedatthetimeofthe preparationofabudgetforthecurrentyearorcurrentbudgetperiodwhichrequires achangeinfinancialplanning."ThisSupplementalBudgetwaspublishedin accordance with ORS 294.471(3). Section 4. ThisresolutioncomplieswithORS294.471(4),anddoesnotauthorizeanincrease inthelevyofpropertytaxesabovetheamountpublishedintheAnnualBudget publication. The foregoing resolution adopted this 10th day of December, 201. 2 Director EXHIBIT "A" In dollars URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND Non-Departmental Miscellaneous Fiscal Transactions499,421 Total Non-Departmental 499,421 TOTAL URA DOWNTOWN GENERAL FUN499,421 D URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND Non-Departmental * Balance Available31,272 Total Non-Departmental 31,272 TOTAL URA DOWNTOWN DEBT SERVICE FUND31,272 URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND Capital Projects Capital Proects(140,584) j Total Capital Projects (140,584) Non-Departmental * Balance Available484 Total Non-Departmental 484 TOTAL URA DOWNTOWN CAPITAL PROJECTS FUN(140,100) D URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND Non-Departmental * Balance Available22,136 Total Non-Departmental 22,136 TOTAL URA RIVERFRONT GENERAL FUN22,136 D URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND Non-Departmental * Balance Available232 Total Non-Departmental 232 TOTAL URA RIVERFRONT CAPITAL PROJECTS FUN232 D TOTAL REQUIREMENTS - ALL FUND412,961 S * Reserves and Balance Available amounts are not appropriated for spending and are shown for information purposes only.