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Resolution No. 10-31 CITY OF TIGARD, OREGON TIGARD CITY COUNCIL RESOLUTION NO. 10--31_ A RESOLUTION OF THE CITY OF TIGARD ADOPTING THE BUDGET, MAKING APPROPRIATIONS, DECLARING THE AD VALOREM TAX LEVY, AND CLASSIFYING THE LEVY AS PROVIDED BY ORS 310.00(2) FOR FISCAL YEAR 2010-11.)j Lchn;cavi us- ,-men 1-9 CZd cLc t l-rin a� WHEREAS, two hearings by the Tigard Budget Committee on the budget document, as proposed by the City Manager, was duly called and held on May 3, 2010 and May 10, 2010, where all interested persons were afforded an opportunity to appear and be heard with respect to the budget; and WHEREAS, the budget for the City of Tigard for year beginning July 1, 2010 was duly approved and recommended to the City Council by the regularly constituted Budget Committee at its meeting on May 10, 2010, after proceedings in accordance with Chapter 294, Oregon Revised Statutes; and WHEREAS, a swan-nary of the budget as required by Chapter 294.416 was duly published in the Tigard Times, a newspaper of general circulation in the City in accordance with Chapter 294.421; and WHEREAS, a hearing by the Tigard City Council on the budget document as approved by the Budget Committee, was duly called and held on June 8, 2010, where all interested persons were afforded an opportunity to appear and be heard with respect to the budget, and NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that: SECTION 1: The Council adopts the budget for FY 2010-11 in the total amount of$109,159,053. SECTION 2: Of the total budget amount of$109,159,053, the City is appropriating $85,018,995 for the fiscal year beginning July 1, 2010 as shown in Attachment A- Schedule of Appropriations. SECTION 3: The City of Tigard City Council hereby imposes the taxes provided for in the adopted budget at the rate of $2.5131 per $1,000 of assessed value for general operations; and in the amount of $1,049,874 for bonds; and that these taxes are hereby imposed and categorized for tax year 2010-11 upon the assessed value of all taxable property in the City. General Government Limit General Fund $2.5131/$1,000 Excluded from Limit General Obligation Debt Fund $1,049,874 SECTION 4: This resolution is effective immediately upon passage. RESOLUTION NO. 10- Page 1 �L PASSED: This day of � 2010. c L Mayor - City of Tigard ATTEST: City Recd der- City of Tigard RESOLUTION NO. 10 3 Page 2 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted General Fund Policy and Administration 808,510 0 808,510 Community Development 2,877,507 68,734 2,946,241 Community Services 19,304,054 0 19,304,054 Public Works 4,469,686 80,003 4,549,689 Debt Service 0 0 0 Loan to CCDA 249,000 0 249,000 Transfer 842,956 20,000 862,956 Capital Improvements 0 0 0 Contingency 1,000,000 -81,534 918,466 29,551,713 87,203- 29,638,916 Gas Tax Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,986,472 0 1,986,472 Debt Service 531,000 33,000 564,000 Loan to CCDA 200,000 0 200,000 Transfer 475,622 0 475,622 Capital Improvements 3,930,211 257,704 4,187,915 Contingency 58,000 0 58,000 7,181,305 290,704 7,472,009 City Gas Tax Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 365,000 0 365,000 Loan to CCDA 0 0 0 Transfer 279,257 0 279,257 Capital Improvements 2,249,000 0 2,249,000 Contingency 0 0 0 2,893,257 0 2,893,257 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Electrical Inspection Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 175,000 0 175,000 Capital Improvements 0 0 0 Contingency 0 0 0 175,000 0- 175,000 Building Fund Policy and Administration 0 0 0 Community Development 1,011,736 0 1,011,736 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 94,031 0 94,031 Capital Improvements 0 0 0 Contingency 60,129 0 60,129 1,165,896 0 1,165,896 Criminal Forfeiture Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 15,000 0 15,000 Capital Improvements 0 0 0 Contingency 0 0 0 15,000 0 15,000 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Tree Replacement Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 150,000 0 150,000 Capital Improvements 0 0 0 Contingency 0 0 0 150,000 0- 150,000 Bancroft Debt Service Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 193,378 0 193,378 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 193,378 0 193,378 General Obligation Debt Service Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 976,383 0 976,383 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 976,383 0 976,383 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Facilities Capital Projects Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 4,450 0 4,450 Capital Improvements 113,320 0 113,320 Contingency 0 0 0 117,770 0. 