HomeMy WebLinkAboutItem 02 Supplemental Budget ResolutionAGENDA ITEM SUMMARY Meeting Date: 1/28/2013
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Bob Duey
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-726-3740
DEVELOPMENT AGENCY Estimated Time: 5 Minutes
ITEM TITLE: SUPPLEMENTAL BUDGET RESOLUTION
ACTION
REQUESTED:
Hold a public hearing and adopt/not adopt the following resolutions.
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUNDS: SEDA GLENWOOD GENERAL AND SEDA
DOWNTOWN GENERAL FUNDS.
ISSUE
STATEMENT:
At various times during the fiscal year the SEDA Board of Directors are requested
to make adjustments to the annual budget to reflect needed changes in planned
activities, to recognize new revenues, or to make other required adjustments. These
adjustments to resources and requirements change the current budget and are
processed through supplemental budget requests scheduled by the Finance
Department on an annual basis.
This is first of two scheduled FY13 supplemental budget requests to come before
the SEDA Board of Directors. The supplemental budget being presented includes
adjusting resources and requirements in the SEDA Glenwood General and SEDA
Downtown General Funds.
The SEDA Board of Directors is asked to approve the attached Supplemental
Budget Resolution.
ATTACHMENTS: Attachment A. Supplemental Budget Resolution
DISCUSSION/
FINANCIAL
IMPACT:
The overall financial impact of the Supplemental Budget Resolution is to increase
the SEDA Downtown General Fund for the purchase of property in the downtown
area for the future use of a public plaza as described in the Council adopted
Downtown Revitalization Plan.
This resolution will also adjust beginning cash in the SEDA Downtown General
and SEDA Glenwood General. Lastly it will recognize the increase in anticipated
property tax.
Estimated RevenuesAppropriations
Beginning Cash Balance4,660$ Departmental
Current Taxes339,000 Development & Public Works 250,000$
Interfund Loan Received 250,000
Non Departmental
Reserves19,460$
Debt Services 324,200$
Total Non Departmental343,660$
593,660$ 593,660$
Total SEDA Glenwood General
Fund
Section 1. Supplemental Budget No. 1 for the 2012-2013 Fiscal Year amending Resolution SEDA2012-02 is hereby
adjusted as follows:
WHEREAS, the 2012-2013 fiscal year appropriations for the Springfield Economic Development Agency (SEDA)
were made by Resolution No. SEDA2012-02 dated June 18, 2012; and,
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. _______
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS:
SEDA Glenwood General and SEDA Downtown General
WHEREAS, the SEDA Board of Directors handles such requests for adjustment to the budget through Supplemental
Budget Resolutions presented at public hearings at which the public may comment on such requests; and,
WHEREAS, at various times during the fiscal year the SEDA Board of Directors is requested to make adjustments to
the fiscal year budget to reflect needed changes in planned activities, to recognize new revenues, or to make other required
adjustments; and,
SEDA GLENWOOD GENERAL - FUND 229
WHEREAS, notice of a public hearing, including information regarding such revenues and expenditures was published
in a newspaper of general circulation not less than 5 days prior to the public meeting.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SPRINGFIELD
ECONOMIC DEVELOPMENT AGENCY, An Urban Renewal Agency of the State of Oregon, as follows:
Total SEDA Glenwood General
Fund
Estimated RevenuesAppropriations
Beginning Cash Balance1,064$ Departmental
Miscellaneous Receipts1,000 City Manager's Office2,000$
Proceeds from Commercial Loan400,000 Finance 6,000
Interfund Loan Received 400,000 Total Departmental8,000$
Non Departmental
Debt Services11,250$
Reserves 64
Total Non Departmental11,314$
Capital Projects782,750$
802,064$ 802,064$
ATTEST:
Board of Directors
Sheri Moore - Secretary
Section 2. This resolution shall take effect upon adoption by the Board of Directors.
Dave Ralston - Chair
Adopted by the Board of Directors of the Springfield Economic Development Agency this 28th day of January, 2013, by a
vote of _______ for and _______ against.
SEDA DOWNTOWN GENERAL - FUND 230
Springfield Economic Development Agency
Total SEDA Glenwood General
Fund
Total SEDA Glenwood General
Fund
Board of Directors
Springfield Economic Development Agency