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HomeMy WebLinkAboutItem 01- Resolution- Budget AdoptionAGENDA ITEM SUMMARY Meeting Date: 6/10/2024 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: 541-726-2364 DEVELOPMENT AGENCY Estimated Time: 10 Minutes ITEM TITLE: FISCAL YEAR 2024/25 SEDA BUDGET ADOPTION ACTION REQUESTED: 1) Conduct a Public Hearing on the fiscal year 2024/25 SEDA budget as approved by the Budget Committee. 2) Adopt/Not Adopt the following resolution: A RESOLUTION ADOPTING THE FISCAL YEAR 2024/25 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE DIVISION OF THE PROPERTY TAX. ISSUE STATEMENT: The SEDA Board is now requested to hold a public hearing on the Fiscal Year 2024/25 (FY25) SEDA Budget as recommended by the SEDA Budget Committee and approve a resolution adopting the Fiscal Year 2024/25 SEDA Budget, making appropriations, and directing the County Assessor to divide the taxes in accordance with State law. ATTACHMENTS: 1. Resolution Exhibit A FY24/25 SEDA Budget DISCUSSION/ FINANCIAL IMPACT: Staff presented the proposed budget to the SEDA Budget Committee on May 15, 2024. The SEDA Budget Committee held a hearing on that date and approved the budget to be presented to the SEDA Board for adoption. The budget as approved by the SEDA Budget Committee totals $9,019,905. This total includes $1,216,929 in Materials & Services, $4,556,191 in Capital Projects, $1,437,265 in Debt Service, and $1,809,520 in Reserves. After holding a public hearing on the budget as approved by the SEDA Budget Committee, the Board is asked to adopt a resolution (Attachment 1) adopting the FY25 budget. Oregon Budget Law allows the SEDA Board to adopt changes made to the budget approved by the SEDA 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. PAGE 1 of 2 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY RESOLUTION NO. ___________ FY25 ADOPTED BUDGET A RESOLUTION ADOPTING THE FISCAL YEAR 2024/25 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY BUDGET, MAKING APPROPRIATIONS, AND DIRECTING THE DIVISION OF THE PROPERTY TAX WHEREAS, on May 15, 2024, the Budget Committee of the Springfield Economic Development Agency (SEDA) met and reviewed the proposed 2024/25 SEDA budget; and WHEREAS, on May 15, 2024, the Budget Committee recommended approval of the 2024/25 SEDA budget for adoption by the SEDA Board; and WHEREAS, on June 10, 2024, the SEDA Board held a public hearing on the 2024/25 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, 2024. Section 2. The budget for the Springfield Economic Development Agency for the fiscal year beginning July 1, 2024 and ending June 30, 2025, as approved by the SEDA Budget Committee, in the total amount of $9,019,905 is hereby adopted. Section 3. The amounts for the fiscal year beginning July 1, 2024 and ending June 30, 2025 and for the purposes shown in Exhibit A, attached hereto, are hereby appropriated. Section 4. The SEDA Board hereby certifies to the County Assessor a request for the Glenwood Urban Renewal Plan Area for the maximum amount of revenue that may be raised by dividing the taxes under section 1c, Article IX, of the Oregon Constitution and ORS Chapter 457. Section 5. The SEDA Board hereby certifies to the County Assessor a request for the Downtown Urban Renewal Plan Area for the maximum amount of revenue that may be raised by dividing the taxes under section 1c, Article IX, of the Oregon Constitution and ORS Chapter 457. Attachment 1 Page 1 of 3 Section 6. This Resolution will take effect immediately upon adoption by the SEDA Board. ADOPTED by the Springfield Economic Development Agency Board this 10th day of June, 2024, by a vote of _______ for and _______ against. ___________________________________ Kori Rodley, Board Chair Springfield Economic Development Agency ATTEST: ________________________________________ Michelle Webber, Board Secretary Springfield Economic Development Agency Attachment 1 Page 2 of 3 Dollar Amount Department Operating City Manager's Office 289,815$ Finance 12,000 Total Department Operating 301,815 Total City Manager's Office Capital Projects 1,250,000 Non-Departmental Debt Service 1,362,265 Reserves 304,511 Total Non-Departmental 1,666,776 Total SEDA Glenwood General Fund 3,218,591$ Department Operating City Manager's Office 903,114$ Finance 12,000 Total Department Operating 915,114 Total City Manager's Office Capital Projects 3,250,000 Non-Departmental Debt Service (Interfund) 75,000 Reserves 1,502,593 Total Non-Departmental 1,577,593 Total SEDA Downtown General Fund 5,742,707$ Total Development & Public Works Capital Projects 56,191$ Non-Departmental Reserves 2,416 Total SEDA Glenwood Capital Projects Fund 58,607$ TOTAL RESOLUTION 9,019,905$ SEDA Glenwood Capital Projects Fund - 429 SEDA Glenwood General Fund - 229 SEDA Downtown General Fund - 230 FY25 BUDGET LEGAL APPROPRIATIONS LEVEL Exhibit A Page 1 of 1 Attachment 1 Page 3 of 3