HomeMy WebLinkAboutItem 02- Resolution Supplemental BudgetAGENDA ITEM SUMMARY Meeting Date: 6/10/2024
Meeting Type: Regular Meeting
Department: Finance
Staff Contact: Jessica Mumme
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-736-1032
DEVELOPMENT AGENCY Estimated Time: 5 Minutes
ITEM TITLE: FY24 SUPPLEMENTAL BUDGET #2
ACTION
REQUESTED:
Conduct a public hearing and adopt/not adopt the following resolutions:
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE
SEDA DOWNTOWN GENERAL FUND.
ISSUE
STATEMENT:
At various times during the fiscal year, the SEDA Board is asked to adjust 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 SEDA Downtown General Fund.
The SEDA Board is asked to approve the attached Supplemental Budget
Resolution.
ATTACHMENTS: 1. Supplemental Budget Resolution
Exhibit A- Supplemental Budget No. 2
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.
SEDA Downtown General Fund Summary:
This supplemental budget increases the City Manager’s Office operating expense
by $950,000, offset by a reduction in reserves, for the potential purchase of 437
Main Street. This site has been discussed in years past as an ideal site for the type
of development the City would like to encourage in the City’s Downtown core.
The property was listed after the adoption of the FY24 budget, and therefore
required a change in financial planning in the current fiscal year to take advantage
of this unique opportunity. An errata for FY25 is being proposed as well because
this property acquisition could occur in either FY24 or FY25.
PAGE 1 OF 1
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. ___________
SUPPLEMENTAL BUDGET 2
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUND:
SEDA DOWNTOWN GENERAL FUND
WHEREAS, the Springfield Economic Development Agency Board has adopted the budget and made
appropriations for Fiscal Year 2023-2024 through Resolution No. SEDA2023-04 adopted June 12, 2023,
and as amended by Resolution No. SEDA2023-07 adopted October 9, 2023;
WHEREAS, ORS 294.471(1)(a) permits 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 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 and as amended by Resolution No. SEDA2023-07 adopted October 9, 2023 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 the Springfield Economic Development Agency this ___ day of
_________, ____, by a vote of _____ for and ____ against.
ATTEST:
__________________________
Allie Camp, Staff Liaison
Springfield Economic Development Agency
Attachment 1
Page 1 of 3
FY24 Adopted
Budget
Supplemental
Budget #1
Supplemental
Budget #2
FY24 Revised
Budget
Operating
Material and Services 296,764$ -$ -$ 296,764$
Capital Projects 3,194,000 (1,036,376) - 2,157,624
Non-Departmental
Debt Service 1,244,640 - - 1,244,640
Reserves 567,939 272,454 - 840,393
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
Supplemental
Budget #2
FY24 Revised
Budget
Operating
Materials and Services 439,992$ -$ -$ 439,992$
Capital Projects 550,000 - 950,000 1,500,000 (1)
Non-Departmental
Debt Service (Interfund) 2,155,000 (2,155,000) - -
Reserves 873,129 714,606 (950,000) 637,735 (1)
Total Non-Departmental 3,028,129 (1,440,394) (950,000) 637,735
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.2
SEDA Glenwood General Fund Commentary:
- No current activity.
SEDA Downtown General Fund Commentary:
1.) Increase City Manager's Office operating expense by $950,000, offset by a reduction in reserves, for the
potential purchase of 437 Main Street. An errata for FY25 is being proposed as well because this property
acquisition could occur in either FY24 or FY25.
Exhibit A
Page 1 of 2
Attachment 1
Page 2 of 3
FY24 Adopted
Budget
Supplemental
Budget #1
Supplemental
Budget #2
FY24 Revised
Budget
FY24 Adopted
Budget
Supplemental
Budget #1
Supplemental
Budget #1
FY24 Revised
Budget
Capital Projects 56,191$ -$ -$ 56,191$
Non-Departmental
Reserves 2,416 - - 2,416
Total SEDA Glenwood Capital Projects 58,607$ -$ -$ 58,607$
TOTAL RESOLUTION 9,380,071$ (2,204,316)$ -$ 7,175,755$
SEDA Glenwood Capital Project Fund Commentary:
- No current activity.
SEDA Glenwood Capital Projects Fund - 429
Exhibit A
Page 2 of 2
Attachment 1
Page 3 of 3