TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kacey Duncan, Deputy City Manager
SUBJECT: title
Urban Renewal Agency Financial Report
Ward(s): All Wards
Board Member(s): All Members
Neighborhood(s): All Neighborhoods
end
ISSUE:
Shall the Urban Renewal Agency Board approve and forward to the City Council the Urban Renewal Agency Financial Report for FY 2015-16 as required under Oregon Revised Statutes (ORS) 457.460?
RECOMMENDATION:
recommendation
Approve and forward to City Council the Urban Renewal Agency Financial Report for FY 2015-16.
body
SUMMARY AND BACKGROUND:
As required by ORS 457.460, each year an urban renewal agency must prepare a statement on its finances and file that statement with the governing body of the municipality in which the urban renewal agency is located not later than January 31 of each year. This statement for the Urban Renewal Agency of the City of Salem was prepared on November 16, 2016, well in advance of the January 31, 2017 deadline. If approved by the Urban Renewal Agency Board, the statement will be forwarded to the City Council for its December 5, 2016 meeting.
FACTS AND FINDINGS:
ORS 457.460 requires an urban renewal agency to report on the five items summarized below. These five items are 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 the 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.
ORS 457.460 also requires the publication of notice that the statement has been prepared and is on file. The City’s Finance Division will ensure that notice be published as set forth in the statute. 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 set forth below meets requirement 5 and shows FY 2015-16 tax increment revenue that would have gone to the taxing districts if the Agency’s urban renewal areas had not been in place.
Anthony Turley
Chief Accountant
Attachments: None
11/21/2016