Resolution No. 04-44 CITY OF TIGARD,OREGON
RESOLUTION NO.04-_±-f-
A RESOLUTION OF THE CITY OF TIGARD ADOPTING A SUPPLEMENTAL BUDGET FOR FISCAL YEAR
2003-04,MAKING APPROPRIATIONS AND CREATING A STREET MAINTENANCE FEE FUND
WHEREAS, a Street Maintenance Fee was established by the Tigard City Council on November 18,2003 and a
separate fund needs to be established to track the revenues and expenditures for this dedicated fee;and
WHEREAS,the newly created Street Maintenance Fee Fund needs to reimburse the Central Services Fund for the
initial setup costs for the billing of the Street Maintenance Fee;and
WHEREAS, projected expenditures for certain capital projects in the Facility Fund, Sanitary Sewer Fund, and
Underground Utility Fund will exceed current appropriations;and
WHEREAS,the City issued a Bancroft bond in December 2003 for the Dartmouth LID and the first interest payment
was due May 2004 and was not included in the FY 2003-04 Adopted Budget;and
WHEREAS,the City has received unanticipated early payoffs on other assessments which will allow the City to call
the 1993-B Refunding bond early and save the City over$10,000 in future interest payments;and
WHEREAS,Oregon Budget Law requires the adoption of a supplemental budget when certain conditions require a
change in appropriations and when a new fund is created during the fiscal year.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: The Council adopts the supplemental budget for FY 2003-04,per attached Exhibit A.
SECTION 2: The Street Maintenance Fee Fund is established to account for the revenues and expenditures of the
Street Maintenance Fee.
SECTION 3: This resolution is effective immediately upon passage.
PASSED: This day of SIL p 2004.
Mayor:3Xy of Tigard
ATTEST:
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Greer A.Gaston,Deputy City Recorder
RESOLUTION NO.04-
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FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 Supplemental FY 2003-04
Current Budget Revised
Bud et Amount Budget
Street Maintenance Fee Fund
Resources
Beginning Fund Balance $0 $0 $0
Street Maintenance Fee 0 200,000 200,000
Total Resources $0 $200,000 $200,000
Requirements
Program Expenditures Total $0 $0 $0
Transfers to Other Funds $0 $5,000 $5,000
Total Requirements $0 $5,000 $5,000
Ending Fund Balance $0 $195,000 $195,000
Total Requirements $0 $200,000 $200,000
The Street Maintenance Fee Fund is being created to track the revenues and expenditures
for the Street Maintenance Fee that was approved through Ordinance No.03-10 by the City
Council on November 18,2003. For single and multi-family units,the fee is$2.18 per unit per
month. Non-residential customers pay$0.78 per parking space. Gasoline stations pay
$0.78 per fueling pump station.
This fee provides a stable source of revenue designated for use in the maintenance of existing
streets. This includes applying new street surfaces such as slurry seals,pavement overlays,
and repairing deteriorating streets. The City began billing for the fee in April,2004.
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FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 Supplemental FY 2003-04
Current Budget Revised
Budget Amount Budget
Central Services Fund
Resources
Beginning Fund Balance $523,050 $0 $523,050
Interest Earnings 10,461 0 10,461
Transfers In from Other Funds 4,458,623 5,000 4,463,623
Total Resources $4,992,134 $5,000 $4,997,134
Requirements
Policy&Administration Program 3,609,741 3,609,741
General Government 394,920 394,920
Program Expenditures Total $4,004,661 $0 $4,004,661
Transfers to Other Funds $73,614 $73,614
Contingency $257,334 $257,334
Total Requirements $4,335,609 $0 $4,335,609
Ending Fund Balance $656,525 $5,000 $661,525
Total Requirements $4,992,134 $51000 $4,997,134
The City Council approved a Central Services Fund Contingency transfer in the amount of$5,000
for the implementation of the Street Maintenance Fee billing in March,2004. The intent was
that the Central Services Fund would be reimbursed for this cost once the Street Maintenance
Fee fund was established and the City began billing for the fee. This transfer reimburses
the Central Services for the billing setup costs.
