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Urban Renewal Agency budget committee accepts 2024 report; $4.5M fund balance mostly in North Gateway URD
Summary
The Lebanon Urban Renewal Agency budget committee accepted the agency's small, separate financial report on Aug. 27. Staff reported a roughly $4.5 million fund balance, largely in the North Gateway urban renewal district, and said the agency is holding cash to potentially accelerate debt paydown and to fund planned projects.
The Lebanon Urban Renewal Agency budget committee accepted its FY2024 summary report during a brief adjourned session on Aug. 27. Finance staff summarized the urban renewal report as smaller than the city-wide audit and noted the agency is a blended component unit for reporting purposes. Staff said the urban renewal districts' combined net position increased by about $2.2 million for the fiscal year and that the agency carried approximately $4.5 million in overall fund balance, with most of that held in the North Gateway district. Staff said some tax increment receipts are on hold while the agency finalizes a capital plan and specific projects; they expect to accelerate spending from the fund balance as projects move forward. Committee members approved the report by voice vote. Staff noted the agency is holding funds in part so it can front-load some debt payments and possibly close the Northwest Urban Renewal District several years earlier than previously forecast. No contested debate or public comment occurred during the urban renewal presentation and vote. Action: motion to approve the urban renewal financial report passed by voice vote. Staff said more detailed project plans and spending schedules would be brought forward as the capital plan is finalized.
