HomeMy WebLinkAboutResolution SEDA2022-06 10/24/2022 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2022-06
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
WHEREAS, the Springfield Economic Development Agency Board of Directors has adopted the budget
and made appropriations for Fiscal Year 2022-2023 through Resolution No. SEDA2022-03 adopted June
13, 2022;
WHEREAS, ORS 294.471(1)(a) 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;
WHEREAS, the Springfield Economic Development Agency Board of Directors is requested to make
adjustments to the Fiscal Year 2022-2023 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 2022-2023 budget and appropriations, as adopted by Resolution
No. SEDA2022-03 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 24th
day of October , 2022 , by a vote of 5 for and 0 against. (3 absent-Woodrow, Pishioneri,and Berney)
ATTEST:
Sean VanGordon, Board Secretary AS TO FORMIEWED&APPROVED
A6 TO FORM
Springfield Economic Development Agency KrLWbna,KLaal
DATE: 10-24-22
!SPRINGFIELD CITY ATTORNEYS OFFICE
Exhibit A, Pagel of 2
Exhibit A
FY 2022-2023
Supplemental Budget No. 1
FY23 Adopted Supplemental FY23 Revised
Budget Budget 01 Budget
SEDA Glenwood General Fund-229
Operating
Material and Services $ 317,705 $ - $ 317,705
Capital Project Expense - 5,000,000 5,000,000 (1)
Non-Departmental
Debt Service 724,520 2,000,000 2,724,520 (1)
Reserves 479,767 38,891 518,658 (2)
Total Non-Departmental 1,204,287 2,038,891 3,243,178
Total SEDA Glenwood General Fund $ 1,521,992 $ 7,038,891 $ 8,560,883
Glenwood General Fund Commentary:
1.)Increase City Manager's Office Capital Project expense by$5,000,000 to provide for property
acquisition/tenant relocation expense and contractual services costs related to the Glenwood master planning
effort.Also,increase Debt Service expense by$2,000,000 to provide for the potential payoff of the remaining
balances on the 2016 and 2018 Glenwood Borrowings.These expenditures are offset by a new$7,000,000
borrowing.The need for this supplemental budget was not known until after adoption of the FY23 budget.
2.)Beginning Cash Adjustment.
FY23 Adopted Supplemental FY23 Revised
Budget Budget 01 Budget
SEDA Downtown General Fund-230
Operating
Materials and Services $ 577,216 $ 401,488 $ 978,704 (1)
Non-Departmental
Debt Service(Interfund) 415,000 - 415,000
Reserves 275,131 21,807 296,938 (1,2)
Total Non-Departmental 690,131 21,807 711,938
Total SEDA Downtown General Fund $ 1,267,347 $ 423,295 $ 1,690,642
Downtown General Fund Commentary:
1.)Increase City Manager's Office operating expense by$401,488 through the carryover of unspent funds for
prior year.The Springfield Economic Develoment Agency budgeted$1.4 million in FY22 for the property
purchase and pre-development work on the Blue McKenzie Project.In FY22,$401,488 was unspent and
should be rolled forward and added to the FY23 budget.
2.)Beginning Cash Adjustment.
Resolution No. SEDA2022-06
Exhibit A, Page2 of 2
FY23 Adopted Supplemental FY23 Revised
Budget Budget 01 Budget
SEDA Glenwood Capital Projects Fund-429
Capital
Capital Project Expense $ - $ 58,399 $ 58,399 (1,2)
Non-Departmental
Reserves 208 - 208
Total SEDA Glenwood Capital Project Fund $ 208 $ 58,399 $ 58,607
Glenwood Capital Project Fund Commentary:
1.)Increase Development&Public Works capital project expense by$58,399 through the carryover of
unspent funds from the 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). This appropriation will
provide the required City match to support the project.
2.)Beginning Cash Adjustment.
TOTAL RESOLUTION $ 2,789,547 $ 7,520,585 $ 10,310,132
Resolution No. SEDA2022-06