ID H0185

Urban renewal agencies must adopt and publish a budget by September 30 of each calendar year for the next fiscal year, with authority to amend using the same adoption procedures.

For the fiscal year immediately before or including an urban renewal plan's termination date, agencies must adopt a budget by September 1 specifically for projected revenues and expenses, and determine if the revenue allocation area can be terminated before January 1.

When an agency determines current tax year revenues are sufficient to cover all estimated expenses for current and future years, it must adopt a resolution by September 1 recommending termination of the revenue allocation area by December 31 and declaring any surplus for distribution.

Agencies must prepare and adopt a revenue allocation funds statement by March 31 identifying any excess funds beyond what is necessary to meet financial obligations, with excess funds distributed pro rata to taxing districts by October 31.

City councils may review the revenue allocation funds statement and by two-thirds vote order additional identified excess funds distributed pro rata to taxing districts if the council determines the agency failed to identify them.