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Home My WebLink AboutResolution SEDA 2007-03 06/25/2007 Resolution No. 2007-03 A RESOLUTION ADOPTING THE FISCAL YEAR 2007/08 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE DIVISION OF THE PROPERTY TAX. WHEREAS, on May 8, 2007, the Budget Committee of the Springfield Economic Development Agency (SEDA) met and reviewed the proposed 2007/08 SEDA budget; and WHEREAS, on May 8, 2007, the Budget Committee recommended approval of the 2007/08 SEDA budget for adoption by the SEDA Board of Directors; and WHEREAS, on June 25,2007, 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 BY 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 State of Oregon, Executive Department, prior to July 31, 2007. Section 2. The Agency budget for the Springfield Economic Development Agency for the fiscal year beginning July 1, 2007, and ending June 30, 2008, as approved by the City of Springfield Budget Committee in the total amount of $3,506,933 is hereby adopted. Section 4. The adopted appropriations, for the fiscal year beginning July 1, 2007, and ending June 30, 2008, as set forth in Exhibit"A" is hereby adopted. Springfield Economic Development Agency Appropriations (All Funds) Operations $ 440,214 Capital Projects 2,304,000 Transfers 604,719 Debt Service 158,000 TOTAL APPROPRIATIONS —ALL FUNDS $ 3,506,933 ATTACE IMENT 1 — PAGE 1 Resolution No. 2007-03 Section 5. 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 lc, Article IX, of the Oregon Constitution and ORS Chapter 457. The above resolution and statements were approved and declared adopted on the 25th day of June, 2007, by a vote of 8 for and 0 against. (1 abs. t) John Woodrow, Chair Springfield Economic Development Agency Board of Directors ATTEST: Christine Lundberg, Secretary �G Springfield Economic Development Agency Board of Directors >` vIL. w� f-vra (,1PS`ROvcJ As -N F o tt Nl Jos cam+sys. t z �� S%t'3P� ATTACHMENT 1 - PAGE 2 EXHIBI]r A - PAGE 1 SEDA Proposed Budget - All Funds FY06 FY07 FY07 FY08 Acct Name _ Adopted Adopted Est Act Proposed Current Taxes $ 50,000 $ 92,700 $ 187,034 $ 196,400 Delinquent Taxes 1,175 1,333 XFR from Fund 420 (Loan) 1,500,000 1,046,500 903,000 1,000,000 Grants and Loans 660,000 - - - Interest Income - 5,000 5,100 5,200 Unsegregated Tax Interest - - 417 - Property Sales 1,007,000 1,683,800 - 1,646,000 Interfund Transfers 604,719 Beginning Cash - - 39,505 53,281 $3,217,000 $2,828,000 $1,136,231 $ 3,506,933 Personal Svc Adjustments $ 50,000 $ - $ - $ - Contractual Services 3,092,000 338,000 130,000 358,614 Attorney Fees 15,000 15,000 7,500 20,000 Advertising 1,250 1,250 1,900 2,500 Duplicating Supplies 1,000 1,000 600 1,000 Travel & Meeting Expenses 750 750 700 850 Membership and Books - - - 250 Postage & Shipping Charges 750 750 600 750 Office Supplies 2,500 2,500 2,500 2,500 Program Expense 53,750 43,750 36,150 53,750 $3,217,000 $ 403,000 $ 179,950 $ 440,214 SEDA Property Purchases $ - $2,067,000 $ 828,000 $ 2,054,000 SEDA Capital Improvements - 250,000 75,000 250,000 $ - $2,317,000 $ 903,000 $ 2,304,000 Transfers $ 604,719 SEDA Interfund Loan Principal $ - $ 90,000 $ - $ 90,000 SEDA Interfund Loan Interest - 18,000 - 18,000 Reserves - - 53,281 50,000 $ - $ 108,000 $ 53,281 $ 158,000 $3,217,000 $2,828,000 $1,136,231 $ 3,506,933 ATTACF IMENT 1 - PAGE 3 EXHIBF Is A — PAGE 2 SEDA Proposed Budget by Fund Fund 229 (Operating) FY08 Acct Name Proposed Current Taxes $ 196,400 Delinquent Taxes 1,333 Grants and Loans Interest Income 5,200 Unsegregated Tax Interest - XFR from Fund 420 (Loan) 1,000,000 Revenues $ 1,202,933 Contractual Services $ 358,614 Attorney Fees 20,000 Advertising 2,500 Duplicating Supplies 1,000 Travel & Meeting Expenses 850 Membership and Books 250 Postage& Shipping Charges 750 Office Supplies 2,500 Program Expense 53,750 SEDA Interfund Loan Principal 90,000 SEDA Interfund Loan Interest 18,000 Reserves 50,000 Transfer to Fund 429 604,719 Expenses $ 1,202,933 Fund 