View this post on Instagram
" The Mountains Are Calling And I Must Go."- John Muir. _____________________________________________________________ We're ready to get out into the mountains and enjoy the fresh air. How about you? #FallForIdaho . . . . . #sawtoothmountains #womenwhohike #exploretheoutdoors #livewild #staywild #sawtoothguides #sawtoothnationalforest #livewildadventure #livewild #exploreidaho #summitsunday #peaktopeak #adventureiseverywhere #pnwhike #alpineadventures #idhikethat #whyihike #takemetothemountains #alltrails #choosemountains #hikingtrails #gohiking #gohike #hikemoreworryless #hiketheworld #hikevibes #hikersofinstagram #getoutandhike #takeahike
An urban renewal agency is required to file with the local governing body, on or before March of each year, a report of its activities for the preceding calendar year, which shall include a complete financial statement setting forth its assets, liabilities, income and operating expense at the end of the calendar year. By virtue of certain amendments to the fiscal year of an urban renewal agency has been established as October 1 through September 30. Consequently, any formal financial statement would be limited to a report through the end of the Agency’s fiscal year. Under the amendment an urban renewal agency is required to prepare certain audited financial statements as described in that section depending on the agency’s overall expenditures. Agencies with expenditures that do not exceed this amount have no audit requirements. Given these requirements, the Agency has not yet been required to prepare audited financial statements. The budgetary process, which the Agency completed on August resulted in a budget approval that depicts budgeted figures for Fiscal Year. A copy of the approved budget is attached as Exhibit 1 to this report.
The City Idea Group formally approved the Industrial Urban Project, through Ordinance Plan B. The ordinance became effective upon publication. Ordinance Plan B was amended by the City Idea Group to correct the description of the Industrial Urban Project in December,, and became effective upon publication on January. Since that approval, the Industrial Urban Agency has commenced with the implementation of the Plan.
AGENCY BOARD MEMBERS, OFFICERS, CONSULTANTS AND SUPPORT STAFF
Board members for calendar year included Gary Carter, Sam Smith, Steve O’Harrington, and Dan Wiggins. Officers for the year were Gary Carter, Chairman and Ben Carnac Secretary/Treasurer. Osirus Scott of the law firm of Ellis and Dugan served as legal counsel and Manny Mayweather, Senior Consultant, provided urban renewal consulting services. The Agency also received support from Bob Hopen, City Superintendent and Amanda Later, City Clerk.
Much of the Agency’s activities in the fiscal year focused on approving the Plan. In addition, the Agency worked closely with the property owner and developer on the development of the Industrial Urban Project. The Agency has also examined on a preliminary basis the potential of a second project area. The City has provided funding in the total amount.
Tax Increment Revenue
The only source of Agency income is Tax Approximation Estimator generated within the urban renewal area and certain funds advanced by the city of Bern. Because of the provisions of the Local Development Plan and the ad valorem tax system, the Agency received no tax increment revenue. The Agency has relied on the advance from the City for operating funds.
Leverage of Agency Dollars
An integral component of the Agency’s program is to develop outside funding sources to leverage Agency dollars for improvements within the urban renewal area. The Agency has commenced the process to coordinate with property owners and public entities in an effort to determine redevelopment opportunities.
Review and Approve Requests for Agency Funding of Projects
The Agency intends to seek, review and approve funding, where appropriate, for other projects that positively impact the urban renewal area and its residents.
The Agency has minimal operating expenses as it has no paid staff members, instead utilizing services from consultants during this time. Those expenses are shown on Exhibit 1 to this report.
The Agency’s Assets are comprised solely of cash accounts and property taxes receivable. The major portions of property taxes are received twice per year (end of January and end of July) with smaller amounts of delinquent taxes received during the course of the year.
LIABILITIES AND DEBT
The Agency’s liabilities consist only of current accounts payable and deferred revenue. The Agency’s only long-term debt is the obligation to repay the City for the funds advanced as described above. The Agency expects to enter into a reimbursement agreement for the public improvements in the Industrial Urban Project.
SIGNIFICANT CHANGES IN AGENCY’S FINANCIAL POSITION
Except for the repayment of the City advance, the Agency continues to operate in a “pay-as-you-go” environment, committing only those funds to projects that can be funded out of current funds or projected tax increment revenues in a given fiscal year, though the Agency continues to consider how to better leverage Agency funds.