HomeMy WebLinkAboutItem 03 Fiscal Year 2022-23 SEDA Budget AdoptionAGENDA ITEM SUMMARY Meeting Date:
6/13/2022
Meeting Type:
Regular Meeting
Department:
Finance
Staff Contact:
Nathan Bell
SPRINGFIELD ECONOMIC Staff Phone No:
541-726-2364
DEVELOPMENT AGENCY Estimated Time:
10 Minutes
ITEM TITLE: FISCAL YEAR 2022/23 SEDA BUDGET ADOPTION
ACTION
1) Conduct a Public Hearing on the fiscal year 2022/23 SEDA budget as
REQUESTED:
approved by the Budget Committee.
2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING
THE FISCAL YEAR 2022/23 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS,
AND DIRECTING THE DIVISION OF THE PROPERTY TAX.
ISSUE
The SEDA Board of Directors is now requested to hold a public hearing on the
STATEMENT:
Fiscal Year 2022/23 (FY23) SEDA Budget as recommended by the Budget
Committee and approve a resolution adopting the Fiscal Year 2022/23 SEDA
Budget, making appropriations, and directing the County Assessor to divide the
taxes in accordance with State law.
ATTACHMENTS:
1. Resolution and Exhibit A
DISCUSSION/
Staff presented the proposed budget to the SEDA Budget Committee on May 10,
FINANCIAL
2022. The Budget Committee held a hearing on that date and approved the budget
IMPACT:
to be presented to the SEDA Board for adoption.
The budget, as approved by the Budget Committee, totals $2,789,547. This total
includes $894,921 in Materials & Services, $1,139,520 in Debt Service, and
$755,106 in reserves.
After holding a public hearing on the budget as approved by the Budget Committee,
the Board is asked to adopt a resolution (Attachment 1) adopting the FY23 budget.
Oregon Budget Law allows the SEDA Board to adopt changes made to the budget
approved by the Budget Committee, within limits set by Oregon Budget Law. The
Board can increase the total expenditures within a fund by not more than $5,000 or
10% of the estimated expenditures in the fund (whichever is greater). There is no
limit on the amount by which a fund can be reduced.
If changes are made by the Board following the public hearing, the Board may
adopt a revised Resolution. Staff can prepare revisions during the meeting for
Board vote.
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO.
FY23 ADOPTED BUDGET
A RESOLUTION ADOPTING THE FISCAL YEAR 2022/23 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE
DIVISION OF THE PROPERTY TAX
WHEREAS, on May 10, 2022, the Budget Committee of the Springfield Economic Development Agency
(SEDA) met and reviewed the proposed budget for the fiscal year beginning July 1, 2022, and ending
June 30, 2023 ("2022/23 SEDA Budget");
WHEREAS, on May 10, 2022, the Budget Committee recommended approval of the 2022/23 SEDA
budget for adoption by the SEDA Board;
WHEREAS, on June 13, 2022, the SEDA Board held a public hearing on the 2022/23 budget; and
WHEREAS, the SEDA Board finds that Adopting the Budget and Making Appropriations is necessary
under ORS 294.305 to 294.565,
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 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, 2022.
Section 2. The Agency budget for the Springfield Economic Development Agency for the fiscal year
beginning July 1, 2022, and ending June 30, 2023, as approved by the SEDA Budget Committee in
the total amount of $2,789,547 is hereby adopted.
Section 3. The adopted appropriations, for the fiscal year beginning July 1, 2022, and ending June
30, 2023, as set forth in Exhibit "A" are hereby adopted.
Section 4. The SEDA Board hereby certifies 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.
Section 5. This Resolution will take effect immediately upon adoption by the SEDA Board.
ADOPTED by the Springfield Economic Development Agency Board this 13th day of June, 2022, by a
vote of for and against.
Marilee Woodrow, Board Chair
Springfield Economic Development Agency
ATTEST:
Sean VanGordon, Board Secretary
Springfield Economic Development Agency
PAGE 1 of 1
Attachment 1, Page 1 of 2
Exhibit A, Page 1 of 1
LEGAL APPROPRIATIONS LEVEL
Dollar Amount
SEDA Glenwood General Fund - 229
Operating
Material and Services $ 317,705
Non -Departmental
Debt Service 724,520
Reserves 479,767
Total Non -Departmental 1,204,287
Total SEDA Glenwood General Fund $ 1,521,992
SEDA Downtown General Fund - 230
Operating
Materials and Services $ 577,216
Non -Departmental
Debt Service (Interfund) 415,000
Reserves 275,131
Total Non -Departmental 690,131
Total SEDA Downtown General Fund $ 1,267,347
SEDA Glenwood Capital Projects Fund - 429
Non -Departmental
Reserves $ 208
Total SEDA Glenwood Capital Projects Fund $ 208
TOTAL RESOLUTION $ 2,789,547
Attachment 1, Page 2 of 2