HomeMy WebLinkAboutItem 02 Supplemental Budget ResolutionAGENDA ITEM
SUMMARY Meeting Date: 6/13/2022
STATEMENT:
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Neil Obringer
SPRINGFIELD ECONOMIC Staff Phone No: 541.736.1032
DEVELOPMENT AGENCY Estimated Time: 10 Minutes
ITEM TITLE:
SUPPLEMENTAL BUDGET RESOLUTION 2
ACTION
Conduct a public hearing and adopt/not adopt the following resolutions:
REQUESTED:
requirements in: SEDA Glenwood General and SEDA Downtown General Fund.
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUNDS: SEDA GLENWOOD GENERAL FUND, AND SEDA
ATTACHMENTS:
DOWNTOWN GENERAL FUND; AND AUTHORIZING THE TRANSFER OF
DISCUSSION/
APPROPRIATIONS WITHIN THE SEDA GLENWOOD GENERAL FUND
FINANCIAL
FROM OPERATING EXPENSE TO CAPITAL PROJECT EXPENSE.
ISSUE
At various times during the fiscal year, the SEDA Board of Directors are requested
STATEMENT:
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 Fund.
The SEDA Board of Directors is asked to approve the attached Supplemental
Budget Resolution.
ATTACHMENTS:
Attachment 1. Supplemental Budget Resolution and Exhibit A
DISCUSSION/
This supplemental budget includes proposed changes to the budget as outlined in
FINANCIAL
the commentary section of Exhibit A in the attached resolution. The financial
IMPACT:
impact of the supplemental budget resolution in the Glenwood General Fund is to
increase capital project expenses by $60,000. These increases are offset through an
increase to property tax revenue by $15,000 and a transfer of appropriations from
operating expense of $45,000. The financial impact in the Downtown General Fund
is to increase operating expenses by $121,083 which is offset through a
corresponding reduction in reserves.
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 FUND; AND
AUTHORIZING THE TRANSFER OF APPROPRIATIONS WITHIN THE SEDA GLENWOOD
GENERAL FUND FROM OPERATING EXPENSE TO CAPITAL PROJECT EXPENSE
WHEREAS, the Springfield Economic Development Agency Board has adopted the budget and made
appropriations for Fiscal Year 2021-2022 through Resolution No. SEDA2021-02 adopted June 28, 2021
and amended through Resolution No. SEDA2021-05 adopted December 6, 2021;
WHEREAS, ORS 294.471(1)(a) permits 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;
WHEREAS, the Springfield Economic Development Agency Board is requested to make adjustments to
the Fiscal Year 2021-2022 budget as described in Exhibit A, attached and incorporated by reference;
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, 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 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 2021-2022 budget and appropriations, as adopted by Resolution
No. SEDA2021-02 and amended through Resolution No. SEDA2021-05 adopted December 6, 2021 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.
ATTEST:
Sean VanGordon, Board Secretary
Springfield Economic Development Agency
Marilee Woodrow, Board Chair
Springfield Economic Development Agency
PAGE 1 OF 1
Attachment 1, Page 1 of 3
Exhibit A
FY 2021-2022
Supplemental Budget No. 2
SEDA Glenwood General Fund - 229
Operating
Material and Services
Capital Project Expense
Non -Departmental
Debt Service
Reserves
Total Non -Departmental
Total SEDA Glenwood General Fund
Exhibit A, Page 1 of 2
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
$ 343,731 $ (80,333) $ (45,000) $ 218,398 (1)
959,000 60,000 1,019,000 (1)
727,903 - 727,903
650,197 (500,197) 150,000
1,378,100 (500,197) - 877,903
$ 1,721,831 $ 378,470 $ 15,000 $ 2,115,301
Glenwood General Fund Commentary:
1.) Staff request the transfer of $45,000 in appropriations from materials & services to capital project expense and the
recognition of an additional $15,000 in property tax revenue in order to provide for $60,000 in earnest money for the purchase of
property currently owned by Ramsey Properties LP. SEDA Board approval to move forward with this property purchase was not
provided until March of 2022, so this activity could not have been included in the adopted budget or prior supplemental budgets.
SEDA Downtown General Fund - 230
Operating
Material and Services
Non -Departmental
Debt Service
Reserves
Total Non -Departmental
Total SEDA Downtown General Fund
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
$ 2,061,342 $ (100,000) $ 121,083 $ 2,082,425 (1)
853,500 (450,000) 403,500
404,059 (135,858) (121,083) 147,118 (1)
1,257,559 (585,858) (121,083) 550,618
$ 3,318,901 $ (685,858) $ - $ 2,633,043
Downtown General Fund Commentary:
1.) The Springfield Economic Development Agency budgeted $610,000 in FY21 and $1,390,000 in FY22 for a total of $2M for
the property purchase and pre -development work on the Blue McKenzie Project. In FY21 $45,083 was unspent and staff request
that this amount be rolled forward and added to the FY22 budget. Additionally, there was $76,000 budgeted in FY21 for the
Masaka Concept that was not spent in the prior year and staff request that this amount also be carried forward to FY22 as the
option expires on 6/30/22. The available carry forward amounts were not known during the development of the adopted budget
or prior supplemental budgets.
Attachment 1, Page 2 of 3
Exhibit A, Page 2 of 2
FY22 Adopted Supplemental Supplemental FY22 Revised
Budget Budget #1 Budget #2 Budget
SEDA Glenwood Capital Proiects Fund - 429
Capital
Capital Project Expense
Non -Departmental
Reserves
Total SEDA Glenwood Capital Projects Fund
Glenwood Capital Projects Fund Commentary:
- No current activity
TOTAL RESOLUTION
$ - $ 60,000 $ - $ 60,000
208 - 208
$ 208 $ 60,000 $ $ 60,208
$ 5,040,940 $ (247,388) $ 15,000 $ 4,808,552
Attachment 1, Page 3 of 3