HomeMy WebLinkAboutItem 02 FY23_24 SEDA Budget AdoptionAGENDA ITEM SUMMARY Meeting Date:
6/12/2023
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 2023/24 SEDA BUDGET ADOPTION
ACTION
1) Conduct a Public Hearing on the fiscal year 2023/24 SEDA budget as
REQUESTED:
approved by the Budget Committee.
2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING
THE FISCAL YEAR 2023/24 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 2023/24 (FY24) SEDA Budget as recommended by the Budget
Committee and approve a resolution adopting the Fiscal Year 2023/24 SEDA
Budget, making appropriations, and directing the County Assessor to divide the
taxes in accordance with State law.
ATTACHMENTS:
1. Proposed Resolution with Exhibit A
DISCUSSION/
Staff presented the proposed budget to the SEDA Budget Committee on May 9,
FINANCIAL
2023. 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 $9,380,071. This total
includes $736,756 in Materials & Services, $3,800,191 in Capital Projects,
$3,399,640 in Debt Service, and $1,443,484 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 FY24 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.
FY24 ADOPTED BUDGET
A RESOLUTION ADOPTING THE FISCAL YEAR 2023/24 SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE
DIVISION OF THE PROPERTY TAX
WHEREAS, on May 9, 2023, the Budget Committee of the Springfield Economic Development
Agency (SEDA) met and reviewed the proposed 2023/24 SEDA budget; and
WHEREAS, on May 9, 2023, the Budget Committee recommended approval of the 2023/24
SEDA budget for adoption by the SEDA Board; and
WHEREAS, on June 12, 2023, the SEDA Board held a public hearing on the 2023/24 budget;
and
WHEREAS, the SEDA Board finds that adopting the budget and making appropriations is
necessary and complies with all applicable requirements 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 Springfield Urban Renewal Agency is directed to file a
certified copy of this resolution with the Lane County Department of Assessment &
Taxation, prior to July 15, 2023.
Section 2. The budget for the Springfield Economic Development Agency for the fiscal year
beginning July 1, 2023 and ending June 30, 2024, as approved by the SEDA Budget
Committee, in the total amount of $9,380,071 is hereby adopted.
Section 3. The amounts for the fiscal year beginning July 1, 2023 and ending June 30, 2024
and for the purposes shown in Exhibit A, attached hereto, are hereby appropriated.
Section 4. The SEDA Board hereby certifies to the County Assessor a request for the Glenwood
Urban Renewal Plan Area for the maximum amount of revenue that may be raised by dividing
the taxes under section lc, Article IX, of the Oregon Constitution and ORS Chapter 457.
Section 5. The SEDA Board hereby certifies to the County Assessor a request for the Downtown
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.
PAGE 1 of 2
Attachment 1 Page 1 of 3
Section 6. This Resolution will take effect immediately upon adoption by the SEDA Board.
ADOPTED by the Springfield Economic Development Agency Board this 12th day of June, 2023,
by a vote of for and against.
Joe Pishioneri, Board Chair
Springfield Economic Development Agency
ATTEST:
Victoria Doyle, Board Secretary
Springfield Economic Development Agency
Attachment 1 Page 2 of 3
Exhibit A Page 1 of 1
LEGAL APPROPRIATIONS LEVEL
Dollar Amount
SEDA Glenwood General Fund - 229
Operating
Material and Services $ 296,764
Capital Projects 3,194,000
Non -Departmental
Debt Service 1,244,640
Reserves 567,939
Total Non -Departmental 1,812,579
Total SEDA Glenwood General Fund $ 5,303,343
SEDA Downtown General Fund - 230
Operating
Materials and Services $ 439,992
Capital Projects 550,000
Non -Departmental
Debt Service (Interfund) 2,155,000
Reserves 873,129
Total Non -Departmental 3,028,129
Total SEDA Downtown General Fund $ 4,018,121
SEDA Glenwood Capital Projects Fund - 429
Capital Projects $ 56,191
Non -Departmental
Reserves 2,416
Total SEDA Glenwood Capital Projects Fund $ 58,607
TOTAL RESOLUTION $ 9,380,071
Attachment 1 Page 3 of 3