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HomeMy WebLinkAboutResolution No. SEDA2024-06- 06/10/2024 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY RESOLUTION NO. SEDA2024-06 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 10th day of June 2024/ by a vote of 7 for and 0 against. ATTEST: REVIEWED&APPROVED AS TO FORM Krb w"Uu Kro:au Allie Camp, Staff Liaison DATE: 6/10/2024 Springfield Economic Development Agency SPRINGFIELD CITY ATTORNEY'S OFFICE PAGE 1OF1 Exhibit A Page 1 of 2 Exhibit A FY 2023-2024 Supplemental Budget No.2 FY24 Adopted Supplemental Supplemental FY24 Revised Budget Budget#1 Budget#2 Budget SEDA Glenwood General Fund-229 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 SEDA Glenwood General Fund Commentary: -No current activity. FY24 Adopted Supplemental Supplemental FY24 Revised Budget Budget#1 Budget#2 Budget SEDA Downtown General Fund-230 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 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 2 of 2 FY24 Adopted Supplemental Supplemental FY24 Revised Budget Budget#1 Budget#2 Budget FY24 Adopted Supplemental Supplemental FY24 Revised Budget Budget#1 Budget#1 Budget SEDA Glenwood Capital Projects Fund-429 Capital Projects $ 56,191 $ - $ - $ 56,191 Non-Departmental Reserves 2,416 - - 2,416 Total SEDA Glenwood Capital Projects $ 58,607 $ - $ - $ 58,607 SEDA Glenwood Capital Project Fund Commentary: -No current activity. TOTAL RESOLUTION $ 9,380,071 $ (2,204,316) $ - $ 7,175,755