SUBJECT:
Title
Public Hearing: A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Providing for the Supplemental Appropriation of Money for the 2023 Budget Year
Body
DEPARTMENT: Finance Department
PRESENTER: Cassie Bethune, Finance Manager
TIME ESTIMATE: 10 minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Staff recommends the Board of Commissioners approve the resolution that provides for a supplemental appropriation for the 2023 budget year.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie Urban Renewal Authority (“URA”) adopted the 2023 Budget on Nov. 15, 2022. Generally, staff reviews the adopted budget and requests supplemental appropriations twice yearly to update the budget to reflect actual revenues and expenditures, year-to-date Board of Commissioner actions, and projected revenues and expenditures for the remainder of the fiscal year.
Staff is proposing amendments to the Cooperation Agreement that would increase revenue to the Historic Old Town Urban Renewal Area account (HOTURA). If the TOEURA and the Board of Trustees adopt those proposed amendments, when staff prepares the 2nd supplemental later in the year, staff will ask the TOEURA to amend the TOEURA budget to reflect the impact of those amendments. The effect will be to show a net $100,000 increase in the HOTURA account and a projected year end fund balance of approximately $20,000.
Board Priorities Addressed:
ü Attractive Community Amenities
ü Engaged and Diverse Community
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Small Town Feel
ü Safe and Healthy Community
ü Effective Governance
ü Environmentally Sustainable
ü Fiscally Responsible
Attachment(s):
1. Resolution and Schedule A
2. Budget Overview Memorandum
3. Schedule of requested changes