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