public hearing and action: a resolution adopting a
TRANSCRIPT
December 9, 2019, Meeting – Item 5
EUGENE URBAN RENEWAL AGENCY AGENDA ITEM SUMMARY
Public Hearing and Action: A Resolution Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal
Year Beginning July 1, 2019, and Ending June 30, 2020
Meeting Date: December 9, 2019 Agenda Item Number: 5 Department: Central Services Staff Contact: Vicki Silvers www.eugene-or.gov Contact Telephone Number: 541-682-5082
ISSUE STATEMENT Urban Renewal Agency Board approval of the first Supplemental Budget for Fiscal Year 2020 is requested. Oregon Local Budget Law (Oregon Revised Statute 294.471) allows for supplemental budgets in the event of “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.” ORS 294.471 also allows for a supplemental budget if there are “funds that are made available by another unit of federal, state or local government and the availability of which could not reasonably be foreseen when preparing the original budget or a previous supplemental budget for the current year or current budget period.” This supplemental budget does not authorize any increase in the property tax levy and has been published in compliance with the Oregon Local Budget Law.
BACKGROUND The supplemental budget that occurs in December of a fiscal year is usually the largest because of the audit adjustments to budgeted Beginning Working Capital and the reappropriation of funds from the prior fiscal year for contracts, program initiatives or projects that were started but not completed in that fiscal year. This supplemental budget consists of transactions to amend the URA Adopted Budget to reconcile Beginning Working Capital and Capital Carryover, to reappropriate those dollars or place them into reserve, and authorizes other unanticipated changes in legal appropriations.
Transactions Related to Beginning Working Capital Isler CPA, the URA's external auditor, has completed its Fiscal Year 2019 audit and this supplemental budget includes Marginal Beginning Working Capital adjustments for all URA funds. The MBWC is the difference between the estimate of FY19 ending working capital that was made in the FY20 Adopted Budget and the audited actual FY19 ending working capital. The total audited adjustment to the FY20 budgeted Beginning Working Capital for all URA funds is a decrease of $626,712.
A detailed description of these transactions is provided in Attachment A.
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December 9, 2019, Meeting – Item 5
One-Time Funding Request There is a one-time funding request of $1,300,000 for the Railroad Quiet Zone (three eastern crossings) in the Riverfront District. The offset is a decrease to the URA Riverfront Program Revenue Fund Balance Available by the same amount.
Reappropriations This Supplemental Budget includes reappropriation requests in the amount of $411,669 in the Downtown District and $100,000 in the Riverfront District for continued efforts related to the high-speed fiber project not completed in the prior fiscal year.
Capital Carryover The Capital Project Carryover Reconciliation is also included in this supplemental budget. An estimate of the unspent balance in each capital project was established in the FY20 Adopted Budget. These estimates have been reconciled with the actual FY19 expenditures, and the Capital Budget is adjusted to reflect the remaining unspent balances in each project. The Capital Carryover on this supplemental budget decreases the Capital Budget by $1,118,407 and increases Balance Available by the same amount.
Timing In some cases, expenditure authority is needed immediately to carry out URA Board direction or to meet legal or program requirements. Approval of SB1 in December allows the organization to prepare more accurate mid-year projections by having the general ledger reflect the audited balances in each fund. This, in turn, enables staff to more accurately estimate the Beginning Working Capital for the next fiscal year’s Proposed Budget.
PREVIOUS BOARD DIRECTION October 28, 2019, Work Session Agency Board received an update on the financial capacity of the Riverfront District, including an update on the Railroad Quiet Zone cost increase.
BOARD OPTIONS Particular requests requiring more information or discussion may be removed from SB#1 and delayed for action in a future supplemental budget. In certain cases, there may be a financial or legal impact to delaying budget approval. The URA Board may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget.
AGENCY DIRECTOR’S RECOMMENDATION Approve the resolution in Attachment B adopting Supplemental Budget 1.
SUGGESTED MOTION Move to adopt a resolution, adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency of the City of Eugene for the fiscal year beginning July 1, 2019, and ending June 30, 2020.
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December 9, 2019, Meeting – Item 5
ATTACHMENTS A. Transaction SummaryB. Resolution
FOR MORE INFORMATION Staff Contact: Vicki Silvers Telephone: 541-682-5082Staff E-Mail: [email protected]
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Attachment ATransaction Summary
817 Urban Renewal Agency Downtown General Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 2,920,476 (413,940) a 2,506,536
CHANGE TO WORKING CAPITAL
REVENUE Miscellaneous 112,000 0 112,000 Interfund Transfers 2,173,414 411,669 b 2,585,083 Fiscal Transactions 115,000 0 115,000Total Revenue 2,400,414 411,669 2,812,083
TOTAL RESOURCES 5,320,890 (2,271) 5,318,619
II. REQUIREMENTS
Department OperatingPlanning and Development 2,173,414 411,669 b 2,585,083
Total Department Operating 2,173,414 411,669 2,585,083
Non-DepartmentalSpecial Payments 3,060,476 (413,940) a 2,646,536Balance Available 87,000 0 87,000
Total Non-Departmental 3,147,476 (413,940) 2,733,536
TOTAL REQUIREMENTS 5,320,890 (2,271) 5,318,619
817 Urban Renewal Agency Downtown General Fund
a) Beginning Working Capital Reconciliation: Decrease the budgeted Beginning Working Capitalby $413,940 and decrease Special Payments by the same amount. This adjustment brings the FY20budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.
b) Reappropriation: Increase Interfund Transfer revenues by $411,669 for continued efforts relatedto the Downtown Urban Renewal Agency Fiber Project not completed in the prior fiscal year andincrease the Planning and Development Department operating appropriations by the same amount.
