Transmittal - 11/5/20211.
FYI –Project Timeline:(subject to change per Chair direction or Council
discussion)
Briefing -
Set Public Hearing Date -
Hold hearing to accept public comment -
TENTATIVE Council Action -
Staff Recommendation -
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
ERIN MENDENHALL
Mayor
MARY BETH THOMPSON
Chief Financial Officer
LOCAL BUILDING AUTHORITY TRANSMITTAL
___________________________________ Date Received: ________________
Lisa Shaffer, Chief Administrative Officer Date sent to Council: ___________
______________________________________________________________________________
TO: Salt Lake City Council DATE: October 29, 2021
Amy Fowler, Chair
FROM: Mary Beth Thompson, Chief Financial Officer
SUBJECT: LBA Budget Amendment #1 - Revised
SPONSOR: NA
STAFF CONTACT: John Vuyk, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: The Administration recommends that, subsequent to a public hearing,
the Local Building Authority adopt the following amendments to the FY 2021-22 adopted
budget.
BUDGET IMPACT:
REVENUE EXPENSE
LBA $ 10,500,000.00 $ 10,500,000.00
TOTAL $ 10,500.000.00 $ 10,500,000.00
Lisa Shaffer (Oct 31, 2021 12:55 MDT)
BACKGROUND/DISCUSSION:
Local Building Authority Bonds, Series 2013A, were issued in June 2013 to fund the
construction of the Glendale Library. Local Building Authority Bonds, Series 2014A, were
issued in March 2014 to fund the construction of the Marmalade Library. Both bonds are being
refunded with the Sales Tax Revenue Bonds Series 2021A. This amendment creates the revenue
budget for the receipt of bond proceeds, as well as, the expenditure budget for the payoff of the
refunded bonds.
A summary spreadsheet document, outlining proposed budget changes is attached. The
Administration requests this document be modified based on the decisions of the LBA 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
PUBLIC PROCESS: Public Hearing
Resolution No. ____ of 2021
(Amending the Final Budget for the Capital Projects Fund of the Local Building Authority of
Salt Lake City, Utah for Fiscal Year 2021-2022)
A Resolution Amending Resolution No. 3 of the Local Building authority of Salt Lake
City, Utah which Adopted the Final Budget for the Capital Projects Fund of the Local Building
Authority for the remainder of the Fiscal Year Beginning July 1, 2021 and Ending June 30, 2022.
PREAMBLE
On June 16, 2021, the Local Building Authority of Salt Lake City, Utah (the “Building
Authority”), adopted the final budget of the Building Authority effective for the fiscal year
beginning July 1, 2021 and ending June 30, 2022, in accordance with the requirements of the
Fiscal Procedures for the Local Districts Act, Utah Code Title 17B, Chapter 1, Part 6.
Mary Beth Thompson, as the Budget Officer of the Building Authority (the “Budget
Officer”), prepared and filed with the Secretary of the Building Authority a proposed amendment
to said duly adopted budget, a copy of which is attached hereto, for consideration by the Board
of Directors of the Building Authority and inspection by the public.
All conditions precedent to amend said budget have been accomplished.
Be it resolved by the Board of Directors of the Local Building Authority of Salt Like
City, Utah, as follows:
1. The purpose of this resolution is to amend the final budget for the capital projects
fund of the Building Authority for fiscal year 2021-2022. All conditions precedent to the
amendment of the final budget have been accomplished, including the holding of a public
hearing regarding the budget amendment as required by Utah Code Sections 17B-1-621 and
17B-1-622.
2.The budget amendment attached hereto and made a part of this resolution shall be,
and the same hereby is adopted and incorporated into the budget for the capital projects fund of
the Building Authority for the remainder of the fiscal year 2021-2022, in accordance with the
Fiscal Procedures for Local Districts Act, Utah Code Title 17B, Chapter 1, Part 6.
3. The Budget Officer is hereby authorized and directed to certify and file a copy of
said budge amendment in the office of the Secretary of the Building Authority, City and County
Building, 451 South State Street, Room 415, Salt Lake City, Utah. Said budget amendment shall
be available to the public for inspection during regular business hours.
4. This Resolution shall take effect immediately upon its approval and adoption.
Passed by the Board of Directors of the Local Building Authority of Salt Lake City, Utah,
this ________ day of __________________________, 2021.
___________________________________
PRESIDENT
ATTEST:
________________________________
SECRETARY
APPROVED AS TO FORM:
________________________________
Boyd Ferguson, Senior City Attorney
Boyd Ferguson 10/29/21
Initiative Number/Name Fund
Revenue
Amount
Expenditure
Amount
Revenue
Amount
Expenditure
Amount
Ongoing or One-
time FTEs
1 Sales Tax Series 2021A Refunding of LBA
Bonds
LBA 10,500,000.00 10,500,000.00 - - One-time -
-
Total of Budget Amendment Items 10,500,000.00 10,500,000.00 - - -
Total by Fund Class, Budget Amendment #2:
Local Business Authority LBA 10,500,000.00 10,500,000.00 - - -
- - -
Total of Budget Amendment Items 10,500,000.00 10,500,000.00 - - -
Fiscal Year 2021-22 Local Building Authority - Budget Amendment #1
Council ApprovedAdministration Proposed
Section I: Council Added Items
Section A: New Items
Section D: Housekeeping
Section F: Donations
Section G: Council Consent Agenda -- Grant Awards
Section C: Grants for New Staff Resources
Section B: Grants for Existing Staff Resources
1
Fiscal Year 2021-22 Local Building Authority - Budget Amendment #1
Current Year Budget Summary, provided for information only
FY 2021-22 Budget, Including Budget Amendments
FY 2021-22
Adopted Budget BA #1 Total BA #2 Total BA #3 Total BA #4 Total BA #5 Total
^^ Total Through
BA#5 ^^
Local Building Authority 2,220,925.00 10,500,000.00 12,720,925.00
Total of Budget Amendment Items 2,220,925 10,500,000.00 - - - - 12,720,925.00
Budget Manager
Analyst, City Council
Contingent Appropriation
2
Salt Lake City FY 2021-22 Budget Amendment #3
Initiative Number/Name Fund Amount
1
Section A: New Items
Section B: Grants for Existing Staff Resources
Section C: Grants for New Staff Resources
Section D: Housekeeping
D-1: Sales Tax Series 2021A Refunding of LBA Bonds GF $10,500,000.00
Department: Finance Department Prepared By: Brandon Bagley, Marina Scott
For Questions Please Include: Mary Beth Thompson, Marina Scott, Brandon Bagley, John Vuyk
Local Building Authority Bonds, Series 2013A, were issued in June 2013 to fund the construction of the Glendale Library.
Local Building Authority Bonds, Series 2014A, were issued in March 2014 to fund the construction of the Marmalade
Library. Both bonds are being refunded with the Sales Tax Revenue Bonds Series 2021A. This amendment creates the
revenue budget for the receipt of bond proceeds, as well as, the expenditure budget for the payoff of the refunded bonds..
Section E: Grants Requiring No New Staff Resources
Section F: Donations
Section G: Consent Agenda
Section I: Council Added Items