TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Robert Barron, Chief Financial Officer
SUBJECT:
title
FY 2020 Urban Renewal Agency of the City of Salem budget.
Ward(s): All Wards
Board Member(s): All Board Members
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance; Natural Environmental Stewardship; Safe Community; Safe, Reliable and Efficient Infrastructure; Strong and Diverse Economy; Welcoming and Livable Community.
end
ISSUE:
Shall the Urban Renewal Agency Board, through Resolution No. 19-3 URA, adopt the FY 2020 Urban Renewal Agency of the City of Salem budget?
RECOMMENDATION:
recommendation
Approve Resolution No. 19-3 URA adopting the FY 2020 Urban Renewal Agency of the City of Salem budget.
body
SUMMARY:
Resolution No. 19-3 URA and Exhibit A (Attachments 1 and 2) establish a total requirements budget of $99,346,690.
Working Capital: $52,262,880 Expenditures: $93,454,340
Revenues: $47,083,810 Unappropriated
Ending Fund Balance: $ 5,892,350
Total Resources: $99,346,690 Total Requirements: $99,346,690
Urban Renewal Agency of the City of Salem FY 2020 Agency Board Amendments Summary (Attachment 3) provides a financial summary of all budget changes made since the Budget Committee’s recommendation of May 8, 2019, including proposed carryover expenses. Attachment 4 provides a detailed listing of the carryovers.
FACTS AND FINDINGS:
Proposed amendments to the Budget Committee’s recommendation of May 8, 2019, include carryovers from FY 2019 to FY 2020. For projects not completed or goods and services ordered, but not anticipated to be received, by June 30, 2019, it is necessary to carryover - or reappropriate - the funds to 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 10 percent. Staff reviewed each affected Urban Renewal Agency fund for compliance with this limitation.
Attachments:
1. Resolution 19-3 URA
2. Resolution 19-3 URA, Exhibit A
3. Urban Renewal Agency of the City of Salem FY 2020 Agency Board Amendments Summary
4. Urban Renewal Agency of the City of Salem FY 2019 Carryovers for the FY 2020 Budget