Joint Meeting of the Medford Budget and
Medford Urban Renewal Agency Budget Committees
April 20, 2015
The meeting was called to order at noon in the Carnegie Library, W. 8th Street, Medford with the following members and staff present
Mayor and Boardmember Gary Wheeler; Councilmembers/Boardmembers Tim Jackle, Dick Gordon, Clay Bearnson, Eli Matthews, Chris Corcoran, Kevin Stine, Michael Zarosinski.
Citizen Members Heather Casey, Richard Whitlock, Barbara Davidson, Jerry Shean, Ron Weaver, Jefferson Works, Ron Norris, Robert Bartalini, Ed Felan, Bruce Conway, Beverly Adams, Steven Dickson.
City Manager Eric Swanson; City Recorder Glenda Wilson.
Mr. Swanson opened the meeting and thanked the members for their volunteer service. He spoke to the Strategic Plan which was included in the Budget Documents.
Alison Chan, Finance Director introduced Paul Morrow, Cynthia Danzl and Beau Belikoff from the Finance Department.
3. Introduction of the Budget Committee Members
Committee members introduced themselves.
4. Distribution of the Budget
Ms. Chan noted that the Medford Urban Renewal Agency (MURA) Budget Document and the City Budget have been distributed to the members.
She spoke to the MURA budget document, it is a biennial budget for the first time this year. The Agency is winding down and very little funds are available for projects this cycle. The remainder years of the Agency will be to collect funds and pay off bonds. She noted there is $380,000 in the budget allocated for the N. Riverside Parking Lot and the Budget committee will need to affirm or change that allocation. She spoke to the issue that will be before the committee to continue to tax and collect both the full allocation and special levy and pay off bonds early. The budget has been developed under this assumption. This would allow for all bonds to be paid off in 2018. If the Committee recommends that the special levy be ended this would reduce the funds collected and bonds would be paid off in 2021. A final option would be to reduce the tax and allow for the payoff of the bonds as scheduled by 2025. She spoke to the effect these options would have on the cost of interest expense.
Members discussed the structure of the taxing for urban renewal agencies. Discussion on what the downside would be on paying off early. Councilmember Gordon will be making a presentation at the April 22nd meeting to offer pros and cons as he perceives them.
Ms. Chan then spoke to the City's Budget document. She gave an overview of the document structure and noted that the City's 2015-2020 Strategic Plan is included in the binder. She noted that the departments presentations will tie their requests to the actions, goals and objectives in the Strategic Plan. She reviewed the anticipated revenues for all funds. She spoke to pages 1-10 an 1-11 as the easiest summary report on how the City expends funds by division. She spoke to the number of restricted funds in the City's $300 million budget and how those funds can be spent. She noted that the General Fund is the largest non-restricted fund. She spoke to what is contained in contingency and ending fund balance.
Ms. Chan noted that the section for Budget Issues does not have information but those will be distributed at the first meeting. She spoke to the financial sheets under tab 11 and that this is how she demonstrates the balance of the budget.
5. Presentation of the Budget Message
6. Boards & Commission Information
Lori Cooper, City Attorney addressed the members and provided an overview of the Boards & Commissions Orientation Handbook. She focused on the public meetings law, public records and conflicts of interest.
7. Committee Member and Staff Comments
8. Adjournment to Date and Time Certain for Next Budget Committee Meetings
The meeting adjourned at 12:55 p.m.