TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Interim Executive Director
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Transfer of appropriations within the URA’s Fiscal Year (FY) 2025 Budget to fund materials and services expenses in the Salem Convention Center fund.
Ward(s): All Wards
Councilor(s): All Board Members
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance; Strong and Diverse Economy.
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SUMMARY:
summary
A transfer of $1,140,000 in appropriations from the transfers category to the materials and services category is needed to fund year end expenses related to business at the Convention Center. This transfer is needed to maintain Oregon Budget compliance.
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ISSUE:
Shall the Urban Renewal Agency adopt Resolution No. 25-07 URA authorizing a move of budget authority from the transfers category to the materials and services category in the Convention Center FY 2025 budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 25-07 URA authorizing a move of budget authority from the transfers category to the materials and services category in the Convention Center FY 2025 budget.
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FACTS AND FINDINGS:
FROM: Salem Conference Center, Transfers to other funds, 345-68200000-62110, $1,140,000
TO: Salem Conference Center, Other Professional Services, 345-68200000-52670, $1,140,000
REDUCE: Gain / Loss Reserve, Interfund Transfers, 428-68986100-39110, $1,140,000
The Salem Convention Center is owned by the Salem Urban Renewal Agency. The Convention Center maintains their management including their own invoicing and payments for services. Both revenue and expense activity at the Convention Center has been higher than what was originally budgeted for the fiscal year during the spring of 2024. With an additional two months of activity left to be conducted and posted, a budget adjustment is needed in order to maintain budget compliance.
This action will not increase the overall expenses allowed by the fund, but rather will shift budget authority into the correct expenditure category as required by Oregon Budget Law. It will also reduce budgeted interfund transfer revenue in the Gain / Loss Reserve Fund to keep the transfer budget balanced.
BACKGROUND:
Oregon State budget law allows the Urban Renewal Agency Board to approve a transfer of appropriation between categories when a need is identified.
Kelli Blechschmidt
Management Analyst II
Attachments:
1. Resolution No. 25-07 URA