TO: Urban Renewal Agency Board
FROM: Steve Powers, Executive Director
SUBJECT:
title
Fiscal Year 2017-18 Urban Renewal Agency Financial Report
Ward(s): All Wards
Councilor(s): All Board Members
Neighborhood(s): All Neighborhoods
end
ISSUE:
Approve the Fiscal Year 2017-18 Urban Renewal Agency Financial Report.
RECOMMENDATION:
recommendation
Approve and forward to City Council the Urban Renewal Agency Financial Report for FY 2017-18.
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 2017-18 and budgeted in FY 2018-19.
2. The debt service payments made in FY 2017-18 and budgeted in FY 2018-19.
3. The amount of debt issued in FY 2017-18 and budgeted in FY 2018-19.
4. The amount and purpose of actual expenditures in FY 2017-18, and budgeted expenditures in FY 2018-19.
5. An analysis of the impact, if any, of the urban renewal plan on the tax collections for FY 2017-18 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-2018.pdf>
|
|
ORS 457 |
Actual |
Budget |
|
|
Requirement |
2017-18 |
2018-19 |
|
Debt Service Fund |
|
|
|
|
Beginning balance |
|
$ 18,613,088 |
$ 7,773,830 |
|
Tax increment revenue received |
1 |
12,729,845 |
13,872,330 |
|
Debt service expenditures |
2 |
(23,985,062) |
(17,782,780) |
|
Refunding debt |
|
- |
|
|
Other revenue sources |
|
348,969 |
141,000 |
|
Other expenditures |
|
- |
- |
|
Ending balance |
|
$ 7,706,840 |
$ 4,004,380 |
|
|
|
|
|
|
Improvements Fund |
|
|
|
|
Beginning balance |
|
$ 21,490,166 |
$ 38,460,320 |
|
Debt issuance proceeds received |
3 |
23,113,000 |
16,977,920 |
|
Improvement expenditures |
4 |
(10,055,301) |
(60,541,970) |
|
Other revenue sources |
|
1,104,816 |
5,103,730 |
|
Ending balance |
|
$ 35,652,681 |
$ - |
The table below meets requirement 5 and shows FY 2017-18 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