117,770 Transportation Development Tax Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 36,403 0 36,403 Capital Improvements 0 0 0 Contingency 0 0 0 36,403 0 36,403 Traffic Impact Fee Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CODA 0 0 0 Transfer 313,408 0 313,408 Capital Improvements 0 0 0 Contingency 0 0 0 313,408 0 313,408 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Underground Utility Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 97,202 0 97,202 Capital Improvements 0 0 0 Contingency 0 0 0 97,202 a. 97,202 Street Maintenance Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 234,454 0 234,454 Capital Improvements 840,400 0 840,400 Contingency 0 0 0 1,074,854 0 1,074,854 Parks Capital Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CODA 0 0 0 Transfer 71,898 0 71,898 Capital Improvements 5,903,600 0 5,903,600 Contingency 0 0 0 5,975,498 0 5,975,498 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Parks SDC Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 281,848 0 281,848 Loan to CCDA 0 0 0 Transfer 2,409,263 0 2,409,263 Capital Improvements 0 0 0 Contingency 0 0 0 2,691,111 O. 2,691,111 Sanitary Sewer Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,033,269 35,000 1,068,269 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 196,289 0 196,289 Capital Improvements 829,667 0 829,667 Contingency 300,000 -35,000 265,000 2,359,225 0 2,359,225 - Stormwater Fund Policy and Administration 0 0 D Community Development 0 0 0 Community Services 0 0 0 Public Works 1,315,372 0 1,315,372 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 214,839 0 214,839 Capital Improvements 304,000 0 304,000 Contingency 270,000 0 270,000 2,104,211 0 2,104,211 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Water Quality/Quantity Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 0 0 0 0 0 0 Water Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 6,419,731 -85,393 6,334,338 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 3,910,366 0 3,910,366 Capital Improvements 0 0 0 Contingency 70,487 0 70,487 10,400,584 -85,393 10,315,191 Water SDC Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 25,000 0 25,000 Capital Improvements 0 0 0 Contingency 0 0 0 25,000 0 25,000 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Fleet/Property Management Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 1,536,501 56,190 1,592,691 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 Capital Improvements 0 0 0 Contingency 250,000 -28,000 222,000 1,786,501 28,190 - 1,814,691 Insurance Fund Policy and Administration 15,000 0 x5,000 Community Development 0 0 0 Community Services 0 0 0 Public Warks 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 200,000 0 200,000 Capital Improvements 0 0 0 Contingency 0 0 0 215,000 0 215,000 Library Donations and Bequests Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 100,000 0 100,000 Capital Improvements 0 0 0 Contingency 0 0 0 100,000 0 100,000 SCHED, ULE OF APPROPRIATIONS a Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted Water CIP Fund Policy and Administration 0 0 0 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 225,000 0 225,000 Loan to CCDA 0 0 0 Transfer 1,141,024 0 1,141,024 Capital Improvements 6,143,043 1,000,000 7,143,043 Contingency 0 0 0 7,509,067 1.,QOQ dUO' 8,509,067 Central Services Fund Policy and Administration 5,990,526 40,664 6,031,190 Community Development 0 0 0 Community Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfer 0 0 0 Capital Improvements 0 0 0 Contingency 580,000 -20,664 559,336 6,570,526 .20,000 6,590,526 SCHEDULE OF APPROPRIATIONS Budget Committee Council Fund Program Proposed Changes Approved Changes Adopted All Funds Policy and Administration 6,814,036 40,664 6,854,700 Community Development 3,889,243 68,734 3,957,977 Community Services 19,304,054 0 19,304,054 Public Works 16,761,031 85,800 16,846,831 Debt Service 2,572,609 33,000 2,605,609 Loan to CCDA 449,000 0 449,000 Transfer 10,986,462 20,000 11,006,462 Capita[ Improvements 20,313,241 1,257,704 21,570,945 Contingency 2,588,616 -165,198 2,423,418 83,678,291 1,340,704. 