[Council Communication]  [Attachments]

Council Communication

Title:	A Public Hearing and Resolution Adopting a Supplemental Budget for FY 2003-2004.
Dept:	Finance Department
Date:	June 15, 2004
Submitted By:	Lee Tuneberg, Finance Director
Approved By:	Gino Grimaldi, City Administrator

Synopsis:	A Public Hearing and a resolution are needed to adjust the FY 2003-04 Budget and keep the City in compliance with Oregon Budget Law. The original legal notice did not anticipate a public hearing since the proposed changes were below the minimum criteria. However, late developments in the availability of money from HUD to purchase properties through the Community Development Block Grant Fund elevated the requirements causing a second legal notice and public hearing. Staff recommends that the fund adjustments listed in both ads be dealt with in the public hearing to assure maximum public exposure.
Recommendation:	Staff recommends approval of the attached resolution.
Fiscal Impact:	Adjusts the FY 2003-2004 budget for unforeseen events including unanticipated revenues and corresponding expenses as follows: 0 a. Appropriates for a donation to the Senior Program of the General Fund by the Soroptimists to provide emergency reimbursement to senior citizens for health care "shortfalls." b. Appropriates for the expenses related to helicopter logging in the interface areas funded by the revenue generated at the mill for logs transported. c. Adjusts the Electric Fund appropriations to facilitate the supplemental budget needed in the Telecommunications Fund, providing additional borrowing authority to resolve cash flow shortfalls if needed at the end of the fiscal year. Lending of the cash will only be done if, and to the extent necessary. d. Appropriates for additional internal borrowings if needed in the Telecommunications Fund at the end of the fiscal year ensuring a positive cash balance for the fund and to remain compliant with generally accepted accounting principles. Borrowing of the cash will only be done if, and to the extent necessary. e. Appropriates for capital outlay in the Community Development Block Grant Fund to acquire two properties for use in the Affordable Housing program.
Background:	There are three ways in which to change appropriations after the Budget is adopted. 0 1. A transfer of appropriations decreases an appropriation and increases another. This is the simplest budget change allowed under Oregon Budget law. This does not increase the overall budget. This is approved by a City Council resolution. 2. A supplemental budget of less than 10 percent of total appropriations within an individual fund follows a process similar to the transfer of appropriations. 3. A supplemental budget in excess of 10 percent of total appropriations requires a longer process. This process includes a notice in the paper and a public hearing. The third type of budget change is necessary and has been duly advertised and noticed. Attached is a resolution for your approval. The recommended changes in the budget are explained after each request. Attached are the notices published in the local paper on June 9 and 10, 2004.
Attachments:	•   Proposed Resolution •   Published Notices

End of Document - Back to Top