(A resolution approving a supplemental budget for 2009-2010 to add Waterfront Plan and Capital Project Funds)
WHEREAS, ORS 294.480 allows the City to adopt a supplemental budget by resolution of the governing body;
WHEREAS, subsequent to the adoption of the Agency’s 2009-2010 budget, the Agency learned that it would be receiving $20,000 in Tax Increment Financing revenues from Hood River County for the new Waterfront Plan district. The Waterfront Plan Fund was created for separately tracking tax increment proceeds for this district;
WHEREAS, subsequent to the adoption of the Agency’s 2009-2010 budget, a Capital Projects Fund was created for separately tracking infrastructure costs. This fund will be used to track $1,700,000 of capital project costs;
WHEREAS, it is necessary to adopt a supplemental budget to account for the Waterfront Plan tax levy and to budget capital expenditures in the Capital Projects Fund;
WHEREAS, the estimated expenditures contained in the supplemental budget attached as Exhibit A differ by 10 per cent or more of any one of the individual funds contained in the regular budget requiring notice and a public hearing; and
WHEREAS, the City published the supplemental budget and provided notice as required by ORS 294.480(4) and held a public hearing on November 19, 2009, to consider the proposed supplemental budget.
NOW, THEREFORE, BE IT RESOLVED by the Urban Renewal Agency of the City of Hood River that:
The supplemental budget as shown on the attached Exhibit A is adopted.
Approved by the Urban Renewal Agency of the City of Hood River the 19th day of November, 2009, to take effect immediately.
Robert D. Hastings, Chairperson
Jennifer McKenzie, City Recorder