HomeMy WebLinkAboutResolution SEDA 2018-06 05/14/2018 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. 2018-06
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS:
SEDA Glenwood General and SEDA Downtown General
WHEREAS, the 2018-2019 fiscal year appropriations for the Springfield Economic Development Agency
(SERA) were made by Resolution No. SEDA2018-05 dated June 7, 2018; 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. Resolution SEDA2018-05 is hereby adjusted as follows:
FUND: SEDA Glenwood Fund 229
Resource Amount Expenditure Amount
FY19 Adopted Budget $ 7,659,664 FY19 Adopted Budget $ 7,659,664
Beginning Cash 2,962,064 Operating Expenses 317,925
Commercial Loan (2,800,000) Debt Service (10,745)
Interfold Loan (447,000) Reserves (592,116)
Revised Total ResourcesF$--7-,3-7-4,-72-81 Revised Total Requirementsi $ 7,374,728
Comments: Request adjust beginning cash; removes appropriations for loan that closed prior to FY18 year-
end; re-appropriates unspent contractual service; and adjust estimated debt service to reflect actual debt
repayment schedule.
FUND: SEDA Downtown Fund 230
Resource Amount Expenditure Amount
FY19 Adopted Budget $ 775,784 FY19 Adopted Budget $ 775,784
Beginning Cash 264,635 Reserves 264,635
Revised Total ResourcesF$-- 1,040,419 Revised Total Requirementsl $ 1,040,419
Comments: Request adjust beginning cash.
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 14th day of May,
2018, by a vote of 7 for and �_against.
Sean VanGordon, Chair
Springfield Economic Development Ag
Board of Directors
ATTEST:
Marilee Woodrow, Secretary
Springfield Economic Development Agency
Board of Directors
.,Z,VED&APPROVED
S TO FOR
DATE:
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
i
SEDA RESOLUTION NO. 2018-06
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