HomeMy WebLinkAboutItem 02 Supplemental Budget Resolution 1AGENDA ITEM SUMMARY Meeting Date: 6/22/2020
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Nathan Bell
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-726-2364
DEVELOPMENT AGENCY Estimated Time: 10 Minutes
ITEM TITLE: SUPPLEMENTAL BUDGET RESOLUTION 1
ACTION
REQUESTED:
Conduct a public hearing and adopt/not adopt the following resolutions:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUNDS: SEDA Glenwood General and SEDA Downtown General
Funds.
ISSUE
STATEMENT:
At various times during the fiscal year, the SEDA Board of Directors is requested to
make adjustments to the annual budget to reflect needed changes in planned
activities, to recognize new revenues, or to make other required adjustments. These
adjustments to resources and requirements change the current budget and are
processed through supplemental budget requests scheduled by the Finance
Department on an annual basis.
The supplemental budget being presented includes adjusting resources and
requirements in: SEDA Glenwood General and SEDA Downtown General Funds.
The SEDA Board of Directors is asked to approve the attached Supplemental
Budget Resolution.
ATTACHMENTS: Attachment 1. Board Briefing Memorandum
Attachment 2. Supplemental Budget Resolution
DISCUSSION/
FINANCIAL
IMPACT:
Changes to the budget in this request are specific to adjustments of beginning cash
and reserves. The overall financial impact of the Supplemental Budget Resolution
is to increase reserves by $482,166 which is offset by the beginning cash
adjustment.
M E M O R A N D U M Springfield Economic Development Agency
Date: 6/22/2020
To: Nancy Newton, City Manager BOARD
From: Nathan Bell, Finance Manager
Neil Obringer, Budget Officer
BRIEFING
Subject: SUPPLEMENTAL BUDGET REQUEST 1 MEMORANDUM
ISSUE:
At various times during the fiscal year, the SEDA Board of Directors is requested to make
adjustments to the annual budget to reflect needed changes in planned activities, to recognize
new revenues, or to make other required adjustments. These adjustments to resources and
requirements change the current budget and are processed through supplemental budget requests
scheduled by the Finance Department on an annual basis.
The supplemental budget being presented includes adjusting resources and requirements in:
SEDA Glenwood General and SEDA Downtown General Funds.
The SEDA Board of Directors is asked to approve the attached Supplemental Budget Resolution.
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 hearing is made no later than five calendar days before the public meeting.
A public hearing is only 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 Sunday, June 14th 2020. The proceeding information identifies the individual items that are
included in the June 22, 2020 Supplemental Budget request.
Beginning Cash Adjustment
Changes to the budget in this request are specific to adjustments of beginning cash and reserves. All
funds beginning cash adjustments total $482,166. Usually beginning cash adjustments occur because
prior year expenses were not as great as predicted, resulting in more money being available in the new
year. In February of each year, the budget preparers attempt to estimate the status of the City’s
expenditures as of the end of the fiscal year (June 30), but a variety of factors can result in costs being
ahead or behind schedule.
Attachment 1, Page 1 of 3
SUPPLEMENTAL BUDGET REQUESTS BY FUND
SEDA Glenwood General and Capital Funds - The proceeding table shows the impact of SEDA
Glenwood General Fund beginning cash adjustments on the FY20 Adopted budget.
SEDA Downtown General Fund – The proceeding table shows the impact of SEDA Downtown
General Fund beginning cash adjustments on the FY20 Adopted budget.
