HomeMy WebLinkAboutResolution SEDA2023-03 06/12/2023 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2023-03
SUPPLEMENTAL BUDGET 3
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA GLENWOOD GENERAL FUND, SEDA DOWNTOWN GENERAL FUND.
WHEREAS, the Springfield Economic Development Agency Board 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 SEDA2022-06 adopted October 24, 2022, and by Resolution SEDA2023-
01 adopted January 9, 2023;
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 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 SEDA2022-06, and by Resolution SEDA2023-01 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 12th
day of June , 2023, by a vote of 8 for and 0 against.
ATTEST:
L
Allie Camp, Staff Liaison
Springfield Economic Development Agency
Exhibit A Page 1 of 2
Exhibit A
FY 2022-2023
Supplemental Budget No.3
FY23 Adopted Supplemental Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget#3 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
Misc Fiscal Transactions - - 69,000 69,000 (1)
Reserves 479,767 38,891 81,000 599,658 (1)
Total Non-Departmental 1,204,287 2,038,891 150,000 3,393,178
Total SEDA Glenwood General Fund $ 1,521,992 $ 7,038,891 $ $ 150,000 $ 8,710,883
Glenwood General Fund Commentary:
1.)This supplemental budget creates a new legal level category(Misc.Fiscal Transactions)to provide for bond issuance costs in
the amount of$69,000.At the time of the borrowing for SEDA Glenwood it was unknown whether it would be issued as a
commercial loan or bond.Since the borrowing was issued as a bond,it is now required that bond issuance costs be provided for
in the budget. These expenditure increases are offset by property tax revenues which came in$150,000 above previous estimates,
with the balance going to reserves.
FY23 Adopted Supplemental Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget#3 Budget
SEDA Downtown General Fund-230
Operating
Materials and Services $ 577,216 $ 401,488 $ 100,000 $ $ 1,078,704
Capital Project Expense - - 1,100,000 1,100,000
Non-Departmental
Debt Service(Interfund) 415,000 - 915,000 1,330,000 (1)
Misc Fiscal Transactions - - 10,000,000 - 10,000,000
Reserves 275,131 21,807 - 122,000 418,938 (1)
Total Non-Departmental 690,131 21,807 10,000,000 1,037,000 11,748,938
Total SEDA Downtown General Fund $ 1,267,347 $ 423,295 $ 11,200,000 $ 1,037,000 $ 13,927,642
Downtown General Fund Commentary:
1.)This supplemental budget provides for the repayment of the interfund loan from the City to SEDA in the amount of$900,000,
and a$15,000 increase in interfund loan interest expense to reflect current interest rates.These expenditure increases are offset
by property tax revenues which came in$692,000 above previous estimates and the recognition of$345,000 in property sale
revenue,with the balance going to reserves.
Resolution No. SEDA2023-03
Exhibit A Page 2 of 2
FY23 Adopted Supplemental Supplemental Supplemental FY23 Revised
Budget Budget#1 Budget#2 Budget#3 Budget
SEDA Glenwood Capital Projects Fund-429
Capital
Capital Project Expense $ $ 58,399 $ $ $ 58,399
Non-Departmental
Reserves 208 208
Total SEDA Glenwood Capital Project Fm $ 208 $ 58,399 $ $ $ 58,607
Glenwood Capital Project Fund Commentary:
No current activity.
TOTAL RESOLUTION $ 2,789,547 $ 7,520,585 $ 11,200,000 $ 1,187,000 $ 22,697,132
Resolution No. SEDA2023-03