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 Board Members
Neighborhood(s): All Neighborhoods
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ISSUE:
Shall the Urban Renewal Agency Board approve and provide to City Council the Urban Renewal Agency’s Financial Report for Fiscal Year 2016-17?
RECOMMENDATION:
recommendation
Approve and provide to City Council the Urban Renewal Agency Financial Report for FY 2016-17.
body
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.
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 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 at:
<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