HomeMy WebLinkAboutItem 02 Supplemental Budget ResolutionAGENDA ITEM SUMMARY Meeting Date: 6/10/2013
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 resolution.
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
SEDA GLENWOOD GENERAL FUND.
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 second 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 Fund.
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 recognize
additional property tax revenue. Due to contractual obligation of SEDA with the
City of Springfield it must remit all property tax revenue each year towards its
revolving fund loan with the City. In addition, this request corrects the
appropriation of the NEPA study from DPW program expense to the appropriate
capital projects. The NEPA study was formerly approved by SEDA Board of
Directors on January 28th, 2013 during Supplemental Budget #1 review.