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HomeMy WebLinkAboutCouncil Provided Information - 10/14/2025BUDGET AMENDMENT #2 OCTOBER 2025 PROPOSED AMENDMENT SALT LAKE COMMUNITY REINVESTMENT AGENCY •The CRA’s Budget Amendment #2 contemplates a reallocation of existing funds. •The request is to reallocate funds from the Infrastructure Improvements fund to the Infrastructure Property Acquisition fund, which is a more appropriate program for acquisition of property. •All funds discussed are staying within the same project (PRJ-000098 Depot District Infrastructure, Design, Construction, & Site Work) – no funds are being removed or added to the project. •The original intent of the project was to support public improvement design, site work to prepare Station Center properties for construction, and public improvements construction. PROPOSED AMENDMENT SALT LAKE COMMUNITY REINVESTMENT AGENCY •The Board allocated $4,067,583 to PRJ-000098 previously, with an additional $44,857 allocated through the FY26 budget. The project budget totals $4,112,440. •Of the total funds appropriated, $2,408,411.77 has not been encumbered or spent. •The acquisition proposed through this amendment allows the CRA to further infrastructure and rights-of-way design, in line with the original project approval. •An amendment is requested as the original program funding allocation (Infrastructure Improvements Program) is less appropriate for property acquisition than the proposed funding (Infrastructure Property Acquisition Program). CURRENT VS PROPOSED PROJECT BUDGET SALT LAKE COMMUNITY REINVESTMENT AGENCY PRJ-000098 RDA – Depot District Infrastructure Improvements Program Current Project Budget : $2,020,884.80 RDA-FY24-DD-Infrastructure Improvements-DD [Capital Reserves]: $1,976,027.80 CRA-FY26-DD-Infrastructure Improvements-DD [Capital Reserves]: $44,857.00 PRJ-000098 RDA Program Income Fund Infrastructure Improvements: Current Project Budget: $387,527 RDA-FY23-PIF-Infrastructure Improvements-DD [Capital Reserves]: $387,527.00 PRJ-000098 RDA – Depot District Infrastructure Improvements Program Proposed Project Budget : $518,411.80 RDA-FY24-DD-Infrastructure Improvements-DD [Capital Reserves]: $518,411.80 PRJ-000098 RDA – Depot District Infrastructure Property Acquisition Program Proposed Project Budget : $1,502,473.00 RDA-FY24-DD- Infrastructure Property Acquisition-DD [Capital Reserves]: $1,457,616.00 CRA-FY26-DD- Infrastructure Property Acquisition-DD [Capital Reserves]: $44,857.00 PRJ-000098 RDA Program Income Fund Infrastructure Property Acquisition: Proposed Project Budget: $387,527 RDA-FY23-PIF-Infrastructure Property Acquisition-DD [Capital Reserves]: $387,527.00 WORKDAY WORKTAGS & THE CRA BUDGET SALT LAKE COMMUNITY REINVESTMENT AGENCY Appropriation Cost Center FundFiscal Year Program Region 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 i s 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. APPROPRIATIONS & PROJECT BUDGETS SALT LAKE COMMUNITY REINVESTMENT AGENCY Each appropriation supports either the operations of the Agency or projects associated with its various programs. 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. AGENCY FUNDS SALT LAKE COMMUNITY REINVESTMENT AGENCY 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. 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