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HomeMy WebLinkAboutResolution SEDA 2016-10 11/28/2016 4 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY RESOLUTION NO. SEDA2016-D&0 A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING SEDA Glenwood General, SEDA Downtown General and SEDA Capital Projects Funds WHEREAS, the 2016-2017 fiscal year appropriations for the Springfield Economic Development Agency (SEDA) were made by Resolution No. SEDA2016-03 dated June 13, 2016; 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, 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, 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: Section 1. Supplemental Budget No. 1 for the 2016-2017 Fiscal Year amending Resolution No. SEDA2016-03 is hereby adjusted as follows: FUND: SEDA Glenwood Fund 229 Resource Amount Expenditure Amount FY17 Adopted Budget $ 2,948,126 FY17 Adopted Budget $ 2,948,126 Beginning Cash 466,418 Capital Projects (75,000) Oregon BEST Award 155,000 Debt Services (130,000) Reserves 176,418 Operating Expenses 650,000 Total Resources $ 3,569,544 Total Requirements $ 3,569,544 Comments: Request adjusts the Glenwood budget to reflect an increase in the beginning cash and reappropriates these funds for the purchase of property previously approved by Council. The FY16 planned purchase did not occur, and that purchase and subsequent purchases will occur in FY17. Request adjusts Contractual Services downward to reflect accelerated payments to architects on the Glenwood Riverfront parking structure project that occurred in FY16. Request also grants additional budget authority in order to 0 receive grant funds and pay for grant awarded services from Oregon BEST to be spent on the parking structure's design and testing. Page 1 of 2 Aromimmoi FUND: SEDA Downtown Fund 230 Resource Amount Expenditure Amount FY17 Adopted Budget $ 657,300 FY17 Adopted Budget $ 657,300 Beginning Cash 46,880 Reserves (8,695) Interfund Loan 365,000 Capital Projects 420,575 Total Resources $ 1,069,180 Total Requirements $ 1,069,180 Comments: Request adjusts the Downtown Urban Renewal budget to reflect an increase in the beginning cash and reappropriates these funds for the installation of downtown lighting previously approved by Council. Installation in FY16 was behind budget estimates, and the remaining installation will occur in FY17. Additional adjustments to internal borrowing and operating reserves to meet installation schedule. FUND: SEDA Glenwood Fund 429 Resource Amount Expenditure Amount FY17 Adopted Budget $ - FY17 Adopted Budget $ - Beginning Cash 233 Reserves 233 Total Resources $ 233 Total Requirements $ 233 Comments: Request adjusts beginning cash for Glenwood Capital Project Fund 429. Section 2. This resolution shall take effect upon adoption by the Board of Directors. Adopted by the Board of Directors of the Springfield Economic Development Agency this 28th day of © November, 2016, by a vote of 6 for and 0 against. (2 Absent - Lei ken and Wylie) Sean VanGordon, Chair Springfield Economic Development A Board of Directors ATTEST: kceiLd-S-L— ' �� Marilee Woodrow, Secretary Springfield Economic Development Agency Board of Directors REVIEWED&APPROVED AS TO F 1=0 J Q DATE: 11L11. SPRINGFIELD CONOMIC DEVELOPMENT AGENCY RESOLUTION NO. SEDA2016-O9 10 Page 2 of 2