HomeMy WebLinkAboutResolution SEDA2021-05 12/06/2021SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
SUPPLEMENTAL BUDGET 1
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA GLENWOOD GENERAL FUND, SEDA DOWNTOWN GENERAL FUND, AND SEDA
GLENWOOD CAPITAL FUNDS; AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS
WITHIN THE SEDA GLENWOOD GENERAL FUND FROM CITY MANAGER’S OFFICE
OPERATING EXPENSE TO CITY MANAGER’S OFFICE CAPITAL PROJECT EXPENSE.
WHEREAS, the Springfield Economic Development Agency Board of Directors has adopted the budget
and made appropriations for Fiscal Year 2021-2022 through Resolution No. SEDA2021-02 adopted June
28, 2021;
WHEREAS, ORS 294.471(1)(a), (b) and (h) permit a supplemental budget due to An occurrence or
condition that is not ascertained when preparing the original budget or a previous supplemental budget
for the current year or current budget period and that requires a change in financial planning; or due
to a pressing necessity that could not reasonably be foreseen when preparing the original budget or a
previous supplemental budget for the current year or current budget period and that requires prompt
action; and due to a reduction in available resources that requires the governing body to reduce
appropriations in the original budget or a previous supplemental budget for the current year or current
budget period;
WHEREAS, ORS 294.463 allows transfers of appropriations within a fund when authorized by
ordinance or resolution of the governing body, stating the need for the transfer, the purpose of the
authorized expenditure, and the amount transferred;
WHEREAS, the Springfield Economic Development Agency Board of Directors is requested to make
adjustments to the Fiscal Year 2021-2022 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:
: The Fiscal Year 2021-2022 budget and appropriations, as adopted by Resolution
Section 1
No. SEDA2021-02 are hereby adjusted as provided in Exhibit A.
: This Resolution will take effect upon adoption by the Board of Directors.
Section 2
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:
__________________________
Sean VanGordon, Secretary
Springfield Economic Development Agency
Board of Directors
230703132
Resolution No. SEDA2021-05
Exhibit A, Page 1 of 2
Exhibit A
FY 2021-2022
Supplemental Budget No. 1
FY22 Adopted Supplemental FY22 Revised
Budget Budget #1 Budget
SEDA Glenwood General Fund - 229
Operating
Material and Services$ 343,731$ (80,333)$ 263,398(1)
Capital Project Expense $-$ 959,000$ 959,000(2)
Non-Departmental
Debt Service727,903-727,903
Reserves650,197(500,197)150,000(1,2,3)
Total Non-Departmental$ 1,378,100$ (500,197)$ 877,903
Total SEDA Glenwood General Fund$ 1,721,831$ 378,470$ 2,100,301
Glenwood General Fund Commentary:
1.) Increase CMO capital project expense by $271,000. Expenditure is offset by an appropriations transfer of $80,333 from
CMO operating expense to CMO capital project expense, and a decrease in operating reserves of $190,667. The Springfield
Economic Development Agency purchased 0.34 acres of real property located in the north riverfront area. The purchase
included two taxlots located at 17-03-34-41-01000 and 00900. The total purchase price was negotiated to $260,000.00. This
supplemental includes costs for future taxes and property management. While the purchase was approved by SEDA in FY21
and budgeted in FY21, due to timing of closing in July 2021, the expenditure now falls in the FY22 year, requiring a
supplemental budget.
2.) Increase City Manager's Office Capital Project appropriations by $688,000. The Springfield Economic Development
Agency will purchase 0.5 acres of real property located in the north riverfront area. The purchase includes two taxlots located
at 17-03-34-42-00501 and 00600. This property is identified within the Glenwood Refinement Plan as future public park,
street, and stormwater facilities. The Sprinfield Economic Development Agency authorized this purchase in May of 2021 but
negotiations and closing are not anticpated until January 2022 so this was not included in the adopted budget.
3.) Beginning Cash Adjustment
FY22 Adopted Supplemental FY22 Revised
Budget Budget #1 Budget
SEDA Downtown General Fund - 230
Operating
Material and Services$ 2,061,342$ (100,000)$ 1,961,342(1)
Non-Departmental
Debt Service853,500(450,000)403,500(1)
Reserves404,059(135,858)268,201(1)
Total Non-Departmental$ 1,257,559$ (585,858)$ 671,701
Total SEDA Downtown General Fund$ 3,318,901$ (685,858)$ 2,633,043
Downtown General Fund Commentary:
1.) Reduce Downtown Loan program expense by $100,000 due to beginning cash resources actuals coming in lower than
anticipated, reduce debt service expense by $450,000 due lower than anticipated interfund loan amount drawn during FY21,
and decrease beginning cash by $135,858.
Resolution No. SEDA2021-05
Exhibit A, Page 2 of 2
FY22 Adopted Supplemental FY22 Revised
Budget Budget #1 Budget
SEDA Glenwood Capital Projects Fund - 429
Capital
Capital Project Expense$-$ 60,000$ 60,000(1)
Non-Departmental
Reserves$ 208$-$ 208
Total SEDA Glenwood Capital Projects Fund20860,00060,208
Glenwood Capital Projects Fund Commentary:
1.) Increase beginning cash carryover from prior year $60,000, and increase capital project expense $60,000 for carryover of
unspent funds for prior year related to Project P21176. Project P21176 is a federal aid project to develop the design concept
and complete NEPA analysis for the McVay Highway (OR225) corridor from Franklin Blvd (OR126) to the southern end of
City jusrisdiction (approx. 0.9 miles). The federal aid grant was transferred from the Glenwood Riverfront Path project to
support growth along the corridor. This SB request will provide the required City match to support the project.
TOTAL RESOLUTION$ 5,040,940$ (247,388)$ 4,793,552
Resolution No. SEDA2021-05