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City of Ashland, Oregon / City Recorder / City Council Information / Packet Archives / Year 2005 / 06/21 / PH Suppl. Budget

PH Suppl. Budget

Council Communication

A Public Hearing and a Resolution Adopting a Supplemental Budget for FY 2004-05, a Resolution Authorizing an Inter-fund Loan to the Community Development Block Grant Fund from the General Fund and a Resolution Authorizing an Inter-fund Loan to the Street Fund from the Wastewater Fund

Meeting Date: June 21, 2005 Primary Staff Contact: Lee Tuneberg, 552-2003 tuneberl@ashland.or.us
Department: Finance Secondary Staff Contact: N/A
Contributing Departments: N/A
Approval: Gino Grimaldi

Statement:
This resolution changes the FY 2004-05 Budget and keeps the City in compliance with Oregon Budget Law.
0
Background:
Adjusts the FY 2004-05 budget for unforeseen events including
A. Provides funding from the General Fund to the CDBG Fund to repay the Housing and Urban Development department for block grant monies used to construct The Grove in 1998 thus releasing limitations on its use. The funds are in the form of a loan until such time as proceeds from the sale of City property repays the loan. This change provides more flexibility in use of The Grove to meet community needs.
B. Provides funding from the Wastewater Fund to the Street Fund to acquire property at the intersection of North Main and Hersey Street allowing intersection improvements and street realignment to increase traffic safety.
C. Provide additional appropriations in the Water Fund by recognizing higher Carry Forward from FY 2003-04 needed due to added costs for capital projects that have shifted between years and construction bids for the main feeder line between the treatment plant and Reeder reservoir exceeding estimates and the budget.
D. Provide a subsidy from the Electric Fund's Carry Forward to the Telecommunications Fund to provide sufficient cash to pay interest expenses due July 15, 2005.

There are three ways in which to change appropriations after the Budget is adopted.
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.

This is the second supplemental request for FY 2004-05.

Repayment of the two loans will be made with interest calculated at the higher rate recorded for the Local Government Investment Pool on the date of borrowing or as of the date repaid. This is consistent with the City's previous borrowing terms.

Attached is the notice published in the local paper on June 14, 2005.

0
Council Options:
Council may accept this supplemental budget and inter-fund loan request as presented, recommend modifications as discussed or defer acceptance (takes no action) awaiting further information or clarification.
0
Staff Recommendation:
Staff recommends acceptance of this request and adoption of the attached resolutions.
Potential Motions:
Council moves to adopt the supplemental budget resolution, amending the FY 2004-05 budget and authorizing internal loans as requested.
0
Attachments:
• "A Resolution Adopting a Supplemental Budget Establishing Appropriations within the 2004-2005 Budget."
• "A Resolution Authorizing an Interfund Loan to the Community Development Block Grant Fund from the General Fund."
• "A Resolution Authorizing an Interfund Loan to the Street Fund from the Wastewater Fund."

Click on the PDF file link below to view the following attachments:
   • Notice printed in newspaper






Download File
Budget Public Hearing Attachments.pdf
(63.2KB)		  

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