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Home My WebLink AboutItem 13 FY19 SB2 AGENDA ITEM SUMMARY Meeting Date: 12/3/2018 Meeting Type: Regular Meeting Staff Contact/Dept.: Nate Bell/Finance Staff Phone No: 541.726.2364 Estimated Time: 10 Minutes S P R I N G F I E L D C I T Y C O U N C I L Council Goals: Provide Financially Responsible and Innovative Government Services ITEM TITLE: SUPPLEMENTAL BUDGET RESOLUTION ACTION REQUESTED: Conduct a public hearing and adopt/not adopt the following resolutions: A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS: Street Capital and Sanitary Sewer Operations Funds. ISSUE STATEMENT: At various times during the fiscal year, the Council is requested to adjust the annual budget to reflect needed changes in planned activities, to recognize new revenues, or to make other required changes. These adjustments to resources and requirements change the current budget and are processed through supplemental budget requests scheduled by the Finance Department. This supplemental budget responds to the passage of bond measure 20-296 and includes adjusting resources and requirements in the Street Capital and Sanitary Sewer Operations Funds. The City Council is asked to approve the attached Supplemental Budget Resolution. ATTACHMENTS: Attachment 1. Council Briefing Memorandum Attachment 2. Supplemental Budget Resolution DISCUSSION/ FINANCIAL IMPACT: The overall financial impact of the Supplemental Budget Resolution is to increase department’s capital projects budget by $2,500,000 with the use of interfund loan from reserves. ATT1 CBM FY19 Supplemental Budget 2 Page 1 of 2 M E M O R A N D U M City of Springfield Date: 10/8/2018 To: Gino Grimaldi COUNCIL From: Nate Bell BRIEFING Subject: SUPPLEMENTAL BUDGET REQUEST MEMORANDUM ISSUE: At various times during the fiscal year, the Council is requested to adjust the annual budget to reflect needed changes in planned activities, to recognize new revenues, or to make other required changes. These adjustments to resources and requirements change the current budget and are processed through supplemental budget requests scheduled by the Finance Department. This supplemental budget responds to the passage of bond measure 20-296 and includes adjusting resources and requirements in the Street Capital and Sanitary Sewer Operations Funds. The City Council is asked to approve the attached Supplemental Budget Resolution. COUNCIL GOALS/ MANDATE: Financially Responsible and Stable Government Services BACKGROUND: Supplemental budgets may be used to meet unexpected needs or to spend revenues not anticipated at the time the original budget was adopted. In accordance with Oregon budget law, notification of this supplemental budget and a hearing is made no later than five calendar days before the public meeting. A public hearing is required when a supplemental budget request changes total appropriations within a fund by 10% or greater. Notification of this public hearing was published in the Register Guard on Tuesday, November 27th, 2018. The attached information identifies the individual items that are included in the December 3rd, 2018 Supplemental Budget request. SUPPLEMENTAL BUDGET REQUESTS BY FUNDS This supplemental budget responds to the passage of bond measure 20-296 by providing budget authority to support delivery of the first of the projects on the project list. Through this supplemental budget, temporary funding will be provided via an inter-fund loan from sanitary sewer reserves and will be repaid using bond proceeds. This supplemental budget provides funding for the following projects; overlay and ADA upgrades for 14th Street from Main to 'B' and 'E' to 'G', Commercial St. from 42nd St west to Commercial St, design services for Mohawk and Highbanks/58th/Thurston overlays, and Centennial. Additional projects funded by bond measure 20-296 will be included in future supplemental budgets and/or the FY20 budget process. Street Capital Fund 434 – The proceeding table shows the impact of all Street Capital Fund requests on the FY19 amended budget. ATT1 CBM FY19 Supplemental Budget 2 Page 2 of 2 FY19 Amended Budget New Request FY19 Amended Budget Resources FY19 Amended Resources 3,608,642$ 3,608,642$ Interfund Loan from F611 2,500,000 2,500,000 Total Fund Resources 3,608,642$ 2,500,000 6,108,642$ Requirements FY19 Amended Operating Budget 97,543$ 97,543$ Total Operating Budget 97,543$ 97,543$ Capital Projects 1,831,364$ 2,500,000 4,331,364$ Non-Departmental Expenses: Reserves 1,679,735$ 1,679,735$ Total Non-Departmental 1,679,735$ - 1,679,735$ Total Fund Requirements 3,608,642$ 6,108,642$ Street Capital Fund 434 Sanitary Sewer Operations Fund 611 – The proceeding table shows the impact of all Sanitary Sewer Operations Fund requests on the FY19 amended budget. FY19 Amended Budget New Request FY19 Amended Budget Resources FY19 Amended Resources 30,910,550$ 30,910,550$ Total Fund Resources 30,910,550$ - 30,910,550$ Requirements FY19 Amended Operating Budget 4,067,356$ 4,067,356$ Total Operating Budget 4,067,356$ 4,067,356$ Capital Projects 4,683,513$ 4,683,513$ Non-Departmental Expenses: Debt Service 1,711,355$ 1,711,355$ Interfund Loan to F434 - 2,500,000 2,500,000 Reserves 20,448,326 (2,500,000) 17,948,326 Total Non-Departmental 22,159,681$ (2,500,000) 22,159,681$ Total Fund Requirements 30,910,550$ 30,910,550$ Sanitary Sewer Operations Fund 611 RECOMMENDED ACTION: Hold a public hearing and adopt/not adopt the following resolutions: A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS: Street Capital and Sanitary Sewer Operations Funds. ATT2 Supplemental Budget Resolution Page 1 of 3 Resources Requirements FY19 Amended Budget 3,608,642$ FY19 Amended Budget 3,608,642$ Interfund Loan 2,500,000$ Capital Projects 2,500,000$ Total Resources Adjustments 6,108,642$ Total Requirements Adjustments 6,108,642$ Resources Requirements FY19 Amended Budget 30,910,550$ FY19 Amended Budget 30,910,550$ Non-Departmental Expenses: Interfund Loan 2,500,000$ Reserves (2,500,000) Total Non-Departmental Expenses: - Total Resources Adjustments 30,910,550$ Total Requirements Adjustments 30,910,550$ Total Resources Adjustments 37,019,192$ Total Requirements Adjustments 37,019,192$ Section 2. This resolution shall take effect upon adoption by the Council and approval by the Mayor. Street Capital - Fund 434 Comments: Recognizes interfund loan from sanitary sewer reserves for the following projects: 14th Street, Commercial Street, design services for Mohawk, Highbanks and Centennial. Interfund loan repaid using bond proceeds, bond measure 20-296. Local Wastewater Operations - Fund 611 Comments: Interfund loan to Street Capital Fund. CITY OF SPRINGFIELD FY 2018-2019 SUPPLEMENTAL BUDGET No. 2 RESOLUTION NO. 2018-21 A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS: WHEREAS, this Supplemental Budget #2 as amended by Supplemental Budget #1 Resolution #2018-27, for the 2018-2019 fiscal year, amends Resolution #2018-21; and NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Springfield, a Municipal Corporation of the State of Oregon, as follows: Section 1. Resolution 2018-27 is hereby adjusted as follows: Street Capital and Sanitary Sewer Operations Funds. WHEREAS, the 2018-2019 fiscal year appropriations for the City of Springfield were made by Resolution No. 2018- 21 dated June 25, 2018 and, WHEREAS, at various times during the fiscal year the Common Council 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 Common Council 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; and, ATT2 Supplemental Budget Resolution Page 2 of 3 Attest: Adopted by the Common Council of the City of Springfield this 3rd day of December, 2018, by a vote of ______for and ______against. Mayor Christine L LundbergCity Recorder AJ Ripka PeopleSoft Adopted Budget EXPENSES REVENUE TOTAL 100 General Fund 46,258,686 -46,258,686 0 201 Street Fund 7,301,881 -7,301,881 -0 204 Special Revenue Fund 1,246,300 -1,246,300 208 Transient Room Tax Fund 2,596,474 -2,596,474 -0 210 Community Development Fund 1,103,914 -1,103,914 -0 224 Building Code Fund 3,587,575 -3,587,575 0 235 Fire Local Option Levy Fund 2,031,333 -2,031,333 -0 236 Police Local Option Levy Fund 7,638,898 -7,638,898 -0 305 Bancroft Redemption Fund 33,620 -33,620 306 Bond Sinking Fund 2,203,005 -2,203,005 412 Reg Wastewater Rev Bond Cap Pr 63,001 -63,001 419 Development Assessment Capital 571,011 -571,011 -0 420 Development Projects Fund 4,010,939 -4,010,939 433 Regional Wastewater Capital Fd 84,774,660 -84,774,660 434 Street Capital Fund 3,389,604 -3,389,604 611 Sanitary Sewer Operations Fund 30,533,250 -30,533,250 -0 612 Regional Wastewater Fund 48,571,048 -48,571,048 0 615 Ambulance Fund 7,042,447 -7,042,447 -0 617 Storm Drainage Operations Fund 25,547,927 -25,547,927 -0 618 Booth-Kelly Fund 2,643,163 -2,643,163 -0 629 Regional Fiber Consortium Fund 375,537 -375,537 707 Insurance Fund 31,125,386 -31,125,386 -0 713 Vehicle & Equipment Fund 10,268,648 -10,268,648 0 719 SDC Administration Fund 1,198,259 -1,198,259 0 TOTAL 324,116,564 -324,116,566 -2