HomeMy WebLinkAboutItem 01 Fiscal Year 2019-20 SEDA Budget AdoptionAGENDA ITEM SUMMARY Meeting Date: 6/10/2019
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Neil Obringer
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-736-1032
DEVELOPMENT AGENCY Estimated Time: 10 Minutes
ITEM TITLE: FISCAL YEAR 2019/20 SEDA BUDGET ADOPTION
ACTION
REQUESTED: 1) Conduct a Public Hearing on the fiscal year 2019/20 SEDA budget.
2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING
THE FISCAL YEAR 2019/20 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS,
AND DIRECTING THE DIVISION OF THE PROPERTY TAX.
ISSUE
STATEMENT:
The SEDA Board of Directors provided staff direction on the proposed budget for
the upcoming year. Staff presented the budget to the SEDA Budget Committee on
May 14, 2019. The Budget Committee held a hearing on that date and approved the
budget to be presented to the SEDA Board for adoption.
The SEDA Board of Directors is now requested to hold a public hearing on the
Fiscal Year 2019/20 (FY20) SEDA Budget as recommended by the Budget
Committee, approve a resolution to adopt the Fiscal Year 2019/20 SEDA Budget,
make appropriations, and direct the County Assessor to divide the taxes in
accordance with State law.
ATTACHMENTS: 1) Resolution SEDA FY20 Budget including Exhibit A: Legal Appropriation
Levels
2) Four Year Budget Summary
DISCUSSION/
FINANCIAL
IMPACT:
The attached resolution totals $3,181,636 in resources and requirements.
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
[FY20 ADOPTED BUDGET]
A RESOLUTION ADOPTING THE FISCAL YEAR 2019/20 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE
DIVISION OF THE PROPERTY TAX.
WHEREAS, on May 14, 2019, the Budget Committee of the Springfield Economic
Development Agency (SEDA) met and reviewed the proposed 2019/20 SEDA budget;
and
WHEREAS, on May 14, 2019, the Budget Committee recommended approval of the
2019/20 SEDA budget for adoption by the SEDA Board of Directors; and
WHEREAS, on June 10, 2019, 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 THAT 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 Lane County Department of Assessment
& Taxation, prior to July 15, 2019.
Section 2. The Agency budget for the Springfield Economic Development Agency
for the fiscal year beginning July 1, 2019, and ending June 30, 2020, as
approved by the City of Springfield Budget Committee in the total amount of
$3,181,636 hereby adopted.
Section 3. The adopted appropriations, for the fiscal year beginning July 1,
2019, and ending June 30, 2020, as set forth in Exhibit “A” is hereby adopted.
Materials and Services 703,301$
Capital Projects 137,000
Interfund Transfers 137,000
Debt Service 727,903
Reserves 1,476,432
TOTAL APPROPRIATIONS - ALL FUNDS 3,181,636$
Springfield Economic Development Agency
Appropriations (All Funds)
Attachment 1, Page 1 of 2
Resolution No. _______
Section 4. 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 1c, Article IX, of the Oregon Constitution
and ORS Chapter 457.
The above resolution and statements were approved and declared adopted on the
10th day of June, 2019, by a vote of _______ for and _______ against.
___________________________________
_
Sheri Moore, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
________________________________________
Leonard Stoehr, Secretary
Springfield Economic Development Agency
Board of Directors
Attachment 1, Page 2 of 2
Dollar Amount
Operating
Material and Services 259,015$
Non-Departmental
Interfund Transfer 137,000$
Debt Service 727,903
Reserves 420,521
Total Non-Departmental 1,285,424$
Total SEDA Glenwood General Fund 1,544,439$
Operating
Material and Services 444,286$
Non-Departmental
Reserves 1,055,678
Total Non-Departmental 1,055,678$
Total SEDA Downtown General Fund 1,499,964$
Capital Projects 137,000$
Non-Departmental
Reserves 233$
Total SEDA Glenwood Capital Projects Fund 137,233
TOTAL RESOLUTION 3,181,636$
SEDA Glenwood Capital Projects Fund - 429
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
LEGAL APPROPRIATIONS LEVEL
Exhibit A - Page 1
Exhibit A, Page 1 of 1
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
FOUR YEAR BUDGET VIEW
GLENWOOD GENERAL F229 FY17 Actual FY18 Actual FY19 Revised FY20 Proposed
Revenues
Taxes 898,934$ 895,864$ 919,844$ 1,030,000$
Intergovernmental 3,861 4,395 -
Charges For Service 25,800 25,800 25,800 25,800
Use Of Money & Property 8,992 39,959 4,800 14,000
Miscellaneous Receipts 25 - -
Other Financing Sources 1,992,500 2,729,248 400,000 -
Total Current Revenue 2,930,112$ 3,695,266$ 1,350,444$ 1,069,800$
Expenses
Material & Services 489,357$ 64,690$ 479,134$ 259,015$
Capital Projects 101,672 5,902,500 -
Debt Services 164,990 319,929 752,100 727,903
Transfer to Fund 429 137,000
Total Expenses 654,347$ 486,291$ 7,133,734$ 1,123,918$
Annual Net 2,275,764 3,208,975 -5,783,290 -54,118
Beginning Cash 539,544 2,815,309 6,024,284 474,639
Ending Cash 2,815,309$ 6,024,284$ 240,994$ 420,521$
DOWNTOWN GENERAL F230 FY17 Actual FY18 Actual FY19 Revised FY20 Proposed
Revenue
Taxes 386,588$ 522,000$ 662,748$ 770,000$
Intergovernmental 365 273
Fines and Forfeitures 35,344 36,744 30,000 30,000
Licenses, Permits & Fees 47,488 51,515 50,000 50,000
Use Of Money & Property 1,059 2,301 700 20,800
Total Current Revenue 470,844$ 612,833$ 743,448$ 870,800$
Expenses
Material & Services 174,519$ 180,527$ 505,135$ 444,286$
Capital Projects 359,186
Debt Services 126,526
Total Expenses 660,231$ 180,527$ 505,135$ 444,286$
Annual Net -189,387 432,306 238,313 426,514
Beginning Cash 46,880 -142,507 296,971 629,164
Ending Cash (142,507)$ 289,799$ 535,284$ 1,055,678$
GLENWOOD CAPITAL F429 FY17 Actual FY18 Actual FY19 Revised FY20 Proposed
Revenue
Transfer from Fund 229 -$ -$ -$ 137,000$
Total Current Revenue -$ -$ -$ 137,000$
Expenses
Capital Projects - - - 137,000
Total Expenses -$ -$ -$ 137,000$
Annual Net 0 0 0 0
Beginning Cash 233 233 233
Ending Cash 233$ 233$ -$ 233$
Attachment 2 Page 1 of 1
Attachment 2, Page 1 of 1