TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kacey Duncan, Deputy City Manager
SUBJECT:
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FY 2018 Supplemental Budget 1 - Salem Convention Center Fund Budget
Ward(s): All Wards
Board Member(s): All Board Members
Neighborhood(s): All Neighborhoods
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ISSUE:
Shall the Agency Board increase expenditure appropriation authority and revenues in the amount of $350,000 for the Salem Convention Center Fund Budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 18-8 approving the Urban Renwal Agency FY 2018 Supplemental Budget 1 for the Salem Convention Center Fund, increasing expenditure appropriation authority and revenues in the amount of $350,000.
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SUMMARY AND BACKGROUND:
The Urban Renewal Agency of the City of Salem owns the Salem Convention Center and has an agreement with Salem Group LLC for its operation. City staff prepare a budget for the Convention Center, which is approved by the Urban Renewal Agency Board during the annual budget process. Each year, net program income from the operation of the Convention Center is transferred from the Convention Center Fund to the Convention Center Gain / Loss Reserve Fund. This transfer is anticipated as part of the budget. In the current fiscal year, the program income required to be transferred is larger than anticipated in the budget. To facilitate the transfer of the program income to the Convention Center Gain / Loss Reserve Fund, it is necessary to increase appropriation authority through a supplemental budget.
FACTS AND FINDINGS:
ORS 294,471(1)(a) provides for the adoption of a supplemental budget when a condition which had not been ascertained at the time of budget preparation requires a change in financial planning.
Supplemental Budget 1 for FY 2018 includes recommended expenditure appropriation and revenue adjustments to allow for the unanticipated transfer to the Gain / Loss Reserve. Adoption of Resolution No. 18-8 URA (attachment 1 to this staff report) will provide the needed budget authority for the transfer.
Josh Eggleston
Management Analyst
Attachments:
1. Resolution No. 18-8 URA
2. Resolution No. 18-8 URA, Exhibit A
3. Resolution No. 18-8 URA, Exhibit B