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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