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.
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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 $9,019,905 is hereby adopted.
Section 3. The amounts for the fiscal year beginning July 1, 2024 and ending June 30, 2025
and for the purposes shown in Exhibit A, attached hereto, are hereby appropriated.
Section 4. The SEDA Board hereby certifies to the County Assessor a request for the Glenwood
Urban Renewal Plan Area for the maximum amount of revenue that may be raised by dividing
the taxes under section 1c, Article IX, of the Oregon Constitution and ORS Chapter 457.
Section 5. The SEDA Board hereby certifies to the County Assessor a request for the Downtown
Urban Renewal Plan Area for the maximum amount of revenue that may be raised by dividing
the taxes under section 1c, Article IX, of the Oregon Constitution and ORS Chapter 457.
Attachment 1
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Section 6. This Resolution will take effect immediately upon adoption by the SEDA Board.
ADOPTED by the Springfield Economic Development Agency Board this 10th day of June, 2024,
by a vote of _______ for and _______ against.
___________________________________
Kori Rodley, Board Chair
Springfield Economic Development Agency
ATTEST:
________________________________________
Michelle Webber, Board Secretary
Springfield Economic Development Agency
Attachment 1
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Dollar Amount
Department Operating
City Manager's Office 289,815$
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
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Attachment 1
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