429 (Capital) FY08 Acct Name Proposed Property Sales $ 1,646,000 Xfr from Fund 229 604,719 Beginning Cash 53,281 Revenues $ 2,304,000 SEDA Property Purchases $ 2,054,000 SEDA Capital Improvements 250,000 Expenses $ 2,304,000 ATTACI:IMENT 1 — PAGE 4 FORM NOTICE OF BUDGET HEARING 2-1 A meeting of the Springfield Economic Development Agency Board of Directors will be held on June 11, 2007 at 7:00 p.m. at Springfield City Hall, 225 Fifth Street, Springfield, Oregon.The purpose of this meeting is to discuss the budget for the fiscal year beginning July 1,2007 as approved by the Springfield Economic Development Agency Budget Committee. A summary of the budget is presented below. A copy of the budget may be inspected or obtained at Springfield City Hall (Finance Department)225 Fifth Street, Springfield, Oregon between the hours of 8:00 a.m. and 5:00 p.m.. This budget was prepared on a basis of accounting that is consistent with the basis of accounting used during the preceding year. Major changes, if any, and their effect on the budget, are explained below. This budget is for an Annual Period. County City Chairperson of Governing Body Telephone Number Lane Springfield, Oregon John Woodrow (541)726-3700 FINANCIAL SUMMARY ❑X Check this box if your Adopted Budget Approved Budget budget only has one fund. TOTAL OF ALL FUNDS This Year-2006-2007 Next Year-2007-2008 1. Total Personal Services 0 0 2. Total Materials and Services 403,000 440,214 3. Total Capital Outlay 2,317,000 2,412,000 4. Total Debt Service 108,000 0 Anticipated 5. Total Transfers 0 604,719 Requirements 6. Total Contingencies 0 0 7. Total Reserves and Special Payments 0 50,000 8. Total Unappropriated Ending Fund Balance 0 0 9.Total Requirements—add lines 1 through 8 $2,828,000 $3,506,933 10. Total Resources Except Urban Renewal Taxes 2,735,300 3,309,200 Anticipated 11. Total Urban Renewal Taxes Estimated from Division of Tax 92,700 197,733 Resources 12. Total Urban Renewal Taxes Estimated from Special Levy 0 0 13.Total Resources–add lines 10, 11 and 12 $2,828,000 $3,506,933 STATEMENT OF INDEBTEDNESS Debt Outstanding Debt Authorized, Not Incurred ❑ None ❑As Summarized Below ❑ None ❑ As Summarized Below PUBLISH BELOW ONLY IF COMPLETED Estimated Debt Outstanding at the Estimated Debt Authorized, Not Incurred at the Long-Term Debt Beginning of the Budget Year Beginning of the Budget Year July 1 2007 July 1 2007 Bonds 0 0 Interest Bearing Warrants 0 0 Other $0 $1,500,000 Total Indebtedness $0 $1,500,000 Attachment 2-Page 1 FORM SUMMARY BY FUND -'R-2 Name of Fund: Urban Renewal Actual Data Adopted Budget Approved Budget District Operating Fund (229) Last Year 2005-06 This Year 2006-07 Next Year 2007-08 1.Total Personal Services $ - $ - $ - 2.Total Materials and Services - 403,000 440,214 3.Total Capital Outlay - 2,317,000 —1-0870(30- 4. -oe e0Q'4.Total Debt Service - 108,000 108,000 5.Total Transfers - 604,719 6.Total Contingencies - 7.Total Reserves and Special Payments - - 50,000 8.Total Unappropriated Ending Fund Balance - - 9.Total Requirements $ - $ 2,828,000 $ 1,202,933 10.Total Resources Except Urban Renewal Taxes - 2,735,300 1,005,200 11.Total U/R Taxes Estim'd from Div of Tax - 92,700 197,733 12.Total U/R Taxes Estim'd from Special Levy - 13.Total Resources $ - $ 2,828,000 $ 1,202,933 Name of Fund: Urban Renewal Actual Data Adopted Budget Approved Budget District Capital Fund (429) Last Year 2005-06 This Year 2006-07 Next Year 2007-08 1.Total Personal Services $ - $ - $ - 2.Total Materials and Services - - - rotal Capital Outlay - - 2,304,000 4.Total Debt Service - - - 5.Total Transfers - - 6.Total Contingencies - 7.Total Reserves and Special Payments - - 8.Total Unappropriated Ending Fund Balance - - 9.Total Requirements $ - $ - $ 2,304,000 10.Total Resources Except Urban Renewal Taxes - - 2,304,000 11.Total U/R Taxes Estim'd from Div of Tax - - - 12.Total U/R Taxes Estim'd from Special Levy - - 13.Total Resources $ - $ - $ 2,304,000 Attachment 2 - Page 2