TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Transfer of appropriations within the City’s Fiscal Year 2024 Budget for unanticipated changes.
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Safe, Reliable and Efficient Infrastructure; Strong and Diverse Economy
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SUMMARY:
summary
An appropriations transfer is needed to move forward with the internal loan between the Utility and Airport funds to purchase and improve property adjacent to the Salem Municipal Airport for parking.
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ISSUE:
Shall the City Council adopt Resolution No. 2023-28 authorizing a transfer of appropriations within the City’s fiscal year 2024 budget for unanticipated changes?
RECOMMENDATION:
recommendation
Adopt Resolution No. 2023-28 authorizing a transfer of appropriations within the City’s fiscal year 2024 budget for unanticipated changes.
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FACTS AND FINDINGS:
Utility Fund and Capital Improvements Fund
FOR: Transfer authority for Airport property acquisition and improvements related to parking at the Salem Municipal Airport.
FROM: Utility Fund, Non-Divisional, Contingency, 310-58104000-61110, $1,839,000
TO: Utility Fund, Non-Divisional, Transfers to other funds, 310-58104000-62110, $1,839,000
ADD: Capital Improvements Fund, Airport Construction, Interfund transfers, 255-64903000-39110, $1,839,000
ADD: Capital Improvements Fund, Airport Construction, Land, 255-64903000-55110, $1,431,000
ADD: Capital Improvements Fund, Airport Construction, Construction contracts, 255-64903000-52620, $408,000
This action will provide immediate funding for Public Works to begin updating the newly acquired parking area to support increased activity due to commercial area service.
BACKGROUND:
In August of 2023, the City had the opportunity to purchase property adjacent to the Salem Municipal Airport which would provide additional capacity for parking which is needed due to commercial air service and airport activity and includes over 7,000 square feet of office space that can be used for administrative and other purposes. Funding for this transfer comes from an internal loan between the City’s Utility Fund and Airport Fund. Loan proceeds will pay for the land, associated taxes, and closing costs as well as improvements including sidewalk construction, purchasing kiosks, restriping of parking spaces, and mechanical system repair.
Kelli Blechschmidt
Management Analyst II
Attachments:
1. Resolution No. 2023-28