HomeMy WebLinkAboutResolution SEDA2023-07 10/09/2023
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY(1 Absent - Webber)072023October9thSEDA2023-07 10-9-23 Springfield Economic Development Agency SecretaryBoard , Victoria Doyle __________________________
ATTEST: Springfield Economic Development Agency ChairBoard , Joe Pishioneri _______________________ ____, _________day of ___this Springfield Economic
Development AgencyBoard of Directors of the ADOPTED by the .BoardThis Resolution will take effect upon adoption by the : 2Section as provided in Exhibit A.hereby adjusted are
40-3SEDA202 No.dopted by Resolution budget and appropriations, as a 4202-3he Fiscal Year 202T : Section 1 DEVELOPMENT AGENCY, An Urban Renewal Agency of the State of Oregon, as follows:NOW,
THEREFORE, BE IT RESOLVED BY THE BOARD OF THE SPRINGFIELD ECONOMIC ,public meetingal circulation not less than 5 days prior to the expenditures was published in a newspaper of gener,
including information regarding such revenues and supplemental budgetnotice of a WHEREAS, and Springfield Economic Development Agency Board;for consideration at a regular meeting of
the being presented isudget this supplemental b WHEREAS, reference;in Exhibit A, which is attached and incorporated by as describedbudget 4202-3the Fiscal Year 202ustments to is
requested to make adjSpringfield Economic Development Agency Board the WHEREAS, ;planningcurrent year or current budget period and that requires a change in financial is not ascertained
when preparing the original budget or a previous supplemental budget for the An occurrence or condition that due to permit a supplemental budget (a) ORS 294.471(1)WHEREAS, ;3, 20221June
adopted 40-3. SEDA202through Resolution No 4202-3ropriations for Fiscal Year 202and made apphas adopted the budget Springfield Economic Development Agency Board of Directorsthe WHEREAS,
. SEDA DOWNTOWN GENERAL FUND AND SEDA GLENWOOD GENERAL FUND: FUNDSA RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING 1GET SUPPLEMENTAL BUD NO. ___________ RESOLUTION
FY24 Adopted Resolution No. SEDA2023-07Exhibit A Page 1 of 3 borrowing.of property purchases spanning fiscal years and related to funds from the FY23 Glenwood in bond revenue $2,750,000.
These adjustments are the result of uncertainty in the closing reserves by $272,454 offset bya decrease in beginning cash of $3,513,922 and an increase 1.) Reduce City Manager's Office
Capital Project expense by $1,036,376 and increase Glenwood General Fund Commentary:Supplemental Budget No.1FY 2023-2024Exhibit A SEDA Downtown General Fund - 230SEDA Glenwood General
Fund - 229 $ 2,577,727 $ (1,440,394) $ 4,018,121Total SEDA Downtown General Fund 1,587,735 (1,440,394) 3,028,129Total Non-Departmental(1) 1,587,735
714,606 873,129Reserves(1) - (2,155,000) 2,155,000Debt Service (Interfund) 550,000 - 550,000
$ 439,992 $ - $ 439,992Materials and ServicesOperatingBudget FY23 Revised Budget #1 Supplemental Budget FY24 Adopted $ 4,539,421 $ (763,922)
$ 5,303,343Total SEDA Glenwood General Fund 2,085,033 272,454 1,812,579Total Non-Departmental(1) 840,393 272,454 567,939Reserves
1,244,640 - 1,244,640Debt Service(1) 2,157,624 (1,036,376) 3,194,000 $ 296,764 $ - $ 296,764Material
and ServicesOperatingBudget FY23 Revised Budget #1 Supplemental Budget
FY24 Adopted Resolution No. SEDA2023-07Exhibit A Page 2 of 3 external borrowing that did not happen.internal borrowing that was repaid in full in FY23 as well as debt service on a projected
$1,440,394 and an increase in reserves of $714,606. These adjustments are the result of an 1.) Decreases debt service by $2,155,000 offset by a decrease in beginning cash of Downtown
General Fund Commentary:Budget FY23 Revised Budget #1 Supplemental Budget
FY24 Adopted Resolution No. SEDA2023-07Exhibit A Page 3 of 3 SEDA Glenwood Capital Projects Fund - 429- No current activity.Glenwood Capital Project Fund Commentary:$ 7,175,755$
(2,204,316)$ 9,380,071 $ 58,607 $ - $ 58,607Total SEDA Glenwood Capital Projects Fund 2,416 -
2,416Reserves $ 56,191 $ - $ 56,191Budget FY23 Revised Budget #1 Supplemental Budget FY24 Adopted Budget FY23 Revised Budget #1 Supplemental
Budget