TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Executive Director
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Adoption of the fiscal year (FY) 2027 Urban Renewal Agency (URA) of the City of Salem budget
Ward(s): All Wards
Councilor(s): All Board Members
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance; Natural Environment Stewardship; Safe and Healthy Community; Safe, Reliable and Efficient Infrastructure; Strong and Diverse Economy; Welcoming and Livable Community.
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SUMMARY:
summary
The FY 2027 URA of the City of Salem budget is required by Oregon budget law to be adopted by the Agency Board prior to July 1, 2026. Adoption of this resolution will allow for authorized Agency spending in the coming fiscal year.
end
ISSUE:
Shall the Urban Renewal Agency adopt Resolution No. 26-07 URA to adopt the FY 2027 Urban Renewal Agency of the City of Salem budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 26-07 URA to adopt the FY 2027 Urban Renewal Agency of the City of Salem budget.
body
FACTS AND FINDINGS:
Resolution No. 26-07 and Exhibit A (Attachments 1 and 2) establish an expenditure budget of $72,327,900.
Working Capital: $90,910,820 Expenditures: $72,327,900
Revenue: $41,586,450 Unappropriated Balance: $60,169,370
Total Resources: $132,497,270 Total Expenditures: $132,497,270
There are no rebudgeted purchase orders or reappropriated expenditures this fiscal year.
Additional Budget Adjustment
After the Budget Committee process, it was made known that the Marion Parkade Improvements project needed more expenditure authority in the FY 2027 budget for planned completion of the project next year. This project adjustment was added to the budget committee recommendation, increasing both beginning working capital and construction contracts by $187,390.
BACKGROUND:
This spring, the Urban Renewal Agency Budget Committee reviewed and discussed the proposed budget at their April 22nd meeting and forwarded the approved budget to the Urban Renewal Agency Board on May 6th. There was also a public hearing held on the URA budget at the June 8th Urban Renewal Agency meeting. The Urban Renewal Agency is a separate entity from the City of Salem and is required to adopt its own budget.
Kali Leinenbach
Budget Manager
Attachments:
1. Resolution No. 26-07 URA
2. Resolution No. 26-07 URA, Exhibit A