85,018,995 Amendment approved by the City Council Resolution No. 10-31 `technical Adjustments to the 2010- 11 Approved Budget Summary Below are a series of Technical Adjustments. The adjustments are caused by the tuning of the budget process. New information comes available after passing the Approved Budget and creates the opportunity to adopt a more precise budget. Each item below has a brief description and then details the change to the Schedule of Appropriations. Please note that each adjustment is presented with its impact, they are not cumulative. #1: Public Works: Property Management This division requires a carry-over amount of$10,000 from FY 2010 to FY 2011 for work that will occur after julyl, 2010. The money will be utilized for the seal coat and restripe of the Tigard Christian Church parking lot per the shared parking agreement. The budgetary change will increase the General Fund beginning fund balance by$10,000 with a corresponding increase in transfers out to the Fleet/Property Management Fund. This action will result in an increase in transfers in from the General Fund to the Fleet/Property Management Fund, funding the increased appropriations for Public Works by$10,000. General Fund Program Original Approved Recommended Change Revised Approved Policy&Admin. 808,510 0 808,510 Comm. Develop. 2,946,241 0 2,946,241 Comm. Services 19,304,054 0 19,304,054 Public Works 4,549,686 0 4,549,686 Debt Service 0 0 0 Loan to CCDA 249,000 0 249,000 Transfers 862,956 10,000 872,956 Capital Improvements 0 0 0 Contingency 918,466 0 918,466 Total Fund $29,638,916 $10,000 $29,648,916 Fleet/Property Management Fund Program Original Approved ,Recoinnnended Change Revised Approved Policy&Admin. $0 $0 $0 Comte. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 1,592,691 10,000 1,602,691 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 0 0 0 Capital Improvements 0 0 0 Contingency 222,000 0 222,000 Total Fund $1,814,691 $10,000 $1,824,691 1 1 1' agU. #2: Public Warks: Engineering A change in the Public Works Department is the need to fund a temporary .50 FTE for street and transportation data collection, maintenance, and mapping in support of the City's Pavement Management Program. The additional dollars will be funded by an increase in revenues in the Street Maintenance Fund due to an increase in parking spaces as determined during the recently completed review of commercial accounts. The fee will yield an additional$67,046 in revenue in the Street Maintenance Fund. This revenue will fund an additional$20,000 in transfers from the Street Maintenance Fund to the General Fund. The remaining$47,046 will go to the ending fund balance of the Street Maintenance Fund. In addition, resources within the General Fund will increase by $20,000 supporting the increase in budget appropriations for Public Works to pay for the temporary position. General Fund Program _ Original Approved Recommended Change Revised Approved Policy&Admin. 808,510 0 808,510 Comm. Develop. 2,946,241 0 2,946,241 Comm.. Services 19,304,054 0 19,304,054 Public Works 4,549,686 20,000 4,569,686 Debt Service 0 0 0 Loan to CCDA 249,000 0 249,000 Transfers 862,956 0 862,956 Capital Improvements 0 0 0 Contingency 918,466 0 918,466 Total Fund 529,638,916 $20,000 $29,658,916 Street Maintenance Fund Pro am Ori 'Ial Approved Recommended Chane Revised Approved Policy&Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 234,454 20,000 254,454 Capital Improvements 840,400 0 840,400 Contingency 0 0 0 Total Fund $1,074,854 $20,000 _$1,094,854 2Page #3: Streets CIP—Greenburg / Pacific Hwy / Main St Intersection Improvements The intersection on Greenbutg Rd. / Pacific Hwy / Main Street is being improved. The project is being managed by Washington County. Since passing the Approved Budget, updated information on the project has come available. The project is being accelerated to match the concurrent project at Pacific Hwy / Hall Blvd intersection improvement. The acceleration of the project means that additional funding is required in FY 2010 and FY 2011. To accommodate the additional funding, the planned bond financing for the project in FY 2010 will be increased by $250,000. $137,207 of the additional borrowing will be needed in FY 2010 to fund the project. This means that the remaining$112,793 from the borrowing will be available as additional beginning fund balance in the City Gas Tax fund at the beginning of FY 2011. This additional beginning fund balance in FY 2011 will fund an increase in Capital Improvements expenses by $4,900, increase Debt Service by $34,000, and increase Ending Fund