HomeMy WebLinkAboutResolution SEDA2023-01 01/23/2023 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2023-01
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 Stn day of
January , 2023 , by a vote of 7 for and 0 against. (1 absent- Loveall)
ATTEST:
Allie Camp, Staff Liaison
Springfield Economic Development Agency
REVFEWED&APPROVED
AS TO FORM
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DATE: J
SPRINGFIELD CITY ATTORNEY'S OFFICE
Exhibit A, Pagel of 2
Exhibit A
FY 2022-2023
Supplemental Budget No.2
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget
SEDA Glenwood General Fund-229
Operating
Material and Services $ 317,705 $ - $ - $ 317,705
Capital Project Expense - 5,000,000 - 5,000,000
Non-Departmental
Debt Service 724,520 2,000,000 - 2,724,520
Reserves 479,767 38,891 - 518,658
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:
No current activity.
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget
SEDA Downtown General Fund-230
Operating
Materials and Services $ 577,216 $ 401,488 $ 100,000 $ 1,078,704 (1)
Capital Project Expense - - 1,100,000 1,100,000 (1)
Non-Departmental
Debt Service(Interfund) 415,000 - - 415,000
Misc Fiscal Transactions - - 10,000,000 10,000,000 (1)
Reserves 275,131 21,807 - 296,938
Total Non-Departmental 690,131 21,807 10,000,000 10,711,938
Total SEDA Downtown General Fund $ 1,267,347 S 423,29.5 $ 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.
Resolution No. SEDA2023-01
Exhibit A, Page2 of 2
FY23
Adopted Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget
SEDA Glenwood Capital Protects Fund-429
Capital
Capital Project Expense $ - $ 58,399 $ - $ 58,399
Non-Departmental
Reserves 208 - - 208
Total SEDA Glenwood Capital Project Fund $ 208 $ 58,399 $ - $ 58,607
Glenwood Capital Project Fund Commentary:
No current activity.
TOTAL RESOLUTION $ 2,789,547 $ 7,520,585 $ 11,200,000 $ 21,510,132
Resolution No. SEDA2023-01