HomeMy WebLinkAboutItem 03 Fiscal Year 2020_21 SEDA Budget AdoptionAGENDA 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:
FISCAL YEAR 2020/21 SEDA BUDGET ADOPTION
ACTION
REQUESTED: 1) Conduct a Public Hearing on the fiscal year 2020/21 SEDA budget as
approved by the Budget Committee.
2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING
THE FISCAL YEAR 2020/21 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS,
AND DIRECTING THE DIVISION OF THE PROPERTY TAX.
ISSUE
STATEMENT:
The SEDA Board of Directors is now requested to hold a public hearing on the
Fiscal Year 2020/21 (FY21) SEDA Budget as recommended by the Budget
Committee, approve a resolution to adopt the Fiscal Year 2020/21 SEDA Budget,
make appropriations, and direct the County Assessor to divide the taxes in
accordance with State law.
ATTACHMENTS: 1) Board Briefing Memorandum
2) Budget Committee Approved Budget
3) Resolution and Exhibit (with Work Session Changes)
4) Four Year Budget Summary
DISCUSSION/
FINANCIAL
IMPACT:
See attached Board Briefing Memorandum
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 Director
Neil Obringer, Budget Officer
BRIEFING
Subject: FY21 SEDA Budget Adoption MEMORANDUM
ISSUE: The Springfield Economic Development Agency (SEDA) Board of Directors is now
requested to hold a public hearing on the Fiscal Year 2020/21 (FY21) SEDA Budget as
recommended by the Budget Committee, approve a resolution to adopt the Fiscal Year 2020/21
SEDA Budget, make appropriations, and direct the County Assessor to divide the taxes in
accordance with State law.
BACKGROUND:
Staff presented the proposed budget to the SEDA Budget Committee on May 5, 2020. The
Budget Committee held a hearing on that date and approved the budget to be presented to the
SEDA Board for adoption.
Changes to the Approved Budget
On June 8, 2020, the Springfield City Council met to review the financial impacts of the COVID
19 pandemic and discuss budget adjustments in the City’s General Fund. One of the changes
approved by the City Council at that time was to increase the amount charged to SEDA for time
spent by City staff on SEDA activities. This change was recommended by City staff as a
strategy to meet General Fund cut targets because the adjusted charges to SEDA are within
actual work activity and hours spent by staff within each District and is in line with best practice.
If approved, this change, which is summarized in the table below, would result in an additional
$15,769 of operating expenses in Fund 229 (Glenwood) and $30,422 in Fund 230 (Downtown).
After holding a public hearing on the budget as approved by the Budget Committee, the Board
may elect to adopt a resolution (Attachment 3) which reflects the increase in staff charges, adopt
a resolution which reflects the budget as approved by the Budget Committee, or adopt a
resolution which incorporates additional changes.
Budet
Committee
Approved
Includes
Worksession
Changes
Materials and Services 668,013$ 714,204$
Capital Projects 60,000 60,000
Debt Service 727,905 727,905
Reserves 2,503,827 2,457,636
TOTAL - ALL FUNDS 3,959,745$ 3,959,745$
Appropriations (All Funds)
Springfield Economic Development Agency
Attachment 1, Page 1 of 2
MEMORANDUM Page 2
RECOMMENDED ACTION:
1.) Conduct a Public Hearing on the fiscal year 2020/21 SEDA budget as approved by the
Budget Committee.
2.) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING THE
FISCAL YEAR 2020/21 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE DIVISION OF
THE PROPERTY TAX.
Attachment 1, Page 2 of 2
Dollar Amount
Operating
Material and Services 207,948$
Non-Departmental
Debt Service 727,905
Reserves 855,297
Total Non-Departmental 1,583,202$
Total SEDA Glenwood General Fund 1,791,150$
Operating
Material and Services 460,065$
Non-Departmental
Reserves 1,648,322
Total Non-Departmental 1,648,322$
Total SEDA Downtown General Fund 2,108,387$
Capital Projects 60,000$
Non-Departmental
Reserves 208$
Total SEDA Glenwood Capital Projects Fund 60,208
TOTAL RESOLUTION 3,959,745$
SEDA Glenwood Capital Projects Fund - 429
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
FY21 BUDGET COMMITTEE APPROVED BUDGET
Attachment 2, Page 1 of 1
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
FY21 ADOPTED BUDGET
A RESOLUTION ADOPTING THE FISCAL YEAR 2020/21 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE
DIVISION OF THE PROPERTY TAX.
