TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kacey Duncan, Deputy City Manager
SUBJECT:
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Urban Renewal Agency Financial Report as Submitted by the Urban Renewal Agency Board
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
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ISSUE:
Receive the Fiscal Year 2015-16 Urban Renewal Agency Financial Report filing as required under Oregon Revised Statutes (ORS) 457.460.
RECOMMENDATION:
recommendation
Information only.
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SUMMARY AND BACKGROUND:
Under ORS 457.460, each year an urban renewal agency must prepare a report on its finances and file that report with the governing body of the municipality in which the urban renewal agency is located. This report was prepared November 16, 2016, well in advance of the January 31, 2017 deadline. It was approved by the Urban Renewal Agency Board at its meeting held on December 5, 2016, prior to the City Council meeting.
FACTS AND FINDINGS:
ORS 457.460 requires an urban renewal agency to report on the five items summarized below and subsequently shown in a table format.
1. The tax increment revenue received in FY 2015-16, and budgeted in FY 2016-17.
2. The debt service payments made in FY 2015-16, and budgeted in FY 2016-17.
3. The amount of debt issued in FY 2015-16, and budgeted in FY 2016-17.
4. The amount and purpose of actual expenditures in FY 2015-16, and budgeted expenditures in FY 2016-17. The subsequent table shows the amounts and budget authority in accordance with the Urban Renewal Plan.
5. An analysis of the impact, if any, of the urban renewal plan on the tax collections for FY 2015-16 for all taxing districts included under ORS 457.430.
The City’s Finance Division 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.
Requirements 1-4 are displayed in the table below and expenditures by project can be found on pages 72-73 in the Annual Financial Report of the Urban Renewal Agency located on the City of Salem’s website at:
http:/www.cityofsalem.net/Departments/AdministrativeServices/Pages/FinancialReports.aspx <http://www.cityofsalem.net/Departments/AdministrativeServices/Pages/FinancialReportsDisclaimer.aspx>
The table below meets requirement 5, and shows FY 2015-16 tax increment revenue that would have gone to the taxing districts if the urban renewal areas had not been in place.
Anthony Turley
Chief Accountant
Attachments: None
11/21/2016