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Veneta URA reports high property tax and interest receipts in third-quarter update
Summary
Accountant Jordan Myers told the Veneta Urban Renewal Agency that third-quarter revenues stood at 17% of budget overall, property taxes at 111% and interest earnings at 284%, with expenditures expected to rise after an anticipated URA-to-city transfer in May.
Accountant Jordan Myers presented the third-quarter financial update for the Veneta Urban Renewal Agency for fiscal year 2026, reporting that agency-wide revenues were at 17 percent of the total budget. Myers attributed the low overall revenue share to the absence of new debt issuance and associated loan proceeds this fiscal year.
Myers said property tax revenues were at 111 percent of budget and interest earnings at 284 percent of budget, noting the unusually high interest return was driven by funds held in the URA prior to an anticipated transfer to the city in May. He concluded that agency-wide expenditures remained minimal at the time of the report but were expected to increase once the URA-to-city transfer occurred.
