JACKIE BISKUPSKI Mayor

MARY BETH THOMPSON Finance Director

RDA BOARD TRANSMITTAL

Date Received: 1. / 1~ {: ~ Date sent to Council: '2-

TO: Salt Lake City RDA Board DATE: February 2, 2018 Derek Kitchen, Chair

FROM: Mary Beth Thompson, Finance Director~~~"-Lara Fritts, Economic Development Directo ... F ~~

SUBJECT: RDA Budget Amendment #4, FY 2017-18

SPONSOR: NA

STAFF CONTACT: John Vuyk, Budget Manager (801) 535-6394 or Mary Beth Thompson (801) 535-6403 Danny Walz (801) 535-7209 Lara Fritts (801) 535-7299

DOCUMENT TYPE: Budget Amendment Resolution

REQUESTED ACTION: Review and discuss the proposed Fourth Amendment to the Annual Implementation RDA Budget for Fiscal Year 2018. Set public hearing date for adoption of the amendment.

POLICY ITEM: Budget

BUDGET IMPACTS: The Fourth Amendment identifies appropriations for one time and ongoing obligations and projects.

EXECUTIVE SUMMARY: The purpose of the Fourth Amendment is to reappropriate existing funds from RDA accounts to ongoing obligations and Priority Projects ("the priority projects").

ANALYSIS & ISSUES: This amendment includes two items that will budget the use of a total of $132,925,000 in RDA expenditures. The largest of these items is a transfer of the Eccles Theater to the Utah Performing Arts Center Agency (UPACA) totaling $131,600,000. Additionally, the amendment

DEPARTMENT OF FINANCE POLICY AND BUDGET DIVISION 451 SOUTH STATE STREET, ROOM 238 PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394

includes a housekeeping item to clarify the funding for the purchase of the property located at

255 S State Street.

The total for the entire budget amendment is $132,925,000.

A summary spreadsheet document, outlining proposed budget changes, is also attached. The

Administration requests this document be modified based on the decisions of the Board.

The budget opening is separated in eight different categories:

A. New Budget Items

B. Grants for Existing Staff Resources

C. Grants for New Staff Resources

D. Housekeeping Items

E. Grants Requiring No New Staff Resources

F. Donations

G. Council Consent Agenda Grant Awards

I. Council Added Items

ATTACHMENTS:

A. Proposed Amendment

REDEVELOPMENT AGENCY OF SALT LAKE CITY

RESOLUTION NO ___ _

Fourth Budget Amendment

RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ("RDA") AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL YEAR 2017-2018

WHEREAS, on June 13, 2017, the RDA Board of Directors ("Board") adopted the

final budget of the RDA, effective for the fiscal year beginning July 1, 2017 and ending

June 30, 2018, in accordance with the requirements of Section 17C-1-601.5 of the Utah

Code.

WHEREAS, the Salt Lake City Finance Department and the RDA administration

prepared and transmitted to the Board proposed amendments to said duly adopted budget,

shown on the attached Exhibit A as "Administration Proposed", for consideration by the

Board and inspection by the public.

WHEREAS, all conditions precedent to amend the RDA's budget have been

accomplished.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS

OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, that:

SECTION 1. Purpose. The purpose of this Resolution is to amend the final budget

of the RDA, as approved, ratified and finalized by the RDA Board on June 13, 2017.

SECTION 2. Adoption of Amendments. The budget amendments shown on Exhibit

B as "Board Approved" are hereby are adopted and incorporated into the budget of the

RDA.

l

SECTION 3. Filing of copies of the Budget Amendments. The Salt Lake City

Finance Department, on behalf of the RDA, is authorized and directed to certify and file a

copy of said budget amendments in the office of the Finance Department, the RDA, and

the office of the City Recorder which amendments shall be available for public inspection.

Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City,

Utah, this_ day of _ ___ , 2018.

Derek Kitchen, Chairman

Approved as to form: ~ f\J Jr ____ ___. Salt Lake City Attorney's Office Katherine N. Lewis Date: \ 1"2-9! 11:.

The Executive Director:

__ does not request reconsideration __ requests reconsideration at the next regular Agency meeting.

Jacqueline M. Biskupski, Executive Director

Attest:

City Recorder

HB_ATTY-#67252-vl-RDA_Resolution_re_Fourth_Budget_Amendment_.docx

2

EXHIBIT A TO RESOLUTION

[Attach Administration's Proposed Budget Amendment]

3

EXHIBIT B TO RESOLUTION

[Attach Board's Final Approved Budget Amendment]

4

Initiative Number/Name Fund

Expenditure

Amount

Revenue

Amount

Expenditure

Amount Revenue Amount

Ongoing or One-

time FTEs

1 Transfer Eccles Theater to UPACA RDA 131,600,000.00 -

1 255 S State Street Property RDA 1,325,000.00 1,325,000.00

-

Total of Budget Amendment Items 132,925,000.00 1,325,000.00 - -

Total by Fund, Budget Amendment #1:

