TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Executive Director
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Supplemental Budget 1 for the FY 2026 Urban Renewal Agency Budget to move budget appropriation between categories
Ward(s): All Wards
Councilor(s): All Board Members
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance
end
SUMMARY:
summary
During budget adoption, the exhibit to the Urban Renewal Agency (URA) budget resolution reflected budget authority in the contingency category that should have been included in the program budget category. This display on the exhibit was incorrect as there was no contingency included in the FY 2026 URA budget. Adoption of Supplemental Budget 1 URA will correct the budget appropriation categories to reflect what was intended.
end
ISSUE:
Shall the Urban Renewal Agency adopt Resolution No. 26-06 URA, Supplemental Budget 1 URA, transferring budget appropriations between expenditure categories in the FY 2026 budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 26-06 URA, Supplemental Budget 1 URA, transferring budget appropriations between expenditure categories in the FY 2026 budget.
body
FACTS AND FINDINGS:
The FY 2026 URA budget had no contingency included for either the proposed or adopted versions of the budget as reflected in the budget detail and financial summaries. When the budget adoption exhibit was prepared, amounts were shown in the continency category for the Tax Allocation Improvement Fund and the Convention Center Fund (Gain / Loss Reserve Fund). Those amounts should have appeared in the program budget under the capital outlay category. The total budget listed on the exhibit was correct and this action does not change the totals.
This action would normally be completed through a transfer from contingency. In this case, since more than 15% of the expenditure authority is being moved from contingency to another expenditure category, a supplemental budget is required.
REDUCE: Tax Allocation Improvement Fund, UR-Riverfront / Downtown, Contingencies, 265-68902000-61110, $4,790,000
ADD: Tax Allocation Improvement Fund, UR-Riverfront / Downtown, Art, 265-68902000-55105, $10,000
ADD: Tax Allocation Improvement Fund, UR-Riverfront / Downtown, Land, 265-68902000-55110, $4,780,000
REDUCE: Convention Center Gain / Loss Reserve, UR Convention Center, Contingencies, 428-68986100-61110 $692,500
ADD: Convention Center Gain / Loss Reserve, UR Convention Center, Art, 428-68986100-55105, $30,000
ADD: Convention Center Gain / Loss Reserve, UR Convention Center, Equipment & machinery, 428-68986100-55130, $662,500
BACKGROUND:
Kali Leinenbach
Budget Manager
Attachments:
1. Resolution No. 26-06 URA
2. Resolution No. 26-06 URA, Exhibit A
3. Resolution No. 26-06 URA, Exhibit B