7.1.93 Memorandum - Laserfiche WebLink

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1.2 Fiscal Year's 1994, 1995, and 1996. Should annexation occur during the fiscal years 1993 -1994, 1994 -95, or 1995 -96, for the next succeeding three fiscal years the City shall allocate resources for operation and maintenance of the Emerald Park Facilities and programs in the same manner as contained in the adopted budget of the District for the year preceding annexation. The amount of such allocation shall be that contained in the adopted 1992 -93 budget adjusted upward or downward at the same rate as any increase or decrease in the General Fund of the City of Eugene over the same time period. 1.3 Cash Reserve Carryover. Any net cash reserve balance from the District's fiscal year in which annexation occurs, that is not encumbered in that fiscal year's budget or consumed prior to the effective date of annexation, shall be placed in the Eugene Parks, Recreation and Cultural Services Department Miscellaneous Trust Fund. Such moneys will be dedicated for equipment or capital improvements at Emerald Park and the Transition Committee shall determine how these funds are spent. The funds must be totally expended within two years after annexation and are subject to the usual City of Eugene budget review and approval process. 1.4 Replacement of Equipment. The City will retain at Emerald Park for the foreseeable future the equipment and fixtures existing there at the time of annexation unless a change is approved by the Emerald Park Supervisor. Replacement of equipment and fixtures will occur as needed consistent with availability of budgeted funds. 1.5 Supplemental Budgets. If user fees and other revenues exceed budgeted amounts during any fiscal year, the City Manager will recommend adoption of a supplemental budget dedicating those additional revenues to operation, maintenance, and improvements at Emerald Park. INTERGOVERNMENTAL AGREEMENT - -3