HomeMy WebLinkAboutResolution SEDA 2015-08 11/23/2015 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2015-08
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
SEDA Glenwood General and SEDA Downtown General
WHEREAS, the 2015-2016 fiscal year appropriations for the Springfield Economic Development
Agency (SEDA) were made by Resolution No. SEDA2015-03 dated June 8, 2015; 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
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
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY, An Urban Renewal Agency of the
Section 1. Supplemental Budget No. 1 for the 2015-2016 Fiscal Year amending Resolution SEDA2015-
03 is hereby adjusted as follows:
FUND: SEDA Glenwood Fund 229
Resource Amount Expenditure Amount
FY16 Adopted Budget $ 1,293,363 FY16 Adopted Budget $ 1,293,363
Beginning Cash 429,593 Interfund Transfer 579,000
Debt Services (560,000)
Reserves 410,593
Total Resources $ 1,722,956 Total Requirements $ 1,722,956
Comments: Beginning cash adjustment is being made because prior year expenses were less than
predicted and balance is being placed into reserves. Appropriates funds for interfund transfer and
repayment of debt for the Franklin Blvd phase 1 project.
FUND: SEDA Downtown Fund 230
Resource Amount Expenditure Amount
FY16 Adopted Budget $ 416,359 FY16 Adopted Budget $ 416,359
Beginning Cash (1,187) Reserves (1,187)
Interfund Loan 400,000 Capital Projects 400,000
Total Resources $ 815,172 Total Requirements $ 815,172
Attachment 2 Page 1 of 2
Comments: Beginning cash is being adjusted because prior year end cash was less than expected and
balance is being removed from reserves. Recognizes interfund loan for Downtown lighting phase 2
project.
FUND: SEDA Glenwood Fund 429
Resource Amount Expenditure Amount
FY16 Adopted Budget $ 3,100,000 FY16 Adopted Budget $ 3,100,000
Beginning Cash (3,099,767) Capital Projects 479,233
Transfer From Fund 229 579,000
Transfer From Fund 434 3,000,000
Total Resources $ 3,579,233 Total Requirements $ 3,579,233
Comments: Beginning cash is being adjusted because prior year end cash was less than expected and
balance is being removed from reserves. Recognizes interfund transfers for the Franklin Blvd phase 1
project.
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 23rd day of
November, 2015, by a vote of 6 for and 0 against. (SEDA2015-08)
Sean VanGordon, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
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Marilee Woodrow, Secretary REVIEWED&APPROVED
Springfield Economic Development Agency AS TO F5TA
Board of Directors DATE: 0;-?//,i/j f
LEGAL COUNSEL
Attachment 2 Page 2 of 2
RESOLUTION NO.SEDA2015-08