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FIN-4.15 - Approve Creation of Debt Service Funds and Closure of Cable Fund and Private for Hire Transportation Safety Fund

APPROVE CREATION OF DEBT SERVICE FUNDS AND CLOSURE OF CABLE FUND AND PRIVATE FOR HIRE TRANSPORTATION SAFETY FUND

Binding City Policy

BCP-FIN-4.15


 

PURPOSE

Section 1. The Council finds:

1. Ordinance #185327 was passed by Council on May 16, 2012 approving the Education Urban Renewal Plan.

2. Ordinance #185258 was passed by Council on April 11, 2012, approving the 42nd Avenue Neighborhood Prosperity Initiative Urban Renewal Plan.

3. Ordinance #185259 was passed by Council on April 11, 2012, approving the Cully Blvd Neighborhood Prosperity Initiative Urban Renewal Plan.

4. Ordinance #185260 was passed by Council on April 11, 2012, approving the Parkrose Neighborhood Prosperity Initiative Urban Renewal Plan.

5. Ordinance #185261 was passed by Council on April 11, 2012, approving the Rosewood Neighborhood Prosperity Initiative Urban Renewal Plan.

6. Ordinance #185262 was passed by Council on April 11, 2012, approving the Division-Midway Neighborhood Prosperity Initiative Urban Renewal Plan.

7. Ordinance #185263 was passed by Council on April 11, 2012, approving the 82nd Avenue and Division Neighborhood Prosperity Initiative Urban Renewal Plan.

8. The proposed Neighborhood Prosperity Initiative plans are supportive of the Equity Framework and Integrated Strategies of the Portland Plan and that they work to implement the City’s Neighborhood Economic Development Strategy.

9. The Education Urban Renewal Plan requires the sale of debt to fund investments within the urban renewal area. The repayment of the debt sale will be budgeted in the Education Urban Renewal Area Debt Service Fund to achieve compliance with Oregon Revised Statutes.

10. The six Neighborhood Prosperity Initiative Urban Renewal Plans require a contractual obligation between the City and Portland Development Commission to fund investments within the urban renewal areas. The payment of the contractual obligation will be budgeted in the Neighborhood Prosperity Initiative Urban Renewal Debt Service Funds to achieve compliance with Oregon Revised Statutes.

11. Due to a recent audit recommendation, the Cable Fund is improperly classified as a Special Revenue Fund and will be reestablished as a non-budgeted Agency Fund.

12. The Private for Hire Transportation Safety Fund is no longer required due to a change in practice regarding the purchase of cameras for taxi cabs. The City will no longer collect fees and purchase cameras on behalf of the taxi operators.

 


 

POLICY

NOW, THEREFORE, the Council directs:

a. Effective July 1, 2013, the Education Urban Renewal Area Debt Service Fund (Fund 318) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created Education Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. Debt service expenditures are supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

b. Effective July 1, 2013, the 42nd Avenue Neighborhood Prosperity Initiative Debt Service Fund (Fund 319) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created 42nd Avenue Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

c. Effective July 1, 2013, the Cully Boulevard Neighborhood Prosperity Initiative Debt Service Fund (Fund 320) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created Cully Boulevard Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

d. Effective July 1, 2013, the Parkrose Neighborhood Prosperity Initiative Debt Service Fund (Fund 321) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created Parkrose Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

e. Effective July 1, 2013, the Rosewood Neighborhood Prosperity Initiative Debt Service Fund (Fund 322) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created Rosewood Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

f. Effective July 1, 2013, the Division-Midway Neighborhood Prosperity Initiative Debt Service Fund (Fund 323) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created Division-Midway Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

g. Effective July 1, 2013, the 82nd Avenue/Division Neighborhood Prosperity Initiative Debt Service Fund (Fund 324) is created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created 82nd Avenue/Division Neighborhood Prosperity Initiative Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area. The fund is managed by the Office of Management and Finance. The payment of the contractual obligation with the Portland Development Commission is supported by yearly property tax collections. The fund has no required reserve or contingency requirements.

h. Effective July 1, 2013, the Cable Fund will be closed. Any cash balance remaining in the fund upon final closure will be transferred to the MHCRC Fund, a non-budgeted agency fund recently created.

i. Effective July 1, 2013, the Private for Hire Transportation Safety Fund will be closed. Any cash balance remaining in the fund upon final closure will be transferred to the General Fund.

j. The actions creating the seven new urban renewal area funds and closing the Cable Fund and Private for Hire Transportation Safety Fund contained in this ordinance are binding City policy.

Section 2. The Council declares that an emergency exists because it is necessary to create and close the funds before the beginning of next fiscal year in order to properly prepare financial statements for the year beginning July 1, 2013; therefore this ordinance shall be in full force and effect upon passage.

 


HISTORY

Emergency Ordinance No. 186109, passed by City Council and effective June 20, 2013.