Council Provided Information - 3/5/2024REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE:March 4, 2024
PREPARED BY:Erin Cunningham, Financial Analyst
RE:RDA Budget Amendment #2, FY 2023-2024
REQUESTED ACTION: Discussion and approval of Budget Amendment #2
BUDGET IMPACTS:The Second Amendment will not affect the Agency's overall budget total. Its
purpose is to reappropriate several project budgets and reallocate funds previously appropriated at a
program level and into two new project budgets.
EXECUTIVE SUMMARY: This amendment proposes the reappropriation of budgets previously
earmarked for various projects and reallocating program-level appropriations into two new projects.
Identified project budgets are either complete with surplus funds or more effectively integrated into larger
projects. It is recommended that program-level appropriations, including "Station Center Infrastructure
Funds" and "Depot District Infrastructure Funds," be appropriated to two (2) new projects.
The amendment maintains the total budget of appropriations but alters their distribution. There is a total
of $10,802,277 in appropriations not currently allocated to projects. Additionally, there are five project
budgets available for reappropriation, totaling $1,364,806. The combined total of $12,167,583 is
proposed for allocation to two new projects.
ANALYSIS & ISSUES:
The Agency is in the process of transitioning to the City's new Enterprise Resource Planning (ERP)
software, Workday. In shifting to the new system for project funding, it becomes imperative to recognize
that the financial plan for each project must align with designated appropriations. Each appropriation
encapsulates details necessary for legal spending, thus ensuring compliance with regulations and policies
to which the Agency must adhere. These appropriations represent pools of money set aside for specific
purposes, each governed by clear rules regarding expenditure. The elements of each appropriation include
the Department (Cost Center), Fiscal Year, Fund, and Project Area (Region). As funds from these
appropriations are assigned to various projects, the remaining balance within each appropriation will
decrease.
Previously, the Agency possessed the flexibility to allocate funds directly from available funding sources
to projects. With the adoption of the new system, the Agency's overall budget is perceived as a collection
of these appropriations, necessitating that all project budgets derive their funding from them. This
arrangement precludes the possibility of projects maintaining their own, independent budgets. The
structure now adopts a two-tiered approach: the comprehensive budget comprising all appropriations, and
the individual project budgets that must be funded in accordance with these appropriations.
Reallocation of Appropriations
This budget amendment pertains to the redistribution of funds formerly designated as "Station Center
Infrastructure Funds" and "Depot District Infrastructure Funds." The table below illustrates the current
appropriations. The amendment proposes to reappropriate funds from two categories:
Appropriations with the "Available" status are not currently tied to any projects. Staff is seeking
to reallocate $10,802,777 of these appropriations to support two (2) new projects described
below. Appropriations and Project Budgets with the "Rescope" status are intended to be detached
from their existing assignments and rescoped to support the same two (2) projects. This
$1,364,805.62, combined with the amount above totals $12,167,583
Status Appropriation Project Budget
Available Prior Year Balances through
FY23-DD-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 5,220,186.00
Prior Year Balances through
FY23-PIF-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 1,902,535.00
RDA Key Changes FY24-DD-
Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure
Improvements-DD
Capital Project: PRJ-000002 100
S Underground Powerlines 388,981.00
Capital Project: PRJ-000071
Depot District Environmental
Remediation 200,000.00
Capital Project: PRJ-000072
Station Center Shared Parking 275,639.00
Capital Project: PRJ-000073
Central Station 414,121.00
FY23-PIF-Infrastructure
Improvements-NPA
Capital Project: PRJ-000068 SL
Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
Total 12,167,583
which are outlined in the table below.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Commercial Property
Disposition
RDA-FY23-DD-
Commercial Property
Disposition-DD
0 5,498,927 5,498,927
Infrastructure
Improvements
RDA-FY23-DD-
Infrastructure
Improvements-DD
0 1,000,000 1,000,000
Program
Income
Fund
Commercial Property
Disposition
RDA-FY23-PIF-
Commercial Property
Disposition-DD
0 1,601,073 1,601,073
Total
0 8,100,000 8,100,000
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Infrastructure
Improvements
RDA-FY24-DD-
Infrastructure
Improvements-DD 0 3,680,056 3,680,056
Program
Income
Fund
Infrastructure
Improvements
RDA-FY23-PIF-
Infrastructure
Improvements-DD 0 301,462 301,462
RDA-FY23-PIF-
Infrastructure
Improvements-DD (from
NPA) 0 86,065 86,065
Total 0 4,067,583 4,067,583
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
ATTACHMENTS:
1. Supplemental Slides.
Current Appropriation and Project Budgets
NPA: Non-Project Area. Funding does not have a legal or Board directed requirement to be spent within a specific project area.
