HomeMy WebLinkAboutItem 04 FY23 Supplemental Budget 2AGENDA ITEM SUMMARY Meeting Date:
1/9/2023
Meeting Type:
Regular Meeting
Department:
Finance
Staff Contact:
Nathan Bell
SPRINGFIELD ECONOMIC Staff Phone No:
541.736.1032
DEVELOPMENT AGENCY Estimated Time:
10 Minutes
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ACTION Conduct a public hearing and adopt/not adopt the following resolutions:
REQUESTED:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUND: SEDA Downtown General Fund.
ISSUE At various times during the fiscal year, the SEDA Board are requested to make
STATEMENT: 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 Downtown General Fund.
The SEDA Board is asked to approve the attached Supplemental Budget
Resolution.
ATTACHMENTS: 1. Supplemental Budget Resolution and Exhibit A
DISCUSSION/ This supplemental budget includes proposed changes to the budget necessary to
FINANCIAL support a borrowing by SEDA which will allow the City to participate in a new
IMPACT: Downtown, mixed-use, market -rate project referred to as the "Blue McKenzie, and
to support a Downtown streetlight project.
The overall financial impact of the supplemental budget resolution is to increase
capital project expenses by $1,100,000 to support the Downtown streetlight project,
increase miscellaneous fiscal transactions by $10,000,000 to repay the
predevelopment loan and fund a substantive portion of construction lending, and
increase operating expenses by $100,000 for contractual services and administrative
costs related to the borrowing. These requirements are offset through an increase in
loan proceed revenue of $11,200,000.
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO.
SUPPLEMENTAL BUDGET 2
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA DOWNTOWN GENERAL FUND
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, and as amended by Resolution No. SEDA2022-06 adopted October 24, 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 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; 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 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 and as amended by Resolution No. SEDA2022-06 adopted October 24, 2022 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 the Springfield Economic Development Agency this day of
, by a vote of for and against.
ATTEST:
Allie Camp, Staff Liaison
Springfield Economic Development Agency
Attachment 1 Page 1 of 3
Exhibit A
FY 2022-2023
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
Glenwood General Fund Commentary:
No current activity.
SEDA Downtown General Fund - 230
Operating
Materials and Services
Capital Project Expense
Non -Departmental
Debt Service (Interfund)
Misc Fiscal Transactions
Reserves
Total Non -Departmental
Total SEDA Downtown General Fund
Exhibit A, Pagel of 2
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget #1 Budget #2 Budget
$ 317,705 $
- $
- $ 317,705
-
5,000,000
- 5,000,000
724,520
2,000,000
- 2,724,520
479,767
38,891
- 518,658
1,204,287
2,038,891
- 3,243,178
$ 1,521,992 $
7,038,891 $
- $ 8,560,883
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget #1 Budget #2 Budget
$ 577,216 $ 401,488 $ 100,000 $ 1,078,704 (1)
- 1,100,000 1,100,000 (1)
415,000 - - 415,000
- - 10,000,000 10,000,000 (1)
275,131 21,807 - 296,938
690,131 21,807 10,000,000 10,711,938
$ 1,267,347 $ 423,295 $ 11,200,000 $ 12,890,642
Downtown General Fund Commentary:
1.) This supplemental budget supports a borrowing by SEDA which will allow the City to participate in a new
Downtown, mixed-use, market -rate project referred to as the "Blue McKenzie, and to support a Downtown
streetlight project.
The overall financial impact of the supplemental budget resolution is to increase capital project expenses by
$1,100,000 to support the Downtown streetlight project, increase miscellaneous fiscal transactions by
$10,000,000 to repay the predevelopment loan and fund a substantive portion of construction lending, and
increase operating expenses by $100,000 for contractual services and administrative costs related to the
borrowing. These requirements are offset through an increase in loan proceed revenue of $11,200,000.
Attachment 1 Page 2 of 3
SEDA Glenwood Capital Proiects Fund - 429
Capital
Capital Project Expense $
Non -Departmental
Reserves
Total SEDA Glenwood Capital Project Fund $
Glenwood Capital Project Fund Commentary:
No current activity.
Exhibit A, Page2 of 2
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget #1 Budget #2 Budget
- $ 58,399 $ - $ 58,399
208 - - 208
208 $ 58,399 $ - $ 58,607
TOTAL RESOLUTION $ 2,789,547 $ 7,520,585 $ 11,200,000 $ 21,510,132
Attachment 1 Page 3 of 3