URA Resolution 2024-03 -Supplemental Budget for land purchase WOODBURN URBAN RENEWAL AGENCY RESOLUTION NO. 2024-03
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET AND APPROVING
APPROPRIATION OF $1,360,000 FOR THE PURCHASE OF LAND AND A TRANSFER OF
APPROPRIATION AUTHORITY FROM CONTINGENCY TO DEBT SERVICE OF $90,100 IN THE
URBAN RENEWAL FUND. THE REVENUE FOR THE PURCHASE OF THE LAND WILL BE
THROUGH AN INTERAGENCY LOAN FROM THE GENERAL FUND
WHEREAS, on June 10, 2024, the Woodburn Urban Renewal Agency
approved Resolution No. 2024-01 adopting a budget for the fiscal year 2024-
2025, wherein funds were appropriated; and
WHEREAS, ORS 294.463(1) permits "transfers of appropriations" within
any fund "when authorized by official resolution or ordinance of the
governing body'; and
WHEREAS, ORS 294.463(2) limits "transfers of general operating contingency
appropriations to no more than fifteen (15) percent of the total
appropriations of the fund" unless adopted pursuant to a supplemental
budget; and
WHEREAS, transfers made pursuant to any of the above must state the
need for the transfer, the purpose for the authorized expenditure, and the
amount of the appropriafion transferred; and
WHEREAS, ORS 294.471 (1)(a) permits supplemental budgets when "an
occurrence of condition which had not been ascertained at the time of the
preparation of a budget for the current year or current budget period
which requires a change in financial planning"; and
WHEREAS, ORS 294.473 requires the governing body to hold a public
hearing on the supplemental budget when the estimated expenditures
contained in the supplemental budget for fiscal year or budget period
differ by ten (10) percent or more of any one of the individual funds
contained in the regular budget for that fiscal year; and
WHEREAS, the supplemental budget appropriation amount and
transfer authority proposed herein exceeds the above-sfafed statutory
thresholds thus requiring a public hearing; and
WHEREAS, at a regularly scheduled meeting of the Urban Renewal Agency,
on October 28, 2024, a public hearing was held on the supplemental budget
changes summarized below and notice of the hearing was published at least five
Page I of 2 - RESOLUTION NO. 2024-03
days prior to the meeting; and
WHEREAS, the transfers contained herein are made pursuant to ORS
294.463; NOW,THEREFORE,
THE CITY OF WOODBURN URBAN RENEWAL BOARD RESOLVES AS FOLLOWS:
Section 1. That pursuant to the applicable ORS provisions cited above,
the City of Woodburn Urban Renewal Board hereby adopts the
recommendafion in the Staff Report attached and incorporated by
reference herein, to approve the applicable transfer and supplemental
budget for FY 2024-25 in the amounfs listed below.
SUMMARY OF PROPOSED BUDGET CHANGES
AMOUNTS S40WN ARE REVISED TOTALS IN THOSE FUNDS BEING MODIFIED
Urban Renewal Agency Fund-720
Resource Original Change Revised Requirement Original Change Revised
1 Seg,Fznc 583,130 683,130 Operating Expenses 676,680 1,360,000 2,036,680
2 Revenues 1,187,450 1,360,000 2,547,460 Debt Service 335,860 90,100 425,960
Transfers Out 0
Contingency&Reserve 858,050 (90,100) 767,950
Revised Total Fund Resources 3,23D,59fl Revised Total Fund Requirements 3,230,590
Comments.•Infer-ogency Loon from City's Geoeraf Fund to Purchose Young 5"Met Froperry
Approved as to Form:
City rney Date
Approved. ?"L�
I 9'1- .�
Frank Lon gan, Chairman RA Board
Passed URA Board: C bs--r;�qJ; L^";;zy
Submitted to the Chairman: a6iqb�r Al
Approved by the Chairman: � c,r36;521.,Z.y
Filed in the Office of the Recorder Oh��< r I-!
ATTEST: tQ.A-5'Y-- �.
Heather Pierson, City Recorder
City of Woodburn, Oregon
Page 2 of 2- RESOLUTION NO. 2024-03