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RESOLUTION NO. 772.04 / R-31-2016 Budget Policy July 12, 2016
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING A BUDGET POLICY
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City (the "Board") desires to implement policies with respect to the Redevelopment Agency of Salt Lake City's ('"RDA") budget processes and procedures.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, as follows:
1. Utah Fiscal Procedures Act. To the extent possible, the RDA shall abide by all process and procedures outlined in the Utah Fiscal Procedures Act, Utah Code 10- 6-101, et seq., in consultation with Salt Lake City Corporation's ("City") Finance Department and City Attorney as well as the Board, and Executive Director.
2. Budget Presentation. The RDA budget, including a full and complete narrative of all accounts shall be presented to the Board no later than the date of the Mayor's submittal of the City budget (the first Tuesday in May), and in conformance with Utah Code 17C-1-601.5, the RDA's budget for the following fiscal year shall be adopted by the Board no later than June 22.
3. Operations Funds. Unless otherwise designated herein, all operations funds not spent in the fiscal year for which they were appropriated shall automatically drop to an [unappropriated reserve/unallocated budget] as of June 30 in that year and shall not be spent unless/until such funds are re-appropriated by the Board. This shall not apply to capital projects, as described in Paragraph 4. Any appropriation made during a fiscal year that is not for a capital project shall be an annual appropriation and subject to automatically dropping to the [unappropriated reserve/unallocated budget].
4. Capital Projects. The Board may designate certain RDA projects as "capital projects" and upon such designation, the Board may allow for multi-year funding for that capital project, the funding of which may stretch beyond the fiscal year in which the initial capital project account was created. In the event the Board seeks to re appropriate funding from a capital project account to a different RDA project, the Board shall make policy findings providing reasons that the capital project is no longer necessary for project area development.
5. Funds. The RDA may have the following specific funds, which the Board shall have the authority to appropriate budget to on an annual basis:
a. Project Area Funds. For each adopted project area, the Board shall adopt a project area budget that meets the requirements of Utah Code 17C-1-303. Funds appropriated for that project area pursuant to the Board's annual budget and the budget for that specific project area, may be spent in that project area.
b. Housing Fund. The Board may create a housing fund both for the statutory allocation of tax increment that must be diverted to housing under Utah Code 17C-5-307 and for any additional project area funds the Board desires to allocate for housing purposes as described in Utah Code 17C-1-411.
c. Program Income Fund. The Board may create a program income fund for revenue received by the RDA from the RDA's loan programs, rental revenues, or other funding sources that are not tax increment generated from a certain project area. If appropriated by the Board, program income funds can be spent according to Utah Code 17C-1-409.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 12th day of July, 2016.