TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Executive Director
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Urban Renewal Agency Fiscal Year 2026 Quarter 3 Financial Report
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 URA Quarter 3 (Q3) Financial Report reflects all activity posted through closed months ending March 31, 2026
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ISSUE:
Information only
RECOMMENDATION:
recommendation
Information only
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FACTS AND FINDINGS:
The third quarter represents 75 percent of the fiscal year with all available financial activity posted. The quarterly report displays both the Debt Service Fund and Capital Improvements Fund financial activity by Urban Renewal Area. It also includes a narrative about financial activity for the Convention Center.
In the Debt Service Fund, the primary revenues are property tax increment, and most are received in the second quarter of each fiscal year. Property taxes received through Q3 total $23.2 million. Most expenses in this fund are associated with debt repayment, the bulk of which usually occurs in Q3. Expenditures through Q3 totaled $16.5 million.
Resources in the Capital Improvements Fund primarily consist of beginning working capital. Additional revenue of $13.3 million from short-term borrowings was received in Q3. Fund expenditures are for capital projects listed in each area’s approved plan or grant programs. Most expenses through Q3 supported the streetscape project downtown, the Riverfront Downtown capital grant program, and 17th Street at Silverton Road intersection improvements as well as an increase in administrative costs charged to each URA due to a change in cost recovery methodology for staff.
In the Salem Convention Center operating fund, revenues are trending slightly lower by $341 thousand compared to receipts through the third quarter of last fiscal year. Expenses are nearly flat year over year. The Gain / Loss Reserve remains above the $4 million threshold for fund balance and expenses are trending as expected.
BACKGROUND:
The Budget Office has prepared quarterly financial reports and provided them to the Budget Committee for decades. Both current and historical quarterly reports can be accessed online and are available starting in FY 2016. During adoption of the FY 2025 budget, City Council approved a motion requesting reports for the General Fund be provided directly to City Council within 45 days of the end of each quarter. Staff now provide both the City and URA quarterly reports in this timeframe for consistency.
Shengnan Thomas
Management Analyst I
Attachments:
1. Urban Renewal Agency FY 2026 Quarter 3 Financial Report