HomeMy WebLinkAboutItem 03 SEDA Supplemental BudgetAGENDA ITEM SUMMARY Meeting Date: 10/9/2023
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Nathan Bell
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-736-1032
DEVELOPMENT AGENCY Estimated Time: 10 Minutes
ITEM TITLE: FY24 SUPPLEMENTAL BUDGET 1
ACTION
REQUESTED:
Conduct a public hearing and adopt/not adopt the following resolutions:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
FOLLOWING FUNDS: SEDA GLENWOOD GENERAL FUND, SEDA
DOWNTOWN GENERAL FUND.
ISSUE
STATEMENT:
At various times during the fiscal year, the SEDA Board is asked to make
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 both the SEDA Glenwood General Fund and 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/
FINANCIAL
IMPACT:
This supplemental budget includes proposed changes to the budget as outlined in
the commentary section of Exhibit A in the attached resolution.
Glenwood General Fund Summary:
This supplemental budget recognizes bond proceeds of $2,750,000, decreases
capital project expense by $1,036,376, decreases beginning cash by $3,513,922,
and increases reserves by $272,454. These adjustments are the result of uncertainty
in the closing of property purchases spanning fiscal years and related to funds from
the FY23 Glenwood borrowing.
Downtown General Fund Summary:
This supplemental budget decreases debt service by $2,155,000 offset by a decrease
in beginning cash of $1,440,394 and an increase in reserves of $714,606. These
adjustments are the result of an internal borrowing that was repaid in full in FY23
as well as debt service on a projected external borrowing that did not happen.
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
SUPPLEMENTAL BUDGET 1
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
FUNDS: SEDA GLENWOOD GENERAL FUND AND SEDA DOWNTOWN GENERAL FUND.
WHEREAS, the Springfield Economic Development Agency Board of Directors has adopted the budget
and made appropriations for Fiscal Year 2023-2024 through Resolution No. SEDA2023-04 adopted June
12, 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 2023-2024 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 2023-2024 budget and appropriations, as adopted by Resolution
No. SEDA2023-04 are hereby adjusted as provided in Exhibit A.
Section 2: This Resolution will take effect upon adoption by the Board.
ADOPTED by the Board of Directors of the Springfield Economic Development Agency this ___
day of _________, ____, by a vote of _____ for and ____ against.
_______________________
Joe Pishioneri, Board Chair
Springfield Economic Development Agency
ATTEST:
__________________________
Victoria Doyle, Board Secretary
Springfield Economic Development Agency
FY24 Adopted
Budget
Supplemental
Budget #1
FY23 Revised
Budget
Operating
Material and Services 296,764$ -$ 296,764$
Capital Projects 3,194,000 (1,036,376) 2,157,624 (1)
Non-Departmental
Debt Service 1,244,640 - 1,244,640
Reserves 567,939 272,454 840,393 (1)
Total Non-Departmental 1,812,579 272,454 2,085,033
Total SEDA Glenwood General Fund 5,303,343$ (763,922)$ 4,539,421$
FY24 Adopted
Budget
Supplemental
Budget #1
FY23 Revised
Budget
Operating
Materials and Services 439,992$ -$ 439,992$
Capital Projects 550,000 - 550,000
Non-Departmental
Debt Service (Interfund)2,155,000 (2,155,000) - (1)
Reserves 873,129 714,606 1,587,735 (1)
Total Non-Departmental 3,028,129 (1,440,394) 1,587,735
Total SEDA Downtown General Fund 4,018,121$ (1,440,394)$ 2,577,727$
SEDA Glenwood General Fund - 229
SEDA Downtown General Fund - 230
Exhibit A
FY 2023-2024
Supplemental Budget No.1
Glenwood General Fund Commentary:
1.) Reduce City Manager's Office Capital Project expense by $1,036,376 and increase
reserves by $272,454 offset bya decrease in beginning cash of $3,513,922 and an increase
in bond revenue $2,750,000. These adjustments are the result of uncertainty in the closing
of property purchases spanning fiscal years and related to funds from the FY23 Glenwood
borrowing.
Exhibit A Page 1 of 3
FY24 Adopted
Budget
Supplemental
Budget #1
FY23 Revised
Budget
Downtown General Fund Commentary:
1.) Decreases debt service by $2,155,000 offset by a decrease in beginning cash of
$1,440,394 and an increase in reserves of $714,606. These adjustments are the result of an
internal borrowing that was repaid in full in FY23 as well as debt service on a projected
external borrowing that did not happen.
Exhibit A Page 2 of 3
FY24 Adopted
Budget
Supplemental
Budget #1
FY23 Revised
Budget
FY24 Adopted
Budget
Supplemental
Budget #1
FY23 Revised
Budget
Capital Projects 56,191$ -$ 56,191$
Non-Departmental
Reserves 2,416 - 2,416
Total SEDA Glenwood Capital Projects Fund 58,607$ -$ 58,607$
TOTAL RESOLUTION 9,380,071$ (2,204,316)$ 7,175,755$
Glenwood Capital Project Fund Commentary:
- No current activity.
SEDA Glenwood Capital Projects Fund - 429
Exhibit A Page 3 of 3