TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Interim Executive Director
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Adoption of the fiscal year (FY) 2026 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.
end
SUMMARY:
summary
The FY 2026 URA of the City of Salem budget is required by Oregon budget law to be adopted by the Agency Board prior to July 1, 2025. 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. 25-06 URA to adopt the FY 2026 Urban Renewal Agency of the City of Salem budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 25-06 URA to adopt the FY 2026 Urban Renewal Agency of the City of Salem budget.
body
FACTS AND FINDINGS:
Resolution No. 25-06 and Exhibit A (Attachments 1 and 2) establish a total expenditure budget of $63,795,580 as represented in the display below.
Working Capital: $80,544,550 Expenditures: $63,795,580
Revenue: $45,828,570 Unappropriated Balance: $62,577,540
Total Resources: $126,373,120 Total Expenditures: $126,373,120
The Urban Renewal Agency of the City of Salem Budget Committee recommended a budget to the Urban Renewal Agency Board on May 7, 2025. The Budget Committee reviewed the URA budget at the April 23, 2025, meeting.
There are no rebudgeted purchase orders or reappropriated expenditures this fiscal year.
BACKGROUND:
The Urban Renewal Agency is a separate entity from the City of Salem and is required to adopt its own budget. The goal of urban renewal is to make investments in specific locations to encourage economic development, remove blight, and leverage private investment as determined by urban renewal area plans.
Kali Leinenbach
Budget Manager
Attachments:
1. Resolution No. 25-06 URA
2. Resolution No. 25-06 URA, Exhibit A