General Fund GF - - -

CIP Fund CIP - - -

Airport Fund Airport - - -

Golf Fund Golf - -

Fleet Fund Fleet - -

CIP Impact Fees Impact Fee - - -

CDBG Operating CDBG Operating - - -

Misc Grants Misc Grants - - -

Refuse Fund Refuse - - -

Housing Loans & Trust Funds Housing - - -

Risk Fund Risk - - -

Redevelopment Agency RDA 132,925,000.00 1,325,000.00 -

Street Lighting Enterprise Street Lighting - - -

Total of Budget Amendment Items 132,925,000.00 1,325,000.00 - - -

Fiscal Year 2017-18 RDA Budget Amendment #4

Section G: Council Consent Agenda -- Grant Awards

Section I: Council Added Items

Section A: New Items

Section B: Grants for Existing Staff Resources

Section C: Grants for New Staff Resources

Section D: Housekeeping

Section E: Grants Requiring No New Staff Resources

Section F: Donations

Board ApprovedAdministration Proposed

1

Initiative Number/Name Fund

Expenditure

Amount

Revenue

Amount

Expenditure

Amount Revenue Amount

Ongoing or One-

time FTEs

Fiscal Year 2017-18 RDA Budget Amendment #4

Board ApprovedAdministration Proposed

Current Year Budget Summary, provided for information only

FY 2017-18 Budget, Including Budget Amendments

FY 2017-18 Adopted

Budget BA #1 Total BA #2 Total BA #3 Total BA #4 Total BA #5 Total Total To-Date

General Fund (FC 10) 272,848,337 - - - - - 272,848,337

Curb and Gutter (FC 20) 198,016 - - - - - 198,016

Street Lighting (FC 30) - - - - - - -

Misc Special Service Districts (FC 46) 1,630,840 - - - - - 1,630,840

Street Lighting Enterprise (FC 48) 5,098,542 - - - - - 5,098,542

Water Fund (FC 51) 83,892,973 - - - - - 83,892,973

Sewer Fund (FC 52) 106,726,157 - - - - - 106,726,157

Storm Water Fund (FC 53) 12,802,241 - - - - - 12,802,241

Airport Fund (FC 54,55,56) 896,439,200 - - - - - 896,439,200

Refuse Fund (FC 57) 17,109,633 - - - - - 17,109,633

Golf Fund (FC 59) 7,949,338 - - - - - 7,949,338

E-911 Fund (FC 60) 3,250,000 - - - - - 3,250,000

Fleet Fund (FC 61) 23,217,451 - - - - - 23,217,451

IMS Fund (FC 65) 15,167,421 - - - - - 15,167,421

CDBG Operating Fund (FC 71) 3,737,723 - - - - - 3,737,723

Miscellaneous Grants (FC 72) 7,985,397 - - - - - 7,985,397

Other Special Revenue (73) - - - - - - -

Donation Fund (FC 77) 200,000 - - - - - 200,000

Housing Loans & Trust (FC 78) 14,071,200 - - - - - 14,071,200

Debt Service Fund (FC 81) 33,600,679 - - - - - 33,600,679

CIP Fund (FC 83) 29,510,392 - - - - - 29,510,392

CIP Impact Fees (FC 84) - - - - - -

Governmental Immunity (FC 85) 2,619,940 - - - - - 2,619,940

Risk Fund (FC 87) 46,047,416 - - - - - 46,047,416

Redevelopment Agency 62,390,531 - 800,000.00 - 132,925,000.00 196,115,531

Total of Budget Amendment Items 1,646,493,427.00 - 800,000.00 - 132,925,000.00 - - 1,780,218,427

Adopted __/__/____

Budget Manager

Deputy Director, City Council

Contingent Appropriation

2

Salt Lake City RDA FY 2017-18 Budget Amendment #4 Initiative Number/Name Fund Amount

1

Section A: New Items A-1 Transfer Eccles Theater to UPACA RDA $131,600,000.00 Department: RDA Prepared By: Danny Walz

Per the established MOU, the administration is recommending the transfer of the Eccles Theater to the Utah Performing Arts Center Agency (UPACA).

Section C: Grants Requiring New Staff Resources

Section D: Housekeeping D-1: 255 S State Street Property RDA $1,325,000.00 RDA $1,325,000.00 Department: RDA Prepared By: Danny Walz

The Administration is proposing to formalize a motion made by the RDA with regard to the funding for the purchase of property at 255 S State Street.

Section E: Grants Requiring No New Staff Resources

Section F: Donations

Section G: Council Consent Agenda – Grant Awards

Section I: Council Added Items