Status Appropriation Fund Program Region Project Budget
Available FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 5,220,186.00
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD Unallocated 1,902,535.00
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000002 100 S Underground Powerlines 388,981.00
PRJ-000071 Depot District Environmental Remediation 200,000.00
PRJ-000072 Station Center Shared Parking 275,639.00
PRJ-000073 Central Station 414,121.00
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000068 SL Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
In Use FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000017 Artspace Stormwater Relocation 200,000.00
PRJ-000063 Station Center Design 331,313.11
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD PRJ-000054 Station Center Vision & Implementation Plan 434,696.00
FY23-DD-Other Housing-DD Depot District Other Housing DD PRJ-000064 Home Inn Rio Grande Maintenance 23,292.68
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000017 Artspace Stormwater Relocation 320,127.53
PRJ-000068 SL Mattress Warehouse 5,644.00
In Use Total 1,315,073.32
Total 13,482,655.94
Proposed Budget Changes by Appropriation
Appropriation Fund Program Region Current Budget Change Proposed Budget
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 7,030,240 (6,498,927)531,313
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD 434,696 -434,696
FY23-DD-Other Housing-DD Depot District Other Housing DD 23,293 -23,293
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD 1,902,535 (1,902,535)-
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA 411,836 (86,065)325,772
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 3,680,056 (3,680,056)-
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -1,000,000 1,000,000
FY23-DD-Commercial Property Disposition-DD Depot District Commercial Property Disposition DD -5,498,927 5,498,927
FY23-PIF-Commercial Property Disposition-DD Program Income Fund Commercial Property Disposition DD -1,601,073 1,601,073
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD -301,462 301,462
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements DD -86,065 86,065
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -3,680,056 3,680,056
Total 13,482,656 -13,482,656
New Project:
Station Center Property Disposition & Site Work
RDA-FY23-DD-Commercial
Property Disposition-DD
5,498,927
RDA-FY23-DD-Infrastructure
Improvements-DD
1,000,000
RDA-FY23-PIF-Commercial
Property Disposition-DD
1,601,073
Proposed Appropriation
Station Center Property
Disposition & Site Work
8,100,000
New Project
New Project:
Depot District Infrastructure, Design, Construction, & Site Work
RDA-FY24-DD-Infrastructure
Improvements-DD
3,680,056
RDA-FY23-PIF-Infrastructure
Improvements-DD
301,462
RDA-FY23-PIF-Infrastructure
Improvements-DD
86,065
Proposed Appropriation
Depot District Infrastructure,
Design, Construction, & Site
Work
4,067,583
New Project
Workday Worktags & the RDA Budget
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or
geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriation
Cost Center FundFiscal Year Program Region
Appropriations & Project Budgets
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to spend
when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval to
use these funds for specific loan projects.
Funds not awarded to projects roll
forward to the next year, unless
reappropriated by the Board.
Project Budgets
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project budgets
may have multiple appropriations.
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Redevelopment Agency Funds
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required), Secondary
Housing (supplemental), Agency Operations (defined by interlocal
agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide), unless
otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
In
i
t
i
a
t
i
v
e
N
u
m
b
e
r
/
N
a
m
e
P
r
o
j
e
c
t
A
r
e
a
R
e
v
e
n
u
e
A
m
o
u
n
t
E
x
p
e
n
d
i
t
u
r
e
Am
o
u
n
t
R
e
v
e
n
u
e
Am
o
u
n
t
E
x
p
e
n
d
i
t
u
r
e
Am
o
u
n
t
On
g
o
i
n
g
o
r
O
n
e
-
ti
m
e
FT
E
s
1
RD
A
R
e
a
l
l
o
c
a
t
i
o
n
o
f
P
r
o
g
r
a
m
-
L
e
v
e
l
A
p
p
r
o
p
r
i
a
t
i
o
n
s
i
n
t
o
Tw
o
N
e
w
P
r
o
j
e
c
t
s
De
p
o
t
D
i
s
t
r
i
c
t
-
(1
0
,
1
7
8
,
9
8
3
.
0
0
)
On
e
-
t
i
m
e
-
1
RD
A
R
e
a
l
l
o
c
a
t
i
o
n
o
f
P
r
o
g
r
a
m
-
L
e
v
e
l
A
p
p
r
o
p
r
i
a
t
i
o
n
s
i
n
t
o
Tw
o
N
e
w
P
r
o
j
e
c
t
s
De
p
o
t
D
i
s
t
r
i
c
t
-
1
0
,
1
7
8
,
9
8
3
.
0
0
O
n
e
-
t
i
m
e
-
1
RD
A
R
e
a
l
l
o
c
a
t
i
o
n
o
f
P
r
o
g
r
a
m
-
L
e
v
e
l
A
p
p
r
o
p
r
i
a
t
i
o
n
s
i
n
t
o
Tw
o
N
e
w
P
r
o
j
e
c
t
s
Pr
o
g
r
a
m
I
n
c
o
m
e
Fu
n
d
-
(1
,
9
8
8
,
6
0
0
.
0
0
)
On
e
-
t
i
m
e
-
1
RD
A
R
e
a
l
l
o
c
a
t
i
o
n
o
f
P
r
o
g
r
a
m
-
L
e
v
e
l
A
p
p
r
o
p
r
i
a
t
i
o
n
s
i
n
t
o
Tw
o
N
e
w
P
r
o
j
e
c
t
s
Pr
o
g
r
a
m
I
n
c
o
m
e
Fu
n
d
-
1
,
9
8
8
,
6
0
0
.
