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1 Ogden Redevelopment Agency Meeting: November 15, 2016 FY2017 BUDGET AMENDMENT ($900,000) – Revenue Transfer from City ($900,000) – Appropriations Capital Outlay – Land ($900,000) 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 $900,000. The budget amendment recognizes loan proceeds from a transfer from Ogden City (BDO Lease Revenue - $900,000) and appropriates the 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. 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. ---PAGE BREAK--- 2 Ogden Redevelopment Agency Meeting: November 15, 2016 Proposal The proposal is to amend the FY2017 budget to provide for additional revenues in the amount of $900,000 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 Transfer from City $ 900,000 From BDO Lease Revenue Sub-Total $ 900,000 TOTAL $ 900,000 Summary of Appropriations Notes Fund/ Source Amount Total RDA Capital Outlay - Land $ 900,000 Future Land Purchase Sub-Total $ 900,000 TOTAL $ 900,000 BDO Lease Revenue funds were transferred from Retained Earnings and represent funds that exceeded the FY2016 budgeted revenues. 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--- 2016-23 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---