Res. 2241 - Supplemental Budget for Interagency Loan to URA COUNCIL BILL NO. 3268
RESOLUTION NO. 2241
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET AND APPROVING TRANSFER
$1,360,000 FROM CONTINGENCY TO TRANSFERS OUT IN THE GENERAL FUND FOR THE
INTERAGENCY LOAN TO THE URBAN RENEWAL AGENCY
WHEREAS, on June 10, 2024, the Woodburn City Council approved
Resolution No. 2232 adopting a budget for the fiscal year 2024-2025, wherein
funds were appropriated; and
WHEREAS, ORS 294.463(3) permits "transfers of appropriation or of
appropriations and an equal amount of budget resources may be made
between funds of the municipal corporation when authorized by ordinance or
resolution of the governing body"; and
WHEREAS, ORS 294.471 (1)(a) permits supplemental budgets when "an
occurrence or condition which has 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 a governing body to hold a public hearing
on a 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, no public hearing was required for this supplemental budget
because the estimated expenditures contained in it are less than the threshold
amount specified by ORS 294.473(a)(a)
WHEREAS, the transfers contained herein are made pursuant to ORS
294.463; NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That pursuant to the applicable ORS provisions cited above,
the City Council hereby adopts the recommendation in the staff report attached
and incorporated by reference herein, to approve the transfers of appropriations
and supplemental budget for FY 2024-25 in the amounts shown in the summary
below:
Page 1 --COUNCIL BILL NO.3268
RESOLUTION NO. 2241
SUMMARY OF PROPOSER BUDGET CHANGES
AMOUNTS SHOWN ARE REVISED TOTALS IN THOSE FUNDS BEING MODIFIED
General Fund-001
Resource Original Change Revised Requirement Original Change Revised
1 Beg.Func 13,450,490 13,450,4901 Operating Expenses 21,640,040 21,640,040
2 Revenues22,005,890 22,005,890 Transfers Out 1,962,600 1,360,000 3,322,600
Contingency&Reserve 11,853,740 (1,360,000) 10,493,740
Revised Total Fund Resources 35,456,380 Revised Total Fund Requirements 35,456,3$0
Comments:Inter-agency Loan from City's Genera!Fund to Purchase Young Street Property
Approved as to form: l Z� ZD2ff
City Att ney Date
Approved: '_ - ( `l
Frank Lonergdn, Mayor
Passed by the Council Oc " `42-
Submitted to the Mayorc�M - `
Approved by the Mayor
Filed in the Office of the Recorder
i � F
ATTEST: i/1 / V
Heather Pierson City Recorder
City of Woodburn, Oregon
Page 2-COUNCIL BILL NO.3268
RESOLUTION NO. 2241