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FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 Supplemental FY 2003-04
Current Budget Revised
Budget Amount Budget
Sanitary Sewer Fund
Resources
Beginning Fund Balance $8,388,092 $8,388,092
Interagency Revenues 15,000 15,000
Utiltity Fees and Charges 1,530,310 214,700 1,745,010
Interest Earnings 167,762 167,762
Other Revenues (5,000) (5,000)
Total Resources $10,096,164 $214,700 $10,310,864
Requirements
Public Works Program $627,883 $627,883
Program Expenditures Total 627,883 0 627,883
Capital improvements $1,136,300 $214,700 $1,351,000
Transfers to Other Funds 290,353 290,353
Contingency 68,000 68,000
Total $2,122,536 $214,700 $2,337,236
Ending Fund Balance 7,973,628 0 7,973,628
Total Requirements $10,096,164 $214,700 $10,310,864
The Capital Improvement Program(CIP)in the Sanitary Sewer Fund includes the City's
Neighborhood Sewer Extension Program. Under the program,the City installs public sewers
to each lot within a reimbursement district that is formed and the owners reimburse the City
for a fair share of the cost of the public sewer at the time of connection to the sewer.
Because of expanded activity and the additional work that was required on certain projects under
the program,additional appropriations are needed to meet the expected expenditure levels.
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FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 1 Supplemental FY 2003-04
Current Budget Revised
Budget Amount Budget
Facility Fund
Resources
Beginning Fund Balance $11,703,778 $350,000 $12,053,778
Interest Earnings 234,076 234,076
Transfers In from Other Funds 775,485 775,485
Total Resources $12,713,339 $350,000 $13,063,339
Requirements
Capital improvements $7,387,380 $1,540,000 $8,927,380
Transfers to Other Funds 568,000 568,000
Contingency 1,190,000 (1,190,000) 0
Total $9,145,380 $350,000 $9,495,380
Ending Fund Balance 3,567,959 3,567,959
Total Requirements $12,713,339 $350,000 $13,063,339
Because of favorable weather and construction conditions,the completion of the new library
is ahead of schedule. The FY 2003-04 Adopted Budget was developed based upon a more extended
construction period. Given the shortened schedule,additional appropriations are needed for the
project in order to make payments to contractors and vendors as work is completed.
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FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 Supplemental FY 2003-04
Current Budget Revised
Budget Amount Bud et
Bancroft Debt Service Fund
Resources
Beginning Fund Balance $1,012,697 $1,012,697
Interest Earnings 177,973 24,175 202,148
Bancroft Collections 2,518,017 125,825 2,643,842
Total Resources $3,708,687 $150,000 $3,858,687
Requirements
Debt Service $3,052,820 $150,000 $3,202,820
Total $3,052,820 $150,000 $3,202,820
Ending Fund Balance 655,867 0 655,867
Total Requirements $3,708,687 $150,000 $3,858,687
When the Dartmouth Avenue Local improvement District(LID)was finalized and the properities
assessed in 1998,two of the property owners protested the amounts assessed to their
properties. In September 2003,the Court ruled in favor of the City of Tigard regarding the
final assessments. After the ruling,the property owners requested Bancroft financing by signing
installment agreements to pay their assessments over time. The City then issued a Bancroft
bond in December 2003 to retire the bond anticipation note,which had been outstanding since
the Dartmouth LID was finalized,and to finance the assessments for the property owners.
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The property owners will make semi-annual payments in April and October of each year
until the assessment has been paid off. The City's first interest payment on the Bancriot bond is due in
May 2004. This Bancroft bond was not included in the FY 2003-04 Budget as the City could not predict
C when or if the lawsuit would be settled,if the Court would rule in favor of the City,and whether or not
the property owners would request Bancroft financing or pay off the assessments in lump sum.
In addition to the assessment payments for Dartmouth,the City has also received
3 unanticipated early pay-offs on other assessments. These early pay-offs will allow the
City to call the 1993-B Refunding bond early. By calling this bond now,the City will save over
$10,000 in future interest payments.
FY 2003-04
Supplemental Budget
Schedule of Appropriations
Exhibit A
FY 2003-04 1 Supplemental FY 2003-04
Current Budget Revised
Bud st Amount Budget
Underground Utility Fund
Resources
Beginning Fund Balance $387,954 $387,954
Utiltity Fees and Charges 47,530 47,530
Interest Eamings 7,759 7,759
Total Resources $443,243 $0 $443,243
Requirements
Capital Improvements $105,000 $10,000 $115,000
Contingency 15,000 (10,000) 5,000
Total $120,000 $O $120,000
Ending Fund Balance 323,243 323,243
Total Requirements $443,243 $O $443,243
The Capital Improvement Program(CIP)includes two major projects;Gaarde Street Phase 2
and Walnut Street(135th to 121st Ave). The Walnut Street project was not anticipated
in the FY 2003-04 Budget. Under the Major Street Transportation Improvement Program(MSTIP),
Washinaton County accelerated the schedule on this project which required the City to begin
work on this project during the current fiscal year.
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