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FIN-4.12 - Approve renaming the Parks Capital Construction & Maintenance Fund, the Portland Parks Memorial Trust Fund, and the Local Improvement District Construction Fund

APPROVE RENAMING THE PARKS CAPITAL CONSTRUCTION & MAINTENANCE FUND, THE PORTLAND PARKS MEMORIAL TRUST FUND, AND THE LOCAL IMPROVEMENTS DISTRICT CONSTRUCTION FUND

Binding City Policy

BCP-FIN-4.12


 

PURPOSE

Section 1. The Council finds:

1.  Council established the Parks Capital Construction & Maintenance Fund to account for all capital resources and requirements for Portland Parks & Recreation with the exception of capital activity relating to golf and Portland International Raceway. Renaming the fund to the Parks Capital Improvement Program Fund better represents the purpose of the fund.

2.  Council established the Portland Parks Memorial Trust Fund to receive proceeds from grants as well as donations from foundations, friends’ organizations, neighborhood associations, and other entities. Renaming the fund to the Portland Parks Memorial Fund better represents the purpose of the fund.

3.  Council established the Local Improvement District Construction Fund to account for the financing and assessments of local infrastructure improvements. Renaming the fund to the Local Improvement District Fund better represents the purpose of the fund.

 


 

POLICY

NOW, THEREFORE, the Council directs:

a.  Effective July 1, 2012, the Parks Capital Construction & Maintenance Fund will be renamed the Parks Capital Improvement Program Fund.

b.  Effective July 1, 2012, the Portland Parks Memorial Trust Fund will be renamed the Portland Parks Memorial Fund.

c.  Effective July 1, 2012, the Local Improvement District Construction Fund will be renamed the Local Improvement District Fund.

d.  The actions renaming the Parks Capital Construction & Maintenance Fund to Parks Capital Improvement Program Fund, and renaming the Portland Parks Memorial Trust Fund to Portland Parks Memorial Fund, and renaming the Local Improvement District Construction Fund to Local Improvement District Fund contained in this ordinance are binding City policy.

Section 2.  The Council declares that an emergency exists because it is necessary to rename the funds before the beginning of next fiscal year in order to properly prepare financial statements for the year beginning July 1, 2012; therefore this ordinance shall be in full force and effect upon passage.

 


 

HISTORY

Emergency Ordinance No. 185445, passed by City Council and effective June 21, 2012.