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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