TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Robert Barron, Chief Financial Officer
SUBJECT:
title
Fiscal Year 2018-19 Urban Renewal Agency Financial Report
Ward(s): All Wards
Board Member(s): All Board Members
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance
end
ISSUE:
Approve the Fiscal Year 2018-19 Urban Renewal Agency Financial Report.
RECOMMENDATION:
recommendation
Approve and forward to City Council the Urban Renewal Agency Financial Report for FY 2018-19.
body
SUMMARY:
The report provides information to assist City Council’s oversight of the financial health of the Urban Renewal Agency.
FACTS AND FINDINGS:
The report is available at:
<https://www.cityofsalem.net/citydocuments/ura-annual-financial-report-fy-19.pdf>
Expenditures by project can be found on page 70 of the report. The impact to other taxing jurisdictions and maximum indebtedness by urban renewal area can both be found on page 73 of this same document.
Statutory reporting requirements are summarized in the table below.
|
|
ORS 457 |
Actual |
Budget |
|
|
Requirement |
2018-19 |
2019-20 |
|
Debt Service Fund |
|
|
|
|
Beginning balance |
|
$ 7,706,840 |
$ 5,100,010 |
|
Tax increment revenue received |
1 |
14,692,542 |
14,733,590 |
|
Debt service expenditures |
2 |
(17,273,341) |
(16,628,350) |
|
Refunding debt |
|
- |
|
|
Other revenue sources |
|
359,221 |
219,000 |
|
Other expenditures |
|
- |
(856,750) |
|
Ending balance |
|
$ 5,485,262 |
$ 2,567,500 |
|
|
|
|
|
|
Improvements Fund |
|
|
|
|
Beginning balance |
|
$ 35,652,681 |
$ 41,581,560 |
|
Debt issuance proceeds received |
3 |
17,455,808 |
15,696,210 |
|
Improvement expenditures |
4 |
(15,637,140) |
(65,960,890) |
|
Other revenue sources |
|
2,028,725 |
8,683,120 |
|
Ending balance |
|
$ 39,500,074 |
$ - |
ORS 457.460 requires an urban renewal agency to report:
1. The tax increment revenue received in FY 2018-19 and budgeted in FY 2019-20.
2. The debt service payments made in FY 2018-19 and budgeted in FY 2019-20.
3. The amount of debt issued in FY 2018-19 and budgeted in FY 2019-20.
4. The amount and purpose of actual expenditures in FY 2018-19, and budgeted expenditures in FY 2019-20.
5. An analysis of the impact, if any, of the urban renewal plan on the tax collections for FY 2018-19 for all taxing districts included under ORS 457.430.
6. The maximum indebtedness for each urban renewal area included in an urban renewal plan of the agency, including the amount of indebtedness incurred through the end of the immediately preceding fiscal year.
The City’s Finance Department will ensure that the notice is published as required by ORS 457.460. The statement is on file with the City Recorder, 555 Liberty Street SE, Room 205, Salem, OR 97301, and is available to all interested persons.
BACKGROUND:
The City’s independent auditor, Grove, Mueller and Swank, P.C., have completed the audit of the Urban Renewal Agency for the year end date of June 30, 2019. Their review resulted with an unmodified opinion and no significant findings.
Anthony Turley
Financial Reporting Manager
Attachments:
1. None