HomeMy WebLinkAboutItem 01 Supplemental Budget Resolution 1AGENDA ITEM SUMMARY Meeting Date: 11/9/2020
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: 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 are 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. Supplemental Budget Resolution and Exhibit A
DISCUSSION/
FINANCIAL
IMPACT:
Proposed changes to the budget include the addition of a $173,700 appropriation to
allow for the removal of reversionary restrictions from a section of right-of-way in
Glenwood and a $840,000 appropriation to complete a proposed property purchase
in the Downtown. This supplemental budget also provides for the normal
adjustment to beginning cash. The overall financial impact of the supplemental
budget resolution is to increase capital project appropriations by $1,013,700. This
increase is offset by a $788,085 decrease in reserves and a $225,615 increase in
beginning cash.
Change to Supplemental Budget Format:
In an effort to make supplemental budget information more useful to the Board and
to members of the public, staff has adjusted the format of the supplemental budget
materials. The resolution now includes columns showing the adopted budget, the
proposed changes, and a column showing the revised budget that results from those
changes. In the past, only the proposed changes were included in the resolution.
Staff hopes that by showing proposed changes in the context of the larger budget it
will improve its usefulness for the Board, members of the public, and staff.
Along with the change in format to the financial tables, staff has moved the detailed
narrative text describing the purpose and amount of the proposed changes out of the
briefing memorandum and into the commentary sections within Exhibit A of the
resolution itself. Budget law requires that this narrative be included in the
resolution and the removal from the briefing memorandum removes a redundancy.
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 2020-2021 through Resolution No. SEDA2020-03 adopted June
22, 2020;
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 2020-2021 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 2020-2021 budget and appropriations, as adopted by Resolution
No. SEDA2020-03, 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:
__________________________
Leonard Stoehr, Secretary
Springfield Economic Development Agency
Board of Directors
Attachment 1, Page 1 of 3
FY21 Adopted
Budget
Supplemental
Budget #1
FY21 Revised
Budget
Operating
Material and Services 223,717$ -$ 223,717$
Capital
City Manager's Office Capital Projects - 173,700 173,700 (1)
Non-Departmental
Debt Service 727,905 - 727,905
Reserves*839,528 (64,556) 774,972 (1,2)
Total Non-Departmental 1,567,433 (64,556) 1,502,877
Total SEDA Glenwood General Fund 1,791,150$ 109,144$ 1,900,294$
Operating
Material and Services 490,487$ -$ 490,487$
Capital
City Manager's Office Capital Projects - 840,000 840,000 (1)
Non-Departmental
Reserves*1,617,900 (723,529) 894,371 (1,2)
Total Non-Departmental 1,617,900 (723,529) 894,371
Total SEDA Downtown General Fund 2,108,387$ 116,471$ 2,224,858$
EXHIBIT A
FY 2020-2021
SUPPLEMENTAL BUDGET No. 1
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
Glenwood General Fund Commentary:
1.) Request authority to increase appropriations by $173,700 for the removal of right of way reversion from Oregon
Department of Transportation (ODOT) on City owned property located in Glenwood. Approval of this activity was granted
during the SEDA Board meeting on June 22nd and was not anticipated when preparing the adopted budget.
2.) Beginning cash adjustment.
Downtown General Fund Commentary:
1.) Based on SEDA Board Direction, the Urban Renewal Agency might complete purchase of Downtown area real property
from the Springfield Utility Board. Specific parcels include 17-03-35-32, taxlots 4900, 5000, and 5100. The total purchase
price is not to exceed $840,000. Less funds may be required to complete the purchase following final inspections and
negotiations and final purchase and sale will be formally reviewed and approved by the SEDA Board. Any unspent funds
would held for the remainder of the FY and returned to Fund 230 reserves. This request relates to a proposed activity that
could not have been anticipated in the adopted budget.
2.) Beginning cash adjustment.
Exhibit A, Page 1 of 2
Attachment 1, Page 2 of 3
FY21 Adopted
Budget
Supplemental
Budget #1
FY21 Revised
Budget
Capital Projects 60,000$ -$ 60,000$
Non-Departmental
Reserves*208 - 208
Total SEDA Glenwood Capital Projects Fund 60,208$ -$ 60,208$
TOTAL RESOLUTION 3,959,745$ 225,615$ 4,185,360$
* Reserves are not appropriated for spending and are shown for informational purposes only.
SEDA Glenwood Capital Projects Fund - 429
Glenwood Capital Projects Fund Commentary:
No change
Exhibit A, Page 2 of 2
Attachment 1, Page 3 of 3