FY20 Adopted
Budget New Request
FY20
Amended
Budget
Resources
FY20 Adopted Resources 1,544,439$ 1,544,439$
Beginning Cash Adjustment 331,716 331,716
Total Fund Resources 1,544,439 331,716 1,876,155
Requirements
FY20 Adopted Operating Budget
City Manager's Office 247,015 - 247,015
Finance 12,000 - 12,000
Total Operating Budget 259,015 - 259,015
Non-Departmental Expenses:
Transfers 137,000 - 137,000
Debt Service 727,903 - 727,903
Reserves 420,521 331,716 752,237
Total Non-Departmental 1,285,424 331,716 1,617,140
Total Fund Requirements 1,544,439$ 331,716$ 1,876,155$
229 - SEDA Glenwood General Fund
FY20 Adopted
Budget New Request
FY20
Amended
Budget
Resources
FY20 Adopted Resources 1,499,964$ 1,499,964$
Beginning Cash Adjustment 150,450 150,450
Total Fund Resources 1,499,964 150,450 1,650,414
Requirements
FY20 Adopted Operating Budget
City Manager's Office 432,286 - 432,286
Finance 12,000 - 12,000
Total Operating Budget 444,286 - 444,286
Non-Departmental Expenses:
Reserves 1,055,678 150,450 1,206,128
Total Non-Departmental 1,055,678 150,450 1,206,128
Total Fund Requirements 1,499,964$ 150,450$ 1,650,414$
230 - SEDA Downtown General Fund
Attachment 1, Page 2 of 3
RECOMMENDED ACTION:
Hold a public hearing and adopt/not adopt the following resolutions:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUNDS: SEDA Glenwood General and SEDA Downtown General Funds.
Attachment 1, Page 3 of 3
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
SUPPLEMENTAL BUDGET 1
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA GLENWOOD GENERAL FUND, AND SEDA DOWNTOWN GENERAL FUNDS
WHEREAS, the Springfield Economic Development Agency Board of Directors has adopted the budget
and made appropriations for Fiscal Year 2019-2020 through Resolution No. 2019-01 adopted June 10,
2019;
WHEREAS, ORS 294.471(1) and (2) permit a supplemental budget due to an occurrence or condition
that was not known at the time the budget was prepared that requires a change in financial planning;
WHEREAS, the Springfield Economic Development Agency Board of Directors is requested to make
adjustments to the Fiscal Year 2019-2020 budget as described in Exhibit A, which is attached and
incorporated by reference;
WHEREAS, this supplemental budget is being presented for consideration at a regular meeting of the
Springfield Economic Development Agency Board of Directors; and
WHEREAS, notice of a supplemental budget, 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: The Fiscal Year 2019-2020 budget and appropriations, as adopted by Resolution
No. 2019-01, are hereby adjusted as provided in Exhibit A.
Section 2: This Resolution will take effect upon adoption by the Board of Directors.
ADOPTED by the Board of Directors of the Springfield Economic Development Agency this ___
day of _________, ____, by a vote of _____ for and ____ against.
_______________________
Marilee Woodrow, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
__________________________
AJ Ripka, City Recorder
Attachment 2, Page 1 of 2
Resources*Requirements
FY20 Adopted Budget 1,544,439$ FY20 Adopted Budget 1,544,439$
Resource Adjustments: Expenditure Adjustments:
Beginning Cash Adjustment 331,716 Non-Departmental Expenses:
Reserves*331,716
Total Non-Departmental Expense 331,716
Total Resources Adjustments 331,716 Total Requirements Adjustments 331,716
Revised Budget 1,876,155$ Revised Budget 1,876,155$
Resources*Requirements
FY20 Adopted Budget 1,499,964$ FY20 Adopted Budget 1,499,964$
Resource Adjustments: Expenditure Adjustments:
Beginning Cash Adjustment 150,450 Non-Departmental Expenses:
Reserves*150,450
Total Non-Departmental Expense 150,450
Total Resources Adjustments 150,450 Total Requirements Adjustments 150,450
Revised Budget 1,650,414$ Revised Budget 1,650,414$
* Reserves, Unappropriated Ending Fund Balance and Resources are not appropriated for spending and are shown for
informational purposes only.
230 - SEDA Downtown General Fund
FY 2019-2020
SUPPLEMENTAL BUDGET No. 1
229 - SEDA Glenwood General Fund
Exhibit A, Page 1 of 1
Attachment 2, Page 2 of 2