HomeMy WebLinkAboutAgenda Item - 2026-05-19 - Number 05.4 - Resolution 26-23, Approving a Supplemental Budget 5.4
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Subject: Resolution 26-23, SUPPLEMENTAL BUDGET
Meeting Date: May 19, 2026 Staff Member: Shawn Cross, Finance Director
Report Date: May 5, 2026 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
❑ Consent Agenda
Staff Recommendation: Adopt Resolution 26-23 as submitted.
Recommended Language for Motion: Move to adopt Resolution 26-23 modifying the 2025-
27 biennial budget through a supplemental budget.
Project/ Issue Relates To: 2025-27 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 make adjustments to the
adopted budget. Local Budget Law allows these adjustments under certain conditions and with
certain requirements. This request is brought forward as a supplemental budget that does not
require a public hearing.
DISCUSSION
This budget amendment is requested after City Council approved an updated funding plan for
the Willamette River Greenway Trail project on March 31, 2026. The cost estimate increased
by about $900,000. The new funding plan increased the amount of Metro Local Share dollars to
Respect. Fv PI'en e Trust.
503-635-0215 380 A AVENUE PO BOX 369 LAKE OSWEGO, OR 97034 WWW.LAKEOSWEGO.CITY
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be used toward the project from $630,000 to $1,130,000, a new grant from the Mt. Hood 2026
Strategic Investment program $80,000, and the use of Parks System Development Charges of
$300,000. The attached supplemental budget adjusts the current biennial budget to reflect
these changes.
FISCAL IMPACT
The fiscal impact is described in detail on the resolution itself.
RECOMMENDATION
Approve Resolution 26-23.
ATTACHMENTS
1. Resolution 26-23
Respect. Excellence. Trust. Service
503-635-0215 380 A AVENUE PO BOX 369 LAKE OSWEGO, OR 97034 WWW.LAKEOSWEGO.CITY
ATTACHMENT 1
RESOLUTION 26-23
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE OSWEGO ADJUSTING THE
BUDGET FOR THE BIENNIUM COMMENCING JULY 1,2025 BY ADOPTING A SUPPLEMENTAL
BUDGET,APPROVING RESOURCES/REQUIREMENTS,AND MAKING APPROPRIATIONS.
WHEREAS, Certain conditions and situations have arisen since the initial
preparation of the 2025-27 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 biennium 2025-27 in the amount of$580,000.
Section 2. The City Council hereby authorizes:
A) The appropriation of resources and approval of requirements listed below;
B) The transfers of funds and transfers of fund appropriations as listed herein;
General Fund Fund Adopted Revised Difference
Resources:
Intergovernmental - Parks $ 2,130,000 $ 2,710,000 $ 580,000
Requirements:
Parks & Recreation $ 35,961,051 $ 36,541,051 $ 580,000
Explanation of Major Changes:
To record grants from Metro and the Mt. Hood Territory 2026 Strategic Investment program to be used for
the Willamette River Greenway Trail project.
System Development Charges Fund Adopted Revised Difference
Requirements:
System Development Charges Departme $ 8,710,000 $ 9,010,000 $ 300,000
Contingency 9,950,199 9,650,199 (300,000)
$ -
Explanation of Major Changes:
To record additional funding for the Willamette River Greenway Trail project.
Considered and enacted at a regular meeting of the City Council held on the 19th day of May,2026.
AYES:
NOES:
ABSTAIN:
ABSENT:
Resolution#26-23 Page 1 of 2
Joseph M. Buck, Mayor
ATTEST:
Laura) Hawkins, City Recorder
APPROVED AS TO FORM:
Erica Tatoian, City Attorney
Resolution#26-23 Page 2 of 2