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1 Ogden Redevelopment Agency Meeting: November 15, 2016 FY2017 BUDGET AMENDMENT ($2,050,000) – Revenue Sanitary Sewer Interfund Loan ($912,000) Loan Proceeds CBD Mall RDA Area ($1,138,000) – Appropriations Capital Outlay – Land (<$1,138,000>) Interfund Loans to RDA Gen ($1,138,000) Action: Set or Not Set Public Hearing for December 6, 2016 Executive Summary The Board will consider setting a public hearing on a Resolution that authorizes budget amendments totaling $2,050,000. The budget amendment recognizes loan proceeds from the Sanitary Sewer Fund and CBD Mall RDA Area. The budget amendment appropriates funds for a future property purchase. Background During the fiscal year, the Board entertains requests for budget adjustments to allow for the following: 1. Entering grant or other special purpose revenues into the budget prior to expenditure. 2. Making mid-course corrections to avoid budget overruns. 3. Forwarding encumbrances from the previous fiscal year. 4. Other items dealing with special circumstances or opportunities. The Uniform Fiscal Procedures Act for Utah Cities requires that a public hearing be held on all budget adjustments where the budget of one or more funds is increased. (Utah Code Ann. §10-6-127.) Notice of the public hearing must be given seven days prior to the hearing. (Utah Code Ann. §10-6-113.) For year- end adjustments, the hearing must be held before June 30. November 1, 2016 A transmittal outlining the Administration’s request for a budget adjustment was received in the Agency Board offices. ---PAGE BREAK--- 2 Ogden Redevelopment Agency Meeting: November 15, 2016 November 15, 2016 The Board will review the proposed budget amendment prior to the regular meeting. The Board will consider setting a public hearing on the proposed budget amendment for December 6, 2016. Proposal The proposal is to amend the FY2017 budget to provide for additional revenues in the amount of $2,050,000 not previously anticipated and to appropriate the additional funds for various expenditures. A summary of the Revenues and Appropriations is shown below: Summary of Revenues Notes Fund/ Source Amount Total RDA Interfund Loan Proceeds $ 912,000 From Sanitary Sewer Loan Proceeds - CBD Mall $ 1,138,000 From Developer Loan Repayment Sub-Total $ 2,050,000 TOTAL $ 2,050,000 Summary of Appropriations Notes Fund/ Source Amount Total RDA Capital Outlay - Land $ 2,050,000 Future Land Purchase Sub-Total $2,050,000 CBD Mall Area Return to Fund Balance $ (1,138,000) From Developer Loan Repayment Interfund Loans to RDA General $ 1,138,000 Sub-Total $ - TOTAL $ 2,050,000 Questions Please review the proposed budget amendment and highlight the revenues and expenditures. Council Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- 2016-22 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---