WHEREAS, on May 5, 2020, the Budget Committee of the Springfield Economic
Development Agency (SEDA) met and reviewed the proposed 2020/21 SEDA budget;
and
WHEREAS, on May 5, 2020, the Budget Committee recommended approval of the
2020/21 SEDA budget for adoption by the SEDA Board of Directors; and
WHEREAS, on June 22, 2020, the SEDA Board of Directors held a public hearing on the
approved budget; and
WHEREAS, the SEDA Board of Directors desires to adjust the budget as approved by
the Budget Committee to incorporate an increase to the operating expense category for
internal contractual services in order to align with the City of Springfield FY21 Adopted
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, 2020.
Section 2. The Agency budget for the Springfield Economic Development Agency
for the fiscal year beginning July 1, 2020, and ending June 30, 2021, as
approved by the SEDA Budget Committee in the total amount of $3,959,745
hereby adopted.
Section 3. The adopted appropriations, for the fiscal year beginning July 1,
2020, and ending June 30, 2021, as set forth in Exhibit “A” is hereby adopted.
Section 4. BE IT RESOLVED that the Board of Directors of the Springfield Economic
Development Agency hereby resolves to certify to the County Assessor a request for
the Urban Renewal Plan Area for the maximum amount of revenue that may be
raised by dividing the taxes under section 1c, Article IX, of the Oregon Constitution
and ORS Chapter 457.
Attachment 3, Page 1 of 3
The above resolution and statements were approved and declared adopted on the
22nd day of June, 2020, by a vote of _______ for and _______ against.
___________________________________
_
Marilee Woodrow, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
________________________________________
AJ Ripka, City Recorder
Attachment 3, Page 2 of 3
Dollar Amount
Operating
Material and Services 223,717$
Non-Departmental
Debt Service 727,905
Reserves 839,528
Total Non-Departmental 1,567,433$
Total SEDA Glenwood General Fund 1,791,150$
Operating
Material and Services 490,487$
Non-Departmental
Reserves 1,617,900
Total Non-Departmental 1,617,900$
Total SEDA Downtown General Fund 2,108,387$
Capital Projects 60,000$
Non-Departmental
Reserves 208$
Total SEDA Glenwood Capital Projects Fund 60,208
TOTAL RESOLUTION 3,959,745$
SEDA Glenwood Capital Projects Fund - 429
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
LEGAL APPROPRIATIONS LEVEL
Attachment 3, Page 3 of 3
SEDA Four Year Summary
FY18
Actuals
FY19
Actuals
FY20
Est. Actual
FY21
Proposed (w/
adjustments)
SEDA Glenwood General Fund
REVENUE Total 3,695,265$ 1,235,089$ 1,038,413$ 1,070,300$
EXPENDITURES
MATERIALS & SERVICES
City Manager's Office 52,003 76,575 247,015 211,717
Finance 12,686 14,320 12,000 12,000
MATERIALS & SERVICES Total 64,690 90,895 259,015 223,717
CAPITAL
City Manager's Office 101,672 5,610,657 - -
CAPITAL Total 101,672 5,610,657 - -
NON-DEPARTMENTAL
Interfund Transfers - - 137,000 -
Debt Service 319,929 751,465 727,903 727,905
NON-DEPARTMENTAL Total 319,929 751,465 864,903 727,905
EXPENDITURE Total 486,291$ 6,453,017$ 1,123,918$ 951,622$
BEGINNING CASH 2,815,309 6,024,284 806,356 720,850
ENDING CASH 6,024,283 806,356 720,850 839,528
SEDA Downtown General Fund
REVENUE Total 612,833$ 878,502$ 893,058$ 880,000$
EXPENDITURES
MATERIALS & SERVICES
City Manager's Office 174,040 381,781 432,286 478,487
Finance 6,486 6,905 12,000 12,000
MATERIALS & SERVICES Total 180,527 388,686 444,286 490,487
EXPENDITURE Total 180,527$ 388,686$ 444,286$ 490,487$
BEGINNING CASH (142,508) 289,799 779,614 1,228,387
ENDING CASH 289,799 779,614 1,228,387 1,617,900
SEDA Glenwood Capital Projects Fund
REVENUE Total -$ -$ 137,000$ -$
EXPENDITURES
CAPITAL
Development & Public Works - - 77,025 60,000
CAPITAL Total - - 77,025 60,000
EXPENDITURE Total -$ -$ 77,025$ 60,000$
BEGINNING CASH 233 233 233 60,208
ENDING CASH 233 233 60,208 208
Attachment 4, Page 1 of 1