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
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
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ISSUE:
Receive the Fiscal Year 2016-17 Urban Renewal Agency Financial Report as submitted by the Urban Renewal Agency Board.
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 where the agency is located. The report was approved by the Urban Renewal Agency Board at its meeting held on January 8, 2018.
FACTS AND FINDINGS:
ORS 457.460 requires an urban renewal agency to report:
1. The tax increment revenue received in FY 2016-17 and budgeted in FY 2017-18.
2. The debt service payments made in FY 2016-17 and budgeted in FY 2017-18.
3. The amount of debt issued in FY 2016-17 and budgeted in FY 2017-18.
4. The amount and purpose of actual expenditures in FY 2016-17, and budgeted expenditures in FY 2017-18.
5. An analysis of the the impact, if any, of the urban renewal plan on the tax collections for FY 2016-17 for all taxing districts included under ORS 457.430.
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:
<https://www.cityofsalem.net/citydocuments/ura-annual-financial-report-fy-2017.pdf>
The table below meets requirement 5 and shows FY 2016-17 tax increment revenue that would have gone to the taxing districts if the urban renewal areas had not been in place.
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.
Anthony Turley
Financial Reporting Manager
Attachments:
1. None