TCDA Resolution No. 23-02 CITY OF TIGARD, OREGON
TIGARD TOWN CENTER DEVELOPMENT AGENCY
RESOLUTION NO. 23- 40,2
A RESOLUTION TO ADOPT THE FY 2023 THIRD QUARTER BUDGET SUPPT.FMENTAL
INCLUDING BUDGET ADJUSTMENTS TO TOWN CENTER DEVELOPMENT AGENCY (TCDA)
URBAN DEVELOPMENT.
WHEREAS, the TCDA acknowledges those items that were unknown at the time the FY 2023 budget was
adopted;and
WHEREAS,the TCDA recognizes approximately$450,000 of unanticipated budget in operations and transfers;
and
WHEREAS,the increase in budget is offset by$450,000 reduction in reserves for future expenditures.
NOW,THEREFORE,BE IT RESOLVED by the Tigard Town Center Development Agency that:
SECTION 1: The FY 2022-23 budget is hereby amended Q3 Supplemental Summary Exhibit A.
SECTION 2: This resolution is effective immediately upon passage.
PASSED: This q 1-1-- day of -7124 Lj 2023.
0441(20
TCDA Chair
AITEST:
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TCDA Recorder
RESOLUTION NO.23-O ?
Page 1
Exhibit A
Q3TCDA01
New request for additional funds in Urban Renewal City Center Capital Improvements(940).Additional change orders at Universal Plaza
have resulted in a total increase in funding required,while there is some contract savings within the project this request will provide a
transfer of available funds to the City Center Capital Improvement fund,from the City Center Debt Service fund.This will reduce the
reserve for future expenditures in the Debt Service fund.Adequate funds and budget authority is currently available in the fund, however
the additional appropriation is needed to ensure all projects in progress will not exceed the scheduled appropriation balance.
Fund l of 1 Q3
City Center Capital Improvements
Resources
Beginning Fund Balance $4,392,128 $- $4,392,128
Property Taxes $- $- $-
Franchise Fees $- $- $-
Special Assessments $- $- $-
Licenses&Permits $- $- $-
Intergovernmental $1,818,000 $- $1,818,000
Charges for Services $- $_ $-
Fines&Forfeitures $- $- $_
Interest Earnings $10,868 $- $10,868
Miscellaneous $- $- $-
Other Financing Sources $900,000 $- $900,000
Transfers In from Other Funds $349,500 $450,000 $799,500
Total Resources $7,470,496 $450,000 $7,920,496
Requirements
Capital Improvements $6,520,000 $450,000 $6,970,000
TCDA $394,500 $- $394,500
$- $- $-
$- $- $-
Program Expenditures Total $6,914,500 $450,000 $7,364,500
Debt Service $- $_ $-
Loan to TCDA $_ $- $-
Work-In-Progress $- $-
Transfers to Other Funds $- $- $_
Contingency $_ $- $-
Total Budget $6,914,500 $450,000 $7,364,500
Reserve For Future Expenditure $555,996 $- $555,996
Total Requirements $7,470,496 $450,000 $7,920,496
Exhibit A
O3TCDA01
New request for additional funds from Urban Renewal City Center Debt Service(945).Additional change orders at Universal Plaza have
resulted in a total increase in funding required,while there is some contract savings within the project this request will provide a transfer
of available funds to the City Center Capital Improvement fund,from the City Center Debt Service fund.This will reduce the reserve for
future expenditures.
Fund 1 of 1 Q3
City Center Debt Service
Resources
Beginning Fund Balance $852,751 $- $852,751
Property Taxes $773,146 $- $773,146
Franchise Fees $- $- $-
Special Assessments $- $- $-
Licenses&Permits $- $- $-
Intergovernmental $- $- $-
Charges for Services $- $- $-
Fines&Forfeitures $- $- $-
Interest Earnings $2,132 $- $2,132
Miscellaneous $- $- $-
Other Financing Sources $- $- $-
Transfers In from Other Funds S- 5- 5-
Total Resources $1,628,029 $- $1,628,029
Requirements
$- $- $-
$- $- $-
$- $- $-
5- $- $-
Program Expenditures Total $- $- $-
Debt Service $540,000 $- $540,000
Loan to TCDA $- $- $-
Work-In-Progress $- $- $-
Transfers to Other Funds $349,500 $450,000 $799,500
Contingency 5- 5- $-
Total Budget $889,500 $450,000 $1,339,500
Reserve For Future Expenditure $738,529 $(450,000) $288,529
Total Requirements $1,628,029 $- $1,628,029