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FIN-4.13 - Create the Arts Education and Access Fund

CREATE THE ARTS EDUCATION AND ACCESS FUND

Binding City Policy

BCP-FIN-4.13


 

PURPOSE

Section 1. The Council finds:

1.  Council approved Resolution #36939 to refer an Arts Education and Access Income Tax to voters at the November 6, 2012 General Election ballot.

2.  Voters approved the Arts Education and Access Income Tax at the November 6, 20012 General Election, thereby adding section 5.04.510 to City Code and creating the Arts Education and Access Fund.

3.  The purpose of the fund is to receive gross revenues from the Arts Education and Access Income Tax and provide the Net Revenues to the school districts and to the Regional Arts and Culture Council solely for the purposes established in Chapter 5.73 of City Code.

4.  A tax of $35 is imposed on the income of each income-earning resident of the City of Portland, Oregon who is at least eighteen years old. No tax will be imposed on filer(s) within any household that is at or below the federal poverty guidelines. The tax will be effective beginning with the tax year 2012 and shall continue each year thereafter.

5.  The purpose of the fund is to collect and disburse revenues as they are realized, therefore there are no legal requirements to maintain a minimum contingency or other reserves.

 


 

POLICY

NOW, THEREFORE, the Council directs:

a.  Effective November 6, 2012, the Office of Management & Finance will establish the Arts and Education Access Fund (Fund 223) in the City’s financial system as a special revenue fund.

b.  The Arts and Education Access Fund will be managed by the Office of Management and Finance, Revenue Bureau.

c.  In no case shall net revenues be transferred from the Arts Education and Access Fund to the City’s General Fund, or any other fund, for any other purpose.

d.  If the tax is sunset at a future date, all funds will be disbursed to the school districts, Regional Arts and Culture Council, and the Office of Management and Finance – Revenue Bureau (for administrative expenses) as allowed under intergovernmental agreements and the expense cap approved by voters.

e.  The action creating the Arts and Education Access Fund contained in this ordinance is binding City policy.

Section 2. The Council declares that an emergency exists because it is necessary to create the fund in order to properly complete financial transactions beginning immediately; therefore this ordinance shall be in full force and effect upon passage.

 


HISTORY

Emergency Ordinance No. 185761, passed by City Council and effective December 5, 2012.