Balance by the remaining$73,893. Ci1y Gas Tax Fund Program Original Proposed Recommended Change Revised Proposed Policy&Admin. $0 $0 $0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 365,000 34,000 399,000 Loan to CCDA 0 0 0 Transfers 279,257 0 279,257 Capital Improvements 2,249,000 4,900 2,253,900 Contingency 0 0 0 Total Fund $2,893,257 $38,900 $2,932,157 #4: Parks CIP—Summer Creek Park Acquisition Since passing the Approved Budget,Tigard has been awarded the Oregon Watershed Enhancement Board (OWEB) Grant for$1,000,000 to help fund the $5,333,000 land acquisition for the Summer Creek Park. In die Approved Budget,the park acquisition is funded with $2,350,000 in grants, $2,100,000 in Parks SDC Fund transfer, and an $883,000 inter-fund loan from the Sanitary Sewer Fund. With the new grant, the loan is no longer necessary and die transfer from Parks SDC can be reduced by $117,000,increasing die ending fund balance in that fund by the sarne amount. The funding for tae$5,333,000 project will now come from$3,350,000 in grants and a $1,983,000 transfer from Parks SDC Fund. Parks SDC Fund Pro am Ori al A1211roy9d Recommended Chane Revised Approved Policy&Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 281,848 0 281,848 Loan to CCDA 0 0 0 Transfers 2,409,263 (117,000) 2,292,263 Capital Improvements 0 0 0 Contingency 0 0 0 Total Fund $2,691,111 ($117,000') $2,574,111 3I Pi c. #5: Community Development-Long Range Planning Since pulling together information for the Approved Budget,we have been able to update some of the budget details for this department. The following information was not available at the time of collecting data for the Approved. This division requires an increase in appropriations in the amount of$103,900 for the following projects for which the City is contractually obligated: • Hiring a consultant to update the City's tree code ($35,000 - Beginning Fund Balance). • Providing consultant services to facilitate the revision of the urban forestry code process ($30,000—Beginning Fund Balance). • Providing consultant services through grant reimbursement to assist the City with the update of the Comprehensive Plan ($35,000 - Grant). • Hiring a consultant to facilitate neighborhood meetings for the. Oxford House ($2,500—No Funding Source;results in decreased ending fiend balance in FY 2011). • Hiring a consultant to facilitate dispute resolution meetings for the Oxford House ($1,400 - No Funding Source; results in decreased ending fund balance in FY 2011). Total funding from increased General Fund beginning fiend balance from carryover projects equals $65,000;grant funding is $35,000; and the remaining$3,900 in contracts does not have a funding source and will Iead to a decrease in the FY 2011 General Fund ending fund balance. General Fund Program Original Approved Recoirunended Change Revised Approved Policy&Admin. 808,510 0 808,510 Comm. Develop. 2,946,241 103,900 3,050,141 Comm. Services 19,304,054 0 19,304,054 Public Works 4,549,686 0 4,549,686 Debt Service 0 0 0 Loan to CCDA 249,000 0 249,000 Transfers 862,956 0 862,956 Capital Improvements 0 0 0 Contingency 918,466 0 914,566 Total Fund $29,638,916 $103,900 $29,742,816 4 1 Page; #6: Parks CIP: Park SDC—Fanno Creek Park Additional information for this project has been obtained since development of the Approved Budget. A carry-over of$116,000 is required for the completion of the land-use stage of this project with Waller Macy. When the Fanno Creek Park project is filly complete, the park will provide a new trail system, habitat restoration, boardwalks, new bridges, and viewing areas for the public. By not completing the land-use work in FY 2010, the FY 2011 Parks SDC beginning fund balance is increased by $116,000. This will fund an increase in transfers from the Parks SDC Fund to the Parks Capital Fund in FY 2011. The Parks Capital Fund will have an $116,000 increase in transfer in revenue wluch will fund increased capital improvement expenditures within the Parks Capital Fund by the same amount. Because dzis project was scheduled for completion in FY 2010,it was not included in the Approved Capital Improvement Program (CIP). This action will add the project to the 2010-15 CIP. Parks Capital Fund Program Original Approved Recommended Change Revised Approved Policy&Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 71,898 0 71,898 Capital Improvements 5,903,600 116,000 6,019,600 Contingency 0 0 0 Total Fund $5,975,498 $116,000 $6,091,498 Parks SDC Fund Pro am Ori nal Approved Recommended Chane Revised Approved Policy &Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 281,848 0 281,848 Loan to CCDA 0 0 0 Transfers 2,409,263 116,000 2,525,263 Capital Improvements 0 0 0 Contingency 0 0 0 Total Fund $2,691,111 $116,000 $2,807,111 5 1 Page #7: Parks CIP: Tree Replacement Fund--Tree Canopy Replacement Program The Tree Canopy Replacement Program uses funds from developers who remove trees and uses diose funds to plant replacement trees, thereby replacing lost tree canopy. A carry-aver in the amount of$54,500 is required for this program in order to complete the final plantings for the project on Pacific Highway. This action will increase Tree Replacement Fund's beginning fused balance by $54,500 in FY 2011 with an equal increase in transfers to the Parks Capital Fund for this project. As a result, the Parks Capital Fund will see an increase in transfers in from the Tree Replacement Fund in d-ie amount of$54,500 which will fund increased capital improvements in the same amount. Tree Replacement Fund Program _ _ Original Approved Recommended Change Revised Approved Policy &Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 150,000 54,500 204,500 Capital Improvements 0 0 0 Contingency 0 0 0 Total Fund $150,000 $54,500 $204,500 Parks Capital Fund Program Otig al Approved Recommended Change Revised Approved Policy&Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 71,898 0 71,898 Capital Improvements 5,903,600 54,500 5,955,100 Contingency 0 0 0 Total Fund $5,975,498 $54,500 $6,029,998 6 1' ag #8: Facilities CIP: Facilities Capital Projects Fund—Permit Center Roof This project requires a carry-over the $55,000 from FY 2010 to FY 2011. The result Nvill be an increase in the beginning fund balance for FY 2011 in the Facilities Fund with an increase in capital improvement expenditures in the same amount. This is an ARRA funded project. Facilities Capital Projects Fund Program Original Approved Recoininended Change Revised Approved Policy&Admin. 0 0 0 Comm. Develop. 0 0 0 Corm-n. Services 0 0 0 Public Works 0 0 0 Debt Service 0 0 0 Loan to CCDA 0 0 0 Transfers 4,450 0 4,450 Capital Improvements 113,320 55,000 1618,320 Contingency 0 0 0 Total Fund $117,770 � 555,000 $172,770 7 11' agc Technical Adjustments to the 2010- 11 Adopted Budget Summary The technical adjustment listed below is caused by the timing of die budget process. New information comes available after passing the Approved Budget and creates the opportunity to adopt a more precise budget. The item below has a brief description and then details the change to the Schedule of Appropriations. #9: Bancroft Debt Service Fund transfer to General Fund The revenue in this fund is derived from assessments on properties dlat participate in local improvement districts. Over the years, the fund has accumulated $800,000 in administrative fees. The collected administrative fees can be used for general purposes. During the development of the FY 2011 budget and the budget reductions in April of 2010, one of the ways that Tigard identified additional resources for the General Fund was to transfer the $800,000 in collected fees to the General Fund during FY 2010. The result of the transfer would be a higher beginning fund balance for the General Fund in FY 2011. However, in die current FY 2010 budget, the $800,000 in administrative fees was appropriated to undesignated ending fund balance. Oregon Budget Law does not permit the use of undesignated ending fund balance, meaning that we cannot transfer the fiends in FY 2010. Hence, the transfer needs to be part of the FY 2011 budget appropriations. Approval of this Technical Adjustment will increase die FY 2011 beginning fund balance in the Bancroft Debt Service Fund by $800,000. The additional resource will be used to support a transfer of$800,000 to the General Fund. Since die transfer did not occur in FY 2010, the FY 2011 General Fund beginning fund balance will be $800,000 less,but the General Fund will have an additional $800,000 in revenue in the form of a transfer in from the Bancroft Debt Service Fund. Bancroft Debt Service Fund Program Original Al-)17)roved Recommended Change Revised Al proved Policy &Admin. 0 0 0 Comm. Develop. 0 0 0 Comm. Services 0 0 0 Public Works 0 0 0 Debt Service 193,378 0 193,378 Loan to CCDA 0 0 0 Transfers 0 800,000 800,000 Capital Improvements 0 0 0 Contingency 0 0 0 Total Fund $193,378 $800,000 5993,378 Page