HomeMy WebLinkAbout2017 01_Adoption of Annual Budget OEDAhe Ci'ty i
TO: THE HONORABLE CHAIR AND TRUSTEES
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
FROM: CHELSEA LEVO FEARY
ECONOMIC DEVELOPMENT DIRECTOR
SUBJECT: FISCAL YEAR 2017 -18 BUDGET APPROVAL
RESOLUTION NO. 2017 -01
DATE: May 18, 2017
BACKGROUND:
The proposed budget for fiscal year 2017 -18 was presented last month for the OEDA
Trustees review. As a Title 60 Public Trust, the OEDA is required to file an annual budget
with its beneficiary, the City of Owasso. The budget or appropriation for a public trust is
not a legal restriction on the expenditure of funds as it is for a municipality. Resolution No.
2017 -01 adopts the annual operating budget for the OEDA.
RECOMMENDATION:
Staff recommends OEDA Trustee approval of Resolution No. 2017 -01 adopting the FY
2017 -18 budget proposal with estimated resources of $9,087 and total appropriations for
expenditure of $5,000.
ATTACHMENTS:
OEDA Proposed Budget
OEDA Budget Adoption Resolution
OEDA FUND
DESCRIPTION
The Owasso Economic Development Authority Fund is established to account for revenues and
expenditures of the City's Economic Development Trust Authority. The purpose of the OEDA is to
plan, implement, and promote projects and programs that will directly benefit the economic
well being of the community
BUDGET HIGHLIGHTS
The recommended FY 2018 budget includes $5,000 in contingency funding for Economic
Development activities that may arise during the fiscal year.
OEDA FUND
Summary of Revenues and Expenditures
Budgetary Basis
Actual Actual Projected Projected Percent
2014 -2015 2015 -2016 2016 -2017 2017 -2018 Change
Revenues
Investment Revenue
$
8
$
8
$
8
$
8
0.37%
Total Revenues
$
8
$
8
$
8
$
8
0.37%
Other Sources
Transfers In
-
-
-
-
-
Total Revenues & Other Sources
$
8
$
8
$
8
$
8
0.37%
Expenditures
Other Services & Charges
$
-
$
-
$
-
$
5,000
#DIV /0!
Debt Service
100.000
Total Department Expenditures
$
-
$
-
$
-
$
5,000
#DIV /0!
Other Uses
Transfers Out
-
Total Expenditures & Other Uses
$
-
$
-
$
-
$
5,000
#DIV /0!
Change in Fund Balance
$
8
$
8
$
8
$
(4,992)
0.37%
Projected Beginning Balance
9,063
9,071
9,079
9,087
0.09%
Projected Ending Balance
$
9,071
$
9,079
$
9,087
$
4,095
0.090
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2017 -01
A RESOLUTION PROVIDING FOR THE ADOPTION OF AN ANNUAL OPERATING BUDGET
FOR THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY; ESTABLISHING LEVELS OF
EXPENDITURES AS PROVIDED BY STATUTE; AND ESTABLISHING AN EFFECTIVE DATE.
WHEREAS: It is the intent of the Owasso Economic Development Authority to adopt an
operating budget for fiscal year 2017 -2018; and,
WHEREAS: The adoption of such budget is vital to the continuation of services to the citizens
of Owasso; and,
WHEREAS: Public access to the adopted budget is desired; and,
WHEREAS: Certain filing requirements are mandated by State Statutes.
NOW THEREFORE.. BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO ECONOMIC DEVELOPMENT
AUTHORITY:
THAT: Total resources available in the amount of $9,087 and total appropriations in the
amount of $5,000 are hereby established.
THAT: The effective date of this Resolution shall be July 1, 2017.
APPROVED AND ADOPTED this day of 2017 by the Trustees of the Owasso
Economic Development Authority.
Authority Chair
ATTEST:
Authority Secretary