HomeMy WebLinkAboutItem 03 Fiscal Year 2013-14 SEDA Budget AdoptionAGENDA 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: 10 Minutes
ITEM TITLE: FISCAL YEAR 2013/14 SEDA BUDGET ADOPTION
ACTION
REQUESTED: 1) Conduct a Public Hearing on the fiscal year 2013/14 SEDA budget.
2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING
THE FISCAL YEAR 2013/14 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS,
AND DIRECTING THE DIVISION OF THE PROPERTY TAX.
ISSUE
STATEMENT:
The SEDA Board of Directors provided staff direction on the proposed budget for
the upcoming year. Staff presented the budget to the SEDA Budget Committee on
May 7, 2013. The Budget Committee held a hearing on that date and approved the
budget to be presented to the SEDA Board for adoption.
The SEDA Board of Directors is now requested to hold a public hearing on the
Fiscal Year 2013/14 (FY14) SEDA Budget as recommended by the Budget
Committee, approve a resolution to adopt the Fiscal Year 2013/14 SEDA Budget,
make appropriations, and direct the County Assessor to divide the taxes in
accordance with State law.
ATTACHMENTS: 1) Resolution
DISCUSSION/
FINANCIAL
IMPACT:
The attached resolution totals $2,342,663 in resources and requirements.
The resolution, as proposed, anticipates interagency loans from the City of
Springfield to the SEDA Glenwood District in the amount of $400,000. Debt
service payments from SEDA back to the City total $645,000.
Interagency loans funds between the City and the Downtown District are proposed
in the amount of $780,000. Debt service payments from SEDA back to the City
total $140,000.
Resolution No. ________
A RESOLUTION ADOPTING THE FISCAL YEAR 2013/14 SPRINGFIELD
ECONOMIC DEVELOPMENT AGENCY BUDGET, MAKING
APPROPRIATIONS, AND DIRECTING THE DIVISION OF THE PROPERTY
TAX.
WHEREAS, on May 7, 2013, the Budget Committee of the Springfield Economic
Development Agency (SEDA) met and reviewed the proposed 2013/14 SEDA budget;
and
WHEREAS, on May 7, 2013, the Budget Committee recommended approval of the
2013/14 SEDA budget for adoption by the SEDA Board of Directors; and
WHEREAS, on June 10, 2013, the SEDA Board of Directors held a public hearing on the
approved budget; and
WHEREAS, the SEDA Board of Directors finds that Adopting the Budget and Making
Appropriations is necessary under ORS 294.305 to 294.565.
NOW, THEREFORE, BE IT RESOLVED THAT THE BOARD OF DIRECTORS
OF THE SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY, An Urban
Renewal Agency of the State of Oregon, as follows:
Section 1. The Staff Liaison for the City of Springfield is directed to file a
certified copy of this resolution with the Lane County Department of Assessment
& Taxation, prior to July 15, 2013.
Section 2. The Agency budget for the Springfield Economic Development
Agency for the fiscal year beginning July 1, 2013, and ending June 30, 2014, as
approved by the City of Springfield Budget Committee in the total amount of
$2,342,663 is hereby adopted.
Section 3. The adopted appropriations, for the fiscal year beginning July 1, 2013,
and ending June 30, 2014, as set forth in Exhibit “A” is hereby adopted.
Springfield Economic Development Agency Appropriations (All Funds)
Materials and Services $ 534,813
Capital Outlay 1,000,000
Debt Service
Transfers
785,000
0
Reserves 22,850
TOTAL APPROPRIATIONS – ALL FUNDS $ 2,342,663
Attachment 1 – Page 1
Section 4. BE IT RESOLVED that the Board of Directors of the Springfield
Economic Development Agency hereby resolves to certify to the County Assessor a
request for the Urban Renewal Plan Area for the maximum amount of revenue that
may be raised by dividing the taxes under section 1c, Article IX, of the Oregon
Constitution and ORS Chapter 457.
The above resolution and statements were approved and declared adopted on the 10th
day of June, 2013, by a vote of _______ for and _______ against.
____________________________________
Hillary Wylie, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
________________________________________
Sheri Moore, Secretary
Springfield Economic Development Agency
Board of Directors
Attachment 1 – Page 2