HomeMy WebLinkAboutItem 01 Supplemental Budget Resolution 2AGENDA ITEM SUMMARY Meeting Date: 5/10/2021
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 2
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, staff request that the SEDA Board 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 is asked to approve the attached Supplemental Budget
Resolution.
ATTACHMENTS: Attachment 1. Supplemental Budget Resolution and Exhibit A
DISCUSSION/
FINANCIAL
IMPACT:
This supplemental budget includes proposed changes to the budget as outlined in
the commentary section of Exhibit A in the attached resolution. The overall
financial impact of the supplemental budget resolution is to increase operating
expenses by $786,000 and capital project expenses by $1,150,000. This increase is
offset by a $1,086,000 decrease in reserves and an $850,000 increase in new
revenue.
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
SUPPLEMENTAL BUDGET 2
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 has adopted the budget and made
appropriations for Fiscal Year 2020-2021 through Resolution No. SEDA2020-03 adopted June 22, 2020,
and as amended by Resolution No. SEDA2020-04 adopted November 09, 2020;
WHEREAS, ORS 294.471(1)(a) permits 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 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; 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 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, and as amended by Resolution No. SEDA2020-04 are hereby adjusted as provided
in Exhibit A.
Section 2: This Resolution will take effect upon adoption by the Agency Board.
ADOPTED by the Board 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:
__________________________
Sean VanGordon, Secretary
Springfield Economic Development Agency Board
FY21 Adopted
Budget
Supplemental
Budget #1
Supplemental
Budget #2
FY21 Revised
Budget
Operating
Material and Services 223,717$ -$ 100,000$ 323,717$ (1)
Capital
City Manager's Office Capital Projects - 173,700 300,000 473,700 (2,3)
Non-Departmental
Debt Service 727,905 - - 727,905
Reserves*839,528 (64,556) (400,000) 374,972 (1,2,3)
Total Non-Departmental 1,567,433 (64,556) (400,000) 1,102,877
Total SEDA Glenwood General Fund 1,791,150$ 109,144$ -$ 1,900,294$
Operating
Material and Services 490,487$ -$ 686,000$ 1,176,487$ (1,2)
Capital
City Manager's Office Capital Projects - 840,000 850,000 1,690,000 (3)
Non-Departmental
Reserves*1,617,900 (723,529) (686,000) 208,371 (1,2)
Total Non-Departmental 1,617,900 (723,529) (686,000) 208,371
Total SEDA Downtown General Fund 2,108,387$ 116,471$ 850,000$ 3,074,858$
EXHIBIT A
FY 2020-2021
SUPPLEMENTAL BUDGET No. 2
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
Glenwood General Fund Commentary:
1.) The SEDA Board has directed staff to review and make recommendations on received development proposals. This supplemental
budget appropriates $100,000 to allow for outside legal, financial, and development consultants. Advisors will review and advise staff
and present to the Board througout the process. This appropriation responds to SEDA activities which were was unknown at the time
of FY21 budget development and could not have been incorporated into the adopted budget.
2.) Appropriate $25,000 to allow for unanticipated survey, recording and contracts for service related to removal of right of way
reversion from Oregon Department of Transportation (ODOT) on City owned property located in Glenwood and preparation of sale
for redevelopment. This appropriation responds to costs which were not anticipated at the time of the prior supplemental budget for
this activity.
3.) The SEDA Board authorized acquisition of real property from Glenwood north riverfront area property owner, Golden Emerald in
an amount of $260,000. This supplemental budget provides for the appropriation of $275,000 to allow for closing costs and costs
associated with transition of property management and property taxes during FY21. This appropriation responds to SEDA activities
which were was unknown at the time of FY21 budget development and could not have been incorporated into the adopted budget.
Downtown General Fund Commentary:
1.) SEDA has authorized a loan of $2M to the Blue McKenzie Project to facilitate predevelopment of an 8 story, mixed use
development on the Springfield Motors site. This supplemental budget appropriates $610,000 for land acquisition, predevelopment
costs and consultant support. This appropriation responds to SEDA activities which were was unknown at the time of FY21 budget
development and could not have been incorporated into the adopted budget.
2.) The SEDA Board authorized a grant of $76,000 to Masaka Properties to assist in assessment work related to their proposed
development concept to be located on the corner of Pioneer Pkwy West and Main Street. This appropriation responds to SEDA
activities which were was unknown at the time of FY21 budget development and could not have been incorporated into the adopted
budget.
3.) The SEDA Board authorized an acquisition of real property from the Willamalane Park and Recreation District. The authorized
purchase price is $785,000. $850,000 is included to allow for closing costs incurred and costs associated with rezoning of the property
from PLO to Mixed-Use. This appropriation responds to SEDA activities which were was unknown at the time of FY21 budget
development and could not have been incorporated into the adopted budget.
Exhibit A, Page 1 of 2
FY21 Adopted
Budget
Supplemental
Budget #1
Supplemental
Budget #2
FY21 Revised
Budget
Capital Projects 60,000$ -$ -$ 60,000$
Non-Departmental
Reserves*208 - - 208
Total SEDA Glenwood Capital Projects Fund 60,208$ -$ -$ 60,208$
TOTAL RESOLUTION 3,959,745$ 225,615$ 850,000$ 5,035,360$
* 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