TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kacey Duncan, Deputy Executive Director
SUBJECT:
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Adoption of FY 2017-18 Urban Renewal Agency of the City of Salem budget resolution.
Ward(s): All Wards
Board Member(s): All Board Members
Neighborhood(s): All Neighborhoods
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ISSUE:
Shall the Urban Renewal Agency Board adopt the FY 2017-18 budget for the Urban Renewal Agency of the City of Salem, Oregon?
RECOMMENDATION:
recommendation
Adopt Resolution No. 17-4 URA, setting a FY 2017-18 total requirements budget of $89,673,120 for the Urban Renewal Agency of the City of Salem, Oregon.
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SUMMARY AND BACKGROUND:
The Urban Renewal Agency Board (Board) is being asked to adopt the final budget for the Salem Urban Renewal Agency. Urban Renewal Agency of the City of Salem FY 2017-18 Agency Board Amendments Summary (Attachment 1), provides a financial summary of all budget changes made since the Budget Committee’s recommendation of May 15, 2017, including proposed carryover expenses. Attachment 2 provides a detailed listing of the carryover expenses.
FACTS AND FINDINGS:
FY 2016-17 Carryovers to FY 2017-18: For projects not completed within Fiscal Year 2016-17, it is necessary to carryover - or reappropriate - the funds in the new fiscal year as mandated by Oregon budget law. Budget law provides that the Board may increase the Budget Committee recommended budget by a maximum of ten percent. All Urban Renewal Agency funds meet this provision.
Resolution No. 17-4 URA sets an Urban Renewal Agency expenditure budget of $77,729,550 plus an unappropriated ending balance of $11,943,570 for a total requirements budget of $89,673,120.
Kelley Jacobs
Budget Officer
Attachments:
1. Urban Renewal Agency of the City of Salem FY 2017-18 Agency Board Amendments Summary
2. Urban Renewal Agency of the City of Salem FY 2016-17 Carryovers for the FY 2017-18 Budget
3. Resolution No. 17-4 URA
4. Resolution No. 17-4 URA, Exhibit A