HomeMy WebLinkAboutAgenda Item - 2025-04-15 - Number 06.3 - Resolution 25-19, Adjusting the Biennium Budget 6.3
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Subject: Resolution 25-19, Budget Appropriation Transfer
Meeting Date: April 15, 2025 Staff Member: Shawn Cross, Finance Director
Report Date: April 3, 2025 Department: Finance
Action Required Advisory Board/Commission Recommendation
❑ Motion ❑ Approval
❑ Public Hearing ❑ Denial
❑ Ordinance ❑ None Forwarded
❑X Resolution ❑X Not Applicable
❑ Information Only Comments:
❑ Council Direction
❑X Consent Agenda
Staff Recommendation: Adopt Resolution 25-19 as submitted, modifying the 2023-25
biennial budget through an appropriation transfer.
Recommended Language for Motion: Move to adopt Resolution 25-19.
Project/ Issue Relates To: 2023-25 Biennial Budget
Issue before Council (Highlight Policy Question):
❑Council Goals/Priorities ❑Adopted Master Plan(s) ❑X Not Applicable
BACKGROUND
Throughout a budget cycle, new information may give reason to adjust the adopted budget.
Local Budget Law allows these adjustments under certain conditions and with certain
requirements. This request is brought forward as an appropriation transfer.
DISCUSSION
This budget amendment is requested after a staff review of the comparison of actual biennium-
to-date revenues and expenditures with the current budget. Budgets were also evaluated to
ensure there was sufficient appropriation for transactions that will occur before the end of the
biennium (Bn).
Respect. Excellence. Trust. Service
503-635-0215 380 A AVENUE PO BOX 369 LAKE OSWEGO, OR 97034 WWW.LAKEOSWEGO.CITY
Page 2
A few months ago, staff was preparing to close the two Parks capital projects funds, the one for
LORAC and the one for everything else. The funds were created primarily to track the spending
of the general obligation bond proceeds. Now that all of those proceeds have been spent, it's
time to close these funds.
Staff previously had estimated how much of the bond proceeds where going to be available to
be transferred over to the LORAC fund but the amount was about $31,000 short. This
appropriation transfer is adjusting the spending authority from the Parks Bond Capital Projects
Fund to the Parks Recreation Center Fund to accommodate that final $31,000 to be transferred
as this is the amount left after closing out the last of the other projects. From here all Parks
capital project spending will be done from either the General Fund or the SDC Fund.
FISCAL IMPACT
The fiscal impact is described in detail on the resolution itself.
RECOMMENDATION
Approve Resolution 25-19
ATTACHMENTS
1. Resolution 25-19
Respect. Trust
503-635-0215 380 A AVENUE PO BOX 369 LAKE OSWEGO, OR 97034 WWW.LAKEOSWEGO.CITY
ATTACHMENT1
RESOLUTION 25-19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE OSWEGO ADJUSTING THE BUDGET FOR THE
BIENNIUM COMMENCING JULY 1,2023 BY TRANSFERRING CERTAIN APPROPRIATIONS.
WHEREAS,Certain conditions and situations have arisen since the initial preparation of
the 2023-25 budget and necessitate changes in financial planning, now,therefore,
BE IT RESOLVED by the City Council of the City of Lake Oswego that:
Section 1. The City Council hereby adjusts the budget for the biennium 2023-25 in the amount of
$31,000.
Section 2. The City Council hereby authorizes the appropriations of resources and approval of
requirements listed below:
Parks Bond Capital Projects Fund Adopted Revised Difference
Requirements:
Parks Bond Department $ 3,173,000 $ 3,142,000 $ (31,000)
Transfer to Other Funds 8,200,000 8,231,000 31,000
Explanation of Major Changes:
To reflect the final bond amount transferring to the LORAC project being larger than originally budgeted.
Parks Bond Capital Projects Fund Adopted Revised Difference
Resources:
Transfer from Other Funds $ 8,200,000 $ 8,231,000 $ 31,000
Requirements:
Parks Recreation Center $25,044,000 $25,075,000 $ 31,000
Explanation of Major Changes:
To reflect the final bond amount transferring to the LORAC project being larger than originally budgeted.
Considered and enacted at a regular meeting of the City Council held on the 15th day of April, 2025.
AYES:
NOES:
ABSENT:
Joseph M. Buck, Mayor
ATTEST:
Kari Linder, City Recorder
APPROVED AS TO FORM:
Ellen Osoinach, City Attorney
Resolution 25-19 Page 1 of 1