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812 Urban Renewal Agency Downtown Debt Service Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 2,905,176 664,247 a 3,569,423
CHANGE TO WORKING CAPITAL
REVENUE Taxes 2,603,000 0 2,603,000 Miscellaneous 103,000 0 103,000Total Revenue 2,706,000 0 2,706,000
TOTAL RESOURCES 5,611,176 664,247 6,275,423
II. REQUIREMENTS
Non-DepartmentalInterfund Transfers 2,173,414 411,669 b 2,585,083Balance Available 3,437,762 252,578 a,b 3,690,340
Total Non-Departmental 5,611,176 664,247 6,275,423
TOTAL REQUIREMENTS 5,611,176 664,247 6,275,423
812 Urban Renewal Agency Downtown Debt Service
a) Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capitalby $664,247 and increase Balance Available by the same amount. This adjustment brings the FY20budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.b) Reappropriation: Increase Interfund Transfers to the URA Downtown General Fund by$411,669 for continued efforts related to the Downtown Urban Renewal Agency Fiber Project anddecrease Balance Available by the same amount.
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813 Urban Renewal Agency Downtown Capital Projects Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 195,291 (9,479) a 185,812
CHANGE TO WORKING CAPITAL
REVENUE Miscellaneous 13,000 0 13,000Total Revenue 13,000 0 13,000
TOTAL RESOURCES 208,291 (9,479) 198,812
II. REQUIREMENTS
Capital ProjectsCapital Carryover 149,285 0 149,285
Total Capital Projects 149,285 0 149,285
Non-DepartmentalBalance Available 59,006 (9,479) a 49,527
Total Non-Departmental 59,006 (9,479) 49,527
TOTAL REQUIREMENTS 208,291 (9,479) 198,812
813 Urban Renewal Agency Downtown Capital Projects Fund
a) Beginning Working Capital Reconciliation: Decrease the budgeted Beginning Working Capitalby $9,479 and decrease Balance Available by the same amount. This adjustment brings the FY20budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.
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821 Urban Renewal Agency Riverfront General Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 1,301,081 236,683 a 1,537,764
CHANGE TO WORKING CAPITAL
REVENUE Taxes 2,433,000 0 2,433,000 Miscellaneous 33,000 0 33,000Total Revenue 2,466,000 0 2,466,000
TOTAL RESOURCES 3,767,081 236,683 4,003,764
II. REQUIREMENTS
Department OperatingPlanning and Development 704,098 100,000 b 804,098
Total Department Operating 704,098 100,000 804,098
Non-Departmental Interfund Transfers 2,500,000 0 2,500,000Balance Available 562,983 136,683 a, b 699,666
Total Non-Departmental 3,062,983 136,683 3,199,666
TOTAL REQUIREMENTS 3,767,081 236,683 4,003,764
821 Urban Renewal Agency Riverfront General Fund
a) Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capitalby $236,683 and increase Balance Available by the same amount. This adjustment brings the FY20budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.b) Reappropriation: Increase the Planning and Developmnent operating appropriations by$100,000 for continued efforts related to the Riverfront Urban Renewal Agency Fiber Project notcompleted in the prior fiscal year and decrease balance available by the same amount.
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823 Urban Renewal Agency Riverfront Capital Projects Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 7,918,636 (1,093,463) a 6,825,173
CHANGE TO WORKING CAPITAL
REVENUE Miscellaneous 10,257,000 0 10,257,000
Interfund Transfers 4,300,000 1,300,000 b 5,600,000Total Revenue 14,557,000 1,300,000 15,857,000
TOTAL RESOURCES 22,475,636 206,537 22,682,173
II. REQUIREMENTS
Capital ProjectsCapital Projects 15,100,000 1,300,000 b 16,400,000Capital Carryover 4,055,563 (1,118,407) c 2,937,156
Total Capital Projects 19,155,563 181,593 19,337,156
Non-Departmental Interfund Transfers 3,203,333 0 3,203,333Balance Available 116,740 24,944 a,c 141,684
Total Non-Departmental 3,320,073 24,944 3,345,017
TOTAL REQUIREMENTS 22,475,636 206,537 22,682,173
823 Urban Renewal Agency Riverfront Capital Projects Fund
c) Capital Carryover Reconciliation: Decrease capital carryover appropriations by $1,118,407 andincrease Balance Available by the same amount. This action reconciles the FY20 Capital CarryoverEstimate to the actual ending FY19 capital projects balance.
a) Beginning Working Capital Reconciliation: Decrease the budgeted Beginning Working Capitalby $1,093,463 and decrease Balance Available by the same amount. This adjustment brings theFY20 budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.
b) One-Time Funding Request: Recognize Interfund Transfer revenues from the URA RiverfrontProgram Revenue Fund in the amount of $1,300,000 and increase Capital Projects by the sameamount for the Railroad Quiet Zone.