0
0
O
n
e
-
t
i
m
e
-
-
To
t
a
l
o
f
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
I
t
e
m
s
-
-
-
-
To
t
a
l
b
y
F
u
n
d
,
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
#
1
:
Re
d
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
De
p
o
t
D
i
s
t
r
i
c
t
-
-
-
-
-
Re
d
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
Pr
o
g
r
a
m
I
n
c
o
m
e
Fu
n
d
-
-
To
t
a
l
o
f
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
I
t
e
m
s
-
-
-
-
-
Fi
s
c
a
l
Y
e
a
r
2
0
2
3
-
2
4
R
D
A
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
#
2
Se
c
t
i
o
n
G
:
B
o
a
r
d
C
o
n
s
e
n
t
A
g
e
n
d
a
-
-
G
r
a
n
t
A
w
a
r
d
s
Se
c
t
i
o
n
I
:
B
o
a
r
d
A
d
d
e
d
I
t
e
m
s
Se
c
t
i
o
n
A
:
N
e
w
I
t
e
m
s
Se
c
t
i
o
n
B
:
G
r
a
n
t
s
f
o
r
E
x
i
s
t
i
n
g
S
t
a
f
f
R
e
s
o
u
r
c
e
s
Se
c
t
i
o
n
C
:
G
r
a
n
t
s
f
o
r
N
e
w
S
t
a
f
f
R
e
s
o
u
r
c
e
s
Se
c
t
i
o
n
D
:
H
o
u
s
e
k
e
e
p
i
n
g
Se
c
t
i
o
n
E
:
G
r
a
n
t
s
R
e
q
u
i
r
i
n
g
N
o
N
e
w
S
t
a
f
f
R
e
s
o
u
r
c
e
s
Se
c
t
i
o
n
F
:
D
o
n
a
t
i
o
n
s
Bo
a
r
d
A
p
p
r
o
v
e
d
Ad
m
i
n
i
s
t
r
a
t
i
o
n
P
r
o
p
o
s
e
d
1
In
i
t
i
a
t
i
v
e
N
u
m
b
e
r
/
N
a
m
e
P
r
o
j
e
c
t
A
r
e
a
R
e
v
e
n
u
e
A
m
o
u
n
t
E
x
p
e
n
d
i
t
u
r
e
Am
o
u
n
t
R
e
v
e
n
u
e
Am
o
u
n
t
E
x
p
e
n
d
i
t
u
r
e
Am
o
u
n
t
On
g
o
i
n
g
o
r
O
n
e
-
ti
m
e
FT
E
s
Fi
s
c
a
l
Y
e
a
r
2
0
2
3
-
2
4
R
D
A
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
#
2
Bo
a
r
d
A
p
p
r
o
v
e
d
Ad
m
i
n
i
s
t
r
a
t
i
o
n
P
r
o
p
o
s
e
d
Cu
r
r
e
n
t
Y
e
a
r
B
u
d
g
e
t
S
u
m
m
a
r
y
,
p
r
o
v
i
d
e
d
f
o
r
i
n
f
o
r
m
a
t
i
o
n
o
n
l
y
FY
2
0
2
3
-
2
4
B
u
d
g
e
t
,
I
n
c
l
u
d
i
n
g
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
s
To
t
a
l
R
e
v
e
n
u
e
RD
A
B
A
#
1
T
o
t
a
l
RD
A
B
A
#
2
T
o
t
a
l
To
t
a
l
T
o
-
D
a
t
e
Re
d
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
80
,
8
0
3
,
8
4
1
(6
,
4
7
6
,
0
1
4
)
-
7
4
,
3
2
7
,
8
2
7
T
o
t
a
l
o
f
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
I
t
e
m
s
80
,
8
0
3
,
8
4
1
(6
,
4
7
6
,
0
1
4
)
-
7
4
,
3
2
7
,
8
2
7
To
t
a
l
E
x
p
e
n
s
e
RD
A
B
A
#
1
T
o
t
a
l
RD
A
B
A
#
2
T
o
t
a
l
To
t
a
l
T
o
-
D
a
t
e
Re
d
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
80
,
8
0
3
,
8
4
1
(6
,
4
7
6
,
0
1
4
)
-
7
4
,
3
2
7
,
8
2
7
T
o
t
a
l
o
f
B
u
d
g
e
t
A
m
e
n
d
m
e
n
t
I
t
e
m
s
80
,
8
0
3
,
8
4
1
(6
,
4
7
6
,
0
1
4
)
-
7
4
,
3
2
7
,
8
2
7
Ce
r
t
i
f
i
c
a
t
i
o
n
Bu
d
g
e
t
M
a
n
a
g
e
r
De
p
u
t
y
D
i
r
e
c
t
o
r
,
C
i
t
y
C
o
u
n
c
i
l
/
R
D
A
B
o
a
r
d
Co
n
t
i
n
g
e
n
t
A
p
p
r
o
p
r
i
a
t
i
o
n
a
n
d
N
o
t
e
s
2