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824 Urban Renewal Agency Riverfront Program Revenue Fund
FY20 FY20 FY20Adopted SB1 Action Revised
I. RESOURCES
BEGINNING WORKING CAPITAL 3,253,279 10,766 a 3,264,045
CHANGE TO WORKING CAPITAL
REVENUE Interfund Transfers 3,203,333 0 3,203,333 Miscellaneous 81,000 0 81,000Total Revenue 3,284,333 0 3,284,333
TOTAL RESOURCES 6,537,612 10,766 6,548,378
II. REQUIREMENTS
Non-Departmental Interfund Transfers 1,800,000 1,300,000 b 3,100,000Special Payments 1,000,000 10,766 a 1,010,766Balance Available 3,737,612 (1,300,000) b 2,437,612
Total Non-Departmental 6,537,612 10,766 6,548,378
b) R TOTAL REQUIREMENTS 6,537,612 10,766 6,548,378
824 Urban Renewal Agency Riverfront Revenue Fund
a) Beginning Working Capital Reconciliation: Increase the budgeted Beginning Working Capitalby $10,766 and increase Special Payments by the same amount. This adjustment brings the FY20budgeted Beginning Working Capital in compliance with the audited FY19 actual revenues andexpenditures as determined by Isler CPA, the City's external auditor.b) One-Time Funding Request: Increase Interfund Transfers to the URA Riverfront CapitalProjects Fund in the amount of $1,300,000 and decrease Balance Available by the same amount forthe Railroad Quiet Zone.
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ATTACHMENT B
NOW THEREFORE,
Section 1.
Section 2.
Section 3.
Section 4.
The foregoing resolution adopted this 9th day of December, 2019.
This resolution complies with ORS 294.471(4), and does not authorize an increasein the levy of property taxes above the amount in the Annual Budget publication.
City Recorder
That this Supplemental Budget is prepared in accordance with ORS 294.471(1),which authorizes the formulation of a supplemental budget resulting from "Anoccurrence or condition that is not ascertained when preparing the original budgetor a previous supplemental budget for the current year or current budget period andthat requires a change in financial planning." This Supplemental Budget waspublished in accordance with ORS 294.471(3).
Resolution Number 1092
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET;MAKING APPROPRIATIONS FOR THE URBAN RENEWAL AGENCY
OF THE CITY OF EUGENEFOR THE FISCAL YEAR BEGINNING JULY 1, 2019,
AND ENDING JUNE 30, 2020.
The Urban Renewal Agency of the City of Eugene finds that adopting the Supplemental Budget and making appropriations is necessary under ORS 294.471.
BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE as follows:
That the Supplemental Budget for the Urban Renewal Agency of the City ofEugene, Oregon, for the fiscal year beginning July 1, 2019, and ending June 30,2020, as set forth in attached Exhibit A is hereby adopted.
The supplemental amounts for the fiscal year beginning July 1, 2019, and endingJune 30, 2020, and for the purposes shown in attached Exhibit A are herebyappropriated.
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In dollars
Departmental OperatingPlanning and Development 411,669
Total Departmental Operating 411,669
Non-DepartmentalSpecial Payments (413,940)
Total Non-Departmental (413,940)
TOTAL URA DOWNTOWN GENERAL FUND (2,271)
Non-DepartmentalInterfund Transfers 411,669
* Balance Available 252,578Total Non-Departmental 664,247
TOTAL URA DOWNTOWN DEBT SERVICE FUND 664,247
Non-Departmental* Balance Available (9,479)
Total Non-Departmental (9,479)
TOTAL URA DOWNTOWN CAPITAL PROJECTS FUND (9,479)
URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND
EXHIBIT A
URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND
URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND
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URBAN RENEWAL AGENCY RIVERFRONT GENERAL FUND
Departmental OperatingPlanning and Development 100,000
Total Departmental Operating 100,000
Non-Departmental* Balance Available 136,683
Total Non-Departmental 136,683
TOTAL URA RIVERFRONT GENERAL FUND 236,683
Capital ProjectsCapital Projects 181,593
Total Capital Projects 181,593
Non-Departmental* Balance Available 24,944
Total Non-Departmental 24,944
TOTAL URA RIVERFRONT CAPITAL PROJECTS FUND 206,537
URBAN RENEWAL AGENCY RIVERFRONT PROGRAM REVENUE FUND
Non-DepartmentalInterfund Transfers 1,300,000
* Balance Available (1,300,000)Special Payments 10,766
Total Non-Departmental 10,766
TOTAL URA RIVERFRONT PROGRAM REVENUE 10,766
TOTAL REQUIREMENTS - ALL FUNDS 1,106,483
* Reserves and Balance Available amounts are not appropriated for spendingand are shown for informational purposes only.
URBAN RENEWAL AGENCY RIVERFRONT CAPITAL